What is the process for the secured deposit?
The funds for the secured deposit should be available at the time you submit your application. There may be a waiting period of a few days until the funds are actually taken, but the funds should be accessible when you officially submit the application as the waiting period can vary.
The deposit is received via ACH with the application. We review the application to be sure it is able to be approved (passes basic credit criteria). We then submit the funds to create a Secured Savings Account. We allow 4 business days for the funds to clear and be verified; after that, the application is approved.
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