What is a source of funds check?
What is a source of funds check, and why does it matter to you?
You might not have heard of a "source of funds check or (SOF)" before, but it's one of the key reasons Tap has been able to grow to over 400,000 users while keeping the platform safe and trustworthy. Here's everything you need to know about it.
Tracking where your money goes is the easy part. Where it came from before it landed with us? Now that's a different story, which is why we occasionally do a quick source of funds check. Think of a Source of Funds check as us simply asking: "Hey, where did you come from?
So, what actually is it?
Honestly, it's much simpler than it sounds. Every now and then, we might ask you to show us where your money came from. That's really all it is. Think of it like a paper trail , a payslip, a bank loan document, proof you sold your car or house. Basically anything that shows your money came from a legitimate place.
We're not trying to pry into your personal finances. There are a few important reasons why we carry out these checks:
✅ To confirm that the activity on your account were actually made by you
✅ To protect all of our users (and their money) from fraud and illegal activity
✅ To stay compliant with the financial regulations that allow us to operate as a compamny
We're not trying to snoop on your finances or play "big brother." There are a few genuinely good reasons why we need to do this:
When will this happen to me?
Here's the good news, you don't need to do anything proactively. Our system runs automatically in the background and flags accounts when a check is needed. It's different for every user and depends on a number of factors (which we keep confidential for obvious security reasons).
If we ever need you to verify your source of funds, we'll send you a notification. At that point, you can simply upload an official document that shows where your money came from, like a recent payslip, a loan agreement, or paperwork from selling an asset.
And if you're ever unsure what to submit, don’t worry. Just reach out, our team is here to help.
The short version?
This isn't something you need to think about day-to-day. We'll come to you if anything's needed. It's just one of the quiet ways we work to keep Tap a platform you can actually trust.