Written by Metal Team

On November 19, 2018

Metal Pay Signup Information

We understand that some of you may have felt uncomfortable with providing some of the information requested during the sign-up process for Metal Pay. Here’s why that information is required.

Why we ask for your SSN and government-issued photo ID.

Through an agreement with our banking partner, we are able to offer something that other payment apps on the market do not offer: FDIC-insurance for your Cash balance. That’s right, your Cash balance inside of Metal Pay is secured in an FDIC-insured bank account in your name. But like all bank accounts, we need to implement anti-fraud measures to protect our users. This means collecting SSN and government-issued photo ID to verify that you’re you.

Why Plaid asks for your bank login credentials.

When you are asked to enter your bank credentials on Metal Pay, you are actually doing so on a form provided by third-party bank data aggregator Plaid. Plaid employs state-of-the-art security technology to protect users and is used by many industry leaders in finance such as Citi, American Express, Venmo, Robinhood, Acorns, and Coinbase — just to name a few. Metal does not and cannot see your banking credentials.

We hope this clears up some of your concerns!

Other Metal Pay posts:

SEC sues Ripple – XRP trading halted, and our response

SEC sues Ripple – XRP trading halted, and our response

The U.S. Securities and Exchange Commission’s lawsuit against  Ripple has captured the attention of the cryptocurrency industry. The accusations against Ripple are serious and the potential consequences significant. As a result, a number of exchanges have halted the...

Metal 2020 – Year in Review

Metal 2020 – Year in Review

The past year has been a shock for billions of people around the world. It seemed like no other year in recent memory had such a mix of good news and bad news, hardship and excitement, opportunities and closed doors. 2020 has been hard, but it has also been an...

The Do’s and Don’ts of Talking Crypto over the Holidays

The Do’s and Don’ts of Talking Crypto over the Holidays

This holiday season, we know it will be a little awkward navigating conversations with your family whenever cryptocurrency comes up. After all, these are the people who probably rolled their eyes at you whenever you talked about “going to the Moon” all of those years...

Marshall’s AMA with WazirX – MTL, Proton, and more!

Marshall’s AMA with WazirX – MTL, Proton, and more!

Our CEO, Marshall Hayner, recently sat down with the team from WazirX to celebrate them listing our first cryptocurrency, Metal (MTL), on their exchange! WazirX is one of the largest and most trusted exchanges in India; adding MTL to this exchange gives over a billion...

Metal Heads-up – November 2020

Metal Heads-up – November 2020

It’s pretty ironic that just as the seasons change and winter inches closer, the cryptocurrency winter is beginning to fade. The price of Bitcoin is climbing, altcoins are following close behind, and whispers about cryptocurrency are spreading throughout the media. It...