When a Customer receives a KYC/AML outcome of Approved as a result of a Customer Onboarding request to the Checking Account Product, two mock Custodial Accounts are opened for them at Custodian Bank. These accounts are the Checking Account and the Holding Account. The Checking Account is attached to the Master Synthetic Account which has the Debit Card and ACH number. The Holding Account holds funds for money that is moved to any Secondary Synthetic Account. Secondary Synthetic Accounts are not used for debit card transactions. Custodial Accounts are non-interest bearing checking accounts.
If a Customer is onboarded into the Target Yield Account Product, a mock Custodial Account is opened for them at Custodial Brokerage. These Custodial Accounts are brokerage accounts.
See the API specifications for managing Custodial Accounts here.
Updated 3 months ago