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Why Does ZimpleMoney Need to Verify My Identity Before I Can Add My Bank Account to My Profile?

ZimpleMoney uses Plaid Identity Verification to confirm user identity for security purposes. The Plaid ID Verification only needs to be completed once.

ZimpleMoney uses Plaid Identity Verification (Plaid IDV) to confirm your identity before you add a bank account, whether you connect it instantly through Plaid or enter your account and routing numbers manually. This replaces our previous manual email verification process with a faster, automated check that takes less than 5 minutes, and it only needs to be completed once. After your identity is verified the first time, you won't be prompted to verify again when adding future bank accounts.

If you already have a validated bank account connected to ZimpleMoney, there is no action required at this time.

When You'll See This Step

You'll be prompted to complete Plaid IDV the first time you add a bank account to your profile, including:

  • Lenders: When setting up a new loan contract that requires a bank account, or when adding a bank account from the My Profile tab
  • Borrowers: When accepting a loan contract and adding a bank account for payment

Make sure your contact information and details under My Profile are updated and match the government-issued ID you use when completing Plaid Identity Verification.

How to Complete Identity Verification

  1. From the My Profile tab, click Linked Accounts, then click Add Bank Account.
  2. Review your pre-populated profile information in the Plaid IDV window (name, address, and other identifying details ZimpleMoney already has on file).
  3. Choose how you'd like to verify: click Start Validation to complete the process directly, or select Send Verification Link to Mobile Phone to finish on your phone. If using the mobile link, you'll need the same phone number used to originally set up your ZimpleMoney account.
  4. Follow Plaid's prompts to take a photo of your government-issued ID and a selfie.
  5. Once verification succeeds, you're automatically returned to the standard bank account screen to finish connecting via Plaid or manual entry.

 

What to Do If Verification Fails

If you see a message saying Plaid was unable to verify your identity, this is usually an easy fix. Try the following before contacting support:

  • Confirm your details match your ID. Your legal name, date of birth, and address should exactly match your government-issued ID and bank records. If you've recently moved or changed your legal name, update your ZimpleMoney profile before retrying.
  • Use clear, well-lit photos. When prompted to take a photo of your ID and a selfie for identity verification, be sure to avoid glare, blur, or low lighting.
  • Try again. Most users who don't pass on the first attempt succeed after adjusting one of the issues above.

For a deeper dive into troubleshooting failed verification attempts, Plaid maintains a detailed help guide covering common causes and fixes.

If retrying doesn't resolve the issue, contact our support team at support@zimplemoney.com for further assistance.