Connecting Your ACH: What Dwolla Needs to Verify Your Investor Account

Who is Dwolla, and Why Do You Need a Financial Intermediary?

When investing through Avestor, all ACH (bank) connections and transactions are processed by Dwolla, our secure financial intermediary.

Dwolla is a regulated financial platform that facilitates the movement of money between your bank account and your investment account on Avestor. Because investing involves handling funds under strict federal and state regulations (to prevent fraud, money laundering, and ensure investor protections), a licensed third-party intermediary is required to verify identities and manage transfers.

In short: Dwolla connects your bank account to Avestor in a compliant, secure way.

📝 What Happens During Verification?

When an investor submits their information, Dwolla attempts to automatically verify their identity using the data provided. This is common practice in financial services.

If automatic verification fails or more information is needed, investors will be asked to upload documents to complete the process. Below is a guide to what Dwolla may request, depending on whether it’s an individual or business investment account.

🔍 For Individual Investor Accounts

If the automated check doesn’t succeed, the investor must upload one of these non-expired, U.S. government-issued photo IDs:

• U.S. Passport
• U.S. Passport Card
• U.S. State-Issued Driver’s License
• U.S. State-Issued Identification Card (Non-Driver ID)
• U.S. Visa
• Federal Employment Authorization Card

For non-U.S. persons: A non-expired foreign passport may be accepted, provided the passport number is entered.

🏢 For Business Investor Accounts

Business investors need to verify both the business entity and its key individuals (owners/controllers).

✅ Verifying the Business

Depending on what information needs confirmation, Dwolla may request one of the following:

• IRS EIN Letter (SS-4 Confirmation)
• Filed and stamped Articles of Organization or Incorporation
• Certificate of Good Standing
• Business License
• Fictitious Business Name Statement (DBA)
• Certificate of Assumed Name
• Sales/Use Tax License
• Registration of Trade Name

🧾 Verifying Controllers & Beneficial Owners

Each owner/controller must provide one of these non-expired IDs:

• U.S. Driver’s License or ID Card
• U.S. Passport
• U.S. Visa
• Federal Employment Authorization Card
• Foreign passport (if no SSN/ITIN, number must be entered)

Note: Sole proprietors may be asked to provide both business and personal ID.

📫 Proof of Address

If Dwolla can’t verify that the business operates at the provided address, they will request a current document showing the address, such as:

• Utility bill
• Financial statement
• Tax statement
• Fully executed lease agreement (valid for at least the next 30 days)

📸 Best Practices for Uploading Documents

To prevent delays or rejections:

• Only upload the front of IDs.
• Make sure all four edges are visible.
• Use a dark, high-contrast background.
• Ensure the document covers at least 90% of the image.
• Use 300dpi or higher resolution.
• Capture directly from above, properly aligned.
• Avoid flash to prevent glare.
• Do not use black-and-white images.
• Never submit expired IDs.