Source of Funds FAQs

How much does a Source of Funds/Open Banking check cost? 

Source of Funds/Open Banking checks cost 1 credit per bank account analysed by open banking.  

Do you need to send a Source of Funds check to both co-purchasers? 

Simply put, it is down to your internal policies on if you send a Source of Funds check to multiple purchasers of the same property. Both purchasers would be asked to enter the full amount of the property being purchased, and then asked to provide evidence to add up to that number they entered. Therefore, it may be that the individuals answers are similar, however sending to both co-purchasers allows them to connect to their individual bank accounts for analysis.  

What documents will the individual need? 

The documents individuals need to provide is dependent on the funding sources they are using for their property purchase. To view the documents individuals need to provide for each funding source as part of Source of Funds, please click here. 

What happens if the purchasers funding source is not available?

On the rare occasion the individual is using a funding source that we do not have available, it is down to your internal processes on how you wish to proceed. If you would still like the individual to complete their Source of Funds using Credas, you may wish to recommend that the individual chooses the closest funding source available, and then provides applicable evidence for their funding. You can then add a note to the individuals profile (which can then appear in the process PDF) explaining the situation so you have it on record for your audit trail. 

Can you send a Source of Funds check to a giftor?

Our Source of Funds check was designed specifically for purchasers of a property. 

If you are issuing this journey to a giftor of a journey, we highly recommend reaching out to the giftor before issuing the journey, and explaining that instead of entering the full purchase price of the property, they should only enter the amount they are gifting in that section and then they should choose the relevant funding sources for their gift.

Does Credas verify the documents uploaded? 

No, Credas will not verify any documents provided as evidence, we are presenting the information to you for review. If an individual connects to their bank via open banking, instead of providing documents, we will analyse the bank account. For further information, please review our source of funds/open banking result guides here.

How do you resubmit the Source of Funds if you are not happy with the documents? 

If you are unsatisfied with the documents/information provided by the individual who completed source of funds, you can issue them a new source of funds journey by following the steps here.

How do you issue a Source of Funds/Open Banking check?

To send a Source of Funds/Open Banking journey to an individual, please follow the steps here. If you do not have a Source of Funds/Open Banking journey available to you in your portal, please reach out to team who can turn it on for you.

How many bank accounts can the individual connect to via Open Banking?

An individual can connect up to three bank accounts using open banking when completing a source of funds journey. Where you have issued the individual an open banking only journey, the individual can connect one bank account per journey you issue.

Got any questions? 

If you have any questions please reach out to the Credas support team by contacting us here

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