Your opening a Calmony Bank Account Journey
A guide that walks you through every stage of opening your new bank account, so you know exactly what to expect and when.
Stage 1: Application Received
What's happening: Our team has received your application and we're reviewing all your details to make sure everything is in order.
What you need to do: Sit tight! If we need any additional information from you, 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. They carry out thorough 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 will receive a ID verification request directly from Griffin Bank. Please respond to any requests promptly, as delays 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 their 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. These give 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 will be asked to set your own password and set up the 2FA app for logging in and for approving payments.
Typical timeframe: Issued within 24 hours of account opening
Stage 5: Welcome Walkthrough Call
What's happening: We book a call with you to give you a guided tour of the Calmony system. Our team will show you how everything works, from viewing balances to making payments and generating reports.
What you need to do: Accept the calendar invite and come prepared with any questions you have. This is your opportunity to get hands on with the system while you have one of our experts on the call.
Typical timeframe: Usually scheduled within 3 working days of receiving your login details
Stage 6: Payee Verification (For 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 a crucial step, particularly for Client Accounts which hold money belonging to your clients, landlords and tenants.
WARNING: until this stage is completed any attempt to pay funds into the account will be returned to the sender.
What you need to do: Go through the identification verification process again and it also gives you a chance to experience what it will be like for your clients and landlords.
Why this matters: Client Accounts are trust accounts holding other people's money. Verifying you as a payee ensures that 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 your can use your account to receive money and make payments
Stage 7: Deposit Funds Within 30 Days
Your account must receive a deposit within 30 days of being opened. This is a requirement to keep your account active and in good standing. Accounts that do not receive funds within this period will be subject to an automatic upgrade in the subscription tier.
Stage 8: Bank Safeguarding Letter & Partial Statement (Client Accounts Only)
What's happening: After you've received your login details and your account is active, we can provide you with a bank safeguarding letter and partial statement. Many letting agents need these documents when applying for or renewing their Client Money Protection (CMP) scheme membership.
What you need to do: If you need these documents for your CMP application, just let us know and we'll generate them for you.
Typical timeframe: Available on request once your account is active
Your Ongoing Responsibilities (Client Accounts Only)
CMP Membership, Insurance & Certification
If you are classed as a property agent for example a letting agent holding client money, you are legally required to be a member of a government approved Client Money Protection scheme. It is your responsibility to:
- Obtain and maintain valid CMP membership
- Hold appropriate professional indemnity insurance
- Maintain any required certifications
Important: As per our terms and conditions, both Calmony and Griffin Bank reserve the right to request copies of your CMP membership certificate, insurance documents, and any other relevant certifications at any time. Please ensure these are kept up to date and readily available.
Summary: 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 | Welcome walkthrough call | Within 5 working days |
| 6 | Payee verification completed | 1 to 3 working days |
| 7 | Deposit Funds | Within 30 days |
Total typical timeframe from application to fully active account: 7 to 14 working days
Questions?
If you have any questions at any stage of your journey, our team is here to help. Just get in touch and we'll be happy to assist.
Welcome to Calmony!