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Member Management

This section details the management of the individual member bank accounts, which are the only true bank accounts in the system (aside from the main BSB account).

Account Creation and KYC

Trigger: The creation process for a member's bank account is triggered when their benefits card is set to "enrolled status".

KYC Process: This trigger initiates a Know Your Customer (KYC) background check through Alloy.

Application Status: The application will return one of three statuses:

Automatically Approved: The member passes the background check.

Flagged for Manual Review: FINOPS members must manually review the application.

Rejected: The application is rejected, often due to accurate findings like an incorrect Social Security Number.

Oversight: The FINOPS team is the final "arbiter" of the bank account approval process.

Frequency: KYC checks are run once at enrollment and are then checked monthly.

Funding and Overdraft

Initial Funding: Once a member's account is approved, it is created automatically and pre-funded with the exact amount of their selected plan premium.

Overdraft Protection: A "reserve" column (which functions as overdraft protection) is visible for each member. This allows a payment to successfully process even if the member's account is not fully funded. This is critical for handling unexpected cost changes (e.g., adding a dependent) that are discovered after the initial funding, thus preventing a break in the payment process.

Debit Card and Merchant Controls

Account Access: FINOPS users can click the card icon on a member's profile to reveal the full debit card number, expiration date, and CVV. This information is also available in the core platform for other teams (like Advisement and Customer Success) who may need to make payments.

Physical Cards: Members do not currently receive physical debit cards.

Merchant Whitelisting:

The platform has a feature to "whitelist" a debit card, restricting it to a specific merchant (i.e., a carrier).

Warning: This feature is used sparingly because it has significant challenges. Carriers can change their merchant codes without notice, which causes whitelisted payments to fail.

This feature can also block refunds from a member's previous carrier if the new carrier is whitelisted.

An Epic is planned for December to improve these controls.

ACH Controls: There are currently no merchant controls available for ACH payments through Treasury Prime.

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