What types of accounts are available?

Unit supports deposit products such as individual and joint checking accounts.

Unit also supports credit accounts.

Key Limitation

Today, from a technical perspective:

A customer with a Deposit account can get a Credit account, but a customer with only a Credit account cannot be converted into a Deposit account.

This is because Deposit accounts and Credit accounts use different onboarding and approval flows.

Account Types

Deposit Account

A Deposit account is created under Thread Bank or other Bank partner.

To create a Deposit account, Banking creates an application in Unit and creates a Deposit account under the customer.

Unless the customer is part of an approved pre-approval flow, the customer must go through Bank Partner’s KYB/KYC process before the Deposit account can be opened.

Credit Account

A Credit account is created under WebBank.

To create a Credit account, Banking first checks whether the customer already exists in Unit.

If the customer already exists, Banking creates a Credit account under the existing customer.

If the customer does not already exist, Banking creates a new customer in Unit and creates a Credit account under that customer.

Because Credit accounts are under WebBank, the customer does not go through KYB/KYC in the same way they do for Deposit accounts.