Dwolla’s mission is to allow anyone [or anything] connected to the internet to move money quickly, safely & at the lowest cost possible.

In order to accomplish this, we verify the identity of everyone who registers for a Dwolla account by asking for things like Social Security Number (SSN) and/or Employer Identification Number (EIN). We wish we didn’t have to ask for this information, but frankly, it’s the law.

By verifying your identity, we comply with federal laws (like the US Patriot Act) and the requirements of organizations like The Treasury Department and the National Credit Union Association.

If we’re concerned about an account, we may take extra steps to further verify the account by asking for additional information, such as a federally-issued photo ID or documentation that helps us verify your address or EIN. In any situation, we’ll work quickly (and with a smile) with you until a resolution is found.

Read also: Is Dwolla Safe?

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Financial institutions play an important role in the Dwolla network.

Dwolla, Inc. is an agent of Veridian Credit Union and Compass Bank and all funds associated with your account in the Dwolla network are held in pooled accounts at Veridian Credit Union and Compass Bank. These funds are not eligible for individual insurance, including FDIC insurance and may not be eligible for share insurance by the National Credit Union Share Insurance Fund. Dwolla, Inc. is the operator of a software platform that communicates user instructions for funds transfers to Veridian Credit Union and Compass Bank.