Your Calmony Account Opening Journey
A step-by-step guide to opening your new bank account - what happens at each stage, what we need from you, and how long it typically takes.
Stage 1: Application Received
What's happening: We've received your application, and our team is reviewing your details to make sure everything is in order.
What you need to do: Nothing for now. If we need any additional information, we'll be in touch; otherwise, we'll move straight to the next stage.
Typical timeframe: 1 to 2 working days
Stage 2: Submission to Griffin Bank & ID Verification
What's happening: We submit your application to our banking partner, Griffin Bank, who carry out identity checks on all applicants. This is a regulatory requirement under anti-money laundering rules and helps keep everyone's money safe and secure.
What you need to do: You'll receive an ID verification request directly from Griffin Bank. Please respond promptly, as delays here can hold up your application.
Typical timeframe: 2 to 5 working days, depending on verification requirements
Stage 3: Account Approval & Opening
What's happening: Once Griffin Bank has completed its checks and approved your application, we open your Calmony bank account. At this point, your account exists but isn't quite ready to use yet.
What you need to do: Nothing at this stage - we'll notify you as soon as your account is open and ready for the next step.
Typical timeframe: 1 to 2 working days
Stage 4: Login Details Issued
What's happening: We generate your secure login credentials and send them to you, giving you access to your Calmony account portal where you can manage your banking.
What you need to do: Check your email for your login details. You'll be asked to set your own password and set up the 2FA app, which you'll use to log in and approve payments.
Typical timeframe: Within 24 hours of account opening
Bank safeguarding letter & partial statement (Client Accounts only): Once your login details have been issued and your account is active, we can also provide a bank safeguarding letter and partial statement. Many letting agents need these documents when applying for or renewing Client Money Protection (CMP) scheme membership. Just let us know if you need them, and we'll generate them for you.
Stage 5: Payee Verification (Client Accounts Only)
What's happening: Before your account can receive any funds, we need to verify you as a payee on the system. This is particularly important for Client Accounts, which hold money belonging to your clients, landlords, and tenants.
Important: Until this stage is completed, any attempt to pay funds into the account will be returned to the sender.
What you need to do: Complete the identity verification process again. This also gives you a preview of what the process will feel like for your own landlords.
Why this matters: Client Accounts are trust accounts holding other people's money. Verifying you as a payee ensures funds can only be released to the correct, authorised person.
Typical timeframe: 1 to 3 working days, once ID verification and any required documents have been received
From this point, you can use your account to receive money and make payments.
Stage 6: Deposit Funds Within 90 Days
What's happening: Your account must receive a deposit within 90 days of being opened. This keeps your account active and in good standing.
Please note: Accounts that don't receive funds within this period will automatically move to a different subscription tier, which may carry a different fee.
Your Ongoing Responsibilities (Client Accounts Only)
CMP Membership, Insurance & Certification
If you're classed as a property agent - for example, a letting agent holding client money - you're legally required to be a member of a government-approved Client Money Protection scheme. It's your responsibility to:
- Obtain and maintain valid CMP membership
- Hold appropriate professional indemnity insurance
- Maintain any required certifications
Important: Under our terms and conditions, both Calmony and Griffin Bank may request copies of your CMP membership certificate, insurance documents, and other relevant certifications at any time. Please keep these up to date and readily available.
Your Journey at a Glance
| Stage | What Happens | Typical Timeframe |
|---|---|---|
| 1 | Application received and reviewed | 1 to 2 working days |
| 2 | Submitted to Griffin Bank for ID verification | 2 to 5 working days |
| 3 | Account approved and opened | 1 to 2 working days |
| 4 | Login details issued | Within 24 hours |
| 5 | Payee verification completed | 1 to 3 working days |
| 6 | Deposit funds received | Within 30 days |
Total typical timeframe from application to a fully active account: around 5 to 13 working days.
Questions?
If you have any questions at any stage of your journey, our team is here to help - just get in touch at support@calmony.co, and we'll be happy to assist.
Welcome to Calmony!