If you receive the bank error below after submitting your payment account application, this means our payment processor was unable to verify that the bank belongs to the legal entity.
You must upload an appropriate bank document for verification.
What bank document should I upload?
The following documents can be provided for bank verification:
- Bank Statement showing the bank logo, account holder name, account number
- Voided check
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Screenshot of online environment showing the bank logo, account holder name, account number, date
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Letter from the bank showing the account holder's name and account number, date, bank logo, and employee signature
Why was my bank document not accepted?
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Bank documents should follow the requirements on the bottom to be acceptable.
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Make sure the legal entity name and name on the bank account match the legal name shown on the bank document.
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If there are multiple documents on the same file, only the first page will be reviewed. Please make sure the first document shows the information necessary for bank verification.
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The bank document must be issued within the last 3 months for it to be acceptable.
Common Questions
Q) The name on the bank document does not match the legal entity name and I cannot change the legal name. How can I change the legal entity name so it can match the bank document?
A) If the name on the bank document belongs to a different legal entity with a different EIN, then you must set up a new payment account for the new legal entity. If it belongs to the same legal entity, please contact finance@runsignup.com for assistance.
Q) The name on the bank document is different than the legal name used when registering with the IRS. How can I get them to match?
A) The legal entity name registered with the IRS must be entered as the legal entity name. If this is different than the name on your bank, please enter the name on your bank document as the DBA. If you're unable to add a DBA, please contact finance@runsignup.com for assistance.