In order to help customers with older parents and relatives, there are a few identities and compliance checks you must cooperate with.
How should I sign up my family member?
The Rocket Dollar Support team always needs to initiate the first contact with the legal owner of the account.
- Use the legal account owner's name, email, and phone number so they can be properly contacted and receive digital signatures.
- Instruct the legal account owner to message support and approve you as an authorized contact. Once we have written electronic approval, support can CC you on all further communications. Account fulfillment will not progress until the legal account owner has confirmed.
Rocket Dollar takes elder fraud very seriously, as does our Partner Bank.
At any time during the account opening process, if Rocket Dollar has a suspicion of elder fraud or related misconduct, we can and will refund and close your account. We will not open accounts or tolerate clients who refuse or complain about cooperating with the guidelines below. Rocket Dollar has a right to refuse business to anyone we are uncomfortable working with.
Elder fraud also can have extremely stiff penalties across many states, and certain states can also have mandatory reporting for elder fraud.
I understand I might need to work through additional identity checks and compliance along with my relative/parent. What do I need to do?
- Your parents or relative must be involved at some point during the account opening process. Because of the higher complexity of self-directed investments, and the identity check needs to open a financial account, Rocket Dollar and our partner bank must be able to fully verify the identity of the person's account being opened in their name. This could include communication by a quick video conference to verify identity along with identity documents.
- You must be able to present sufficient paperwork and proof of identity. Older clients can often struggle with paperwork as they do not have a driver's license. Rocket Dollar's bank partner only accepts a driver's license or state ID.
- Our partner bank does not have to accept a 3rd party power of attorney agreement if they feel uncomfortable opening your account. Both Rocket Dollar and our partner bank have the ability to refuse service to anyone if we feel uncomfortable with how you are handling the account opening process with your relative/grantor of power of attorney.
- Your relative must have some understanding of the investment and account opening process that they are entering into. Due to the higher complexity of self-directed investing, Rocket Dollar and our partner bank will take extra precautions to make sure that those with power of attorney are opening accounts with the best interest in the mind of another person. Once the account is open, all investment activity is managed by the manager of the LLC. This could include a quick video conference along with the grantor of the power of attorney.
What if my grantor of power of attorney does not have the energy, mental capacity to do a video conference, or understanding of the investments we will be accessing?
We are sorry, but it is unlikely that we will be able to open an account for your grantor.
What if they don't have a driver's license?
Unfortunately, we would not be able to work with them. Our custodian partner has strict ID requirements.
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