All first-time cash deposits will result in a temporary (72 hour) withdrawal hold on the account.
Fedwire Process - Synapse Deposits
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You submit a Fedwire Transfer (also known as a Domestic Wire) from your bank account to the deposit account in your name. |
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Our funding provider processes the pending deposit (Up to 5 business days) |
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USD arrives in your Kraken account |
To deposit USD via Synapse wire transfers:
1. Check that your account fulfills the requirements.
2. Sign into your account at https://www.kraken.com .
3. Navigate to ‘Funding’ at the top of the page.
4. Check ‘Show all assets’ or use the Search bar and type the asset you wish to deposit.
5. Find ‘US Dollar (USD)’ and select ‘Deposit’.
6. Select ‘Synapse (Wire, additional verifications)’ from the drop down menu for deposit method and sign the Synapse Terms of Service if not already accepted. If your Kraken account is set up in Texas you will not have a drop down menu and can skip to the Terms of Service agreement. Refer to this article if you have an error message or contact Kraken support. Blank yellow errors can be ignored.
7. Deposit limits for this method are lower than Kraken's. Ensure you don't exceed your Synapse limits.
8. Carefully follow all additional instructions on the deposit page and go through our deposit checklist before sending any funds.
9. Use the instructions on your Synapse Deposit page to send a wire transfer from your bank to your Synapse digital checking account. This process may vary slightly depending on your bank. To determine if you are sending a FedWire review this helpful support article, which includes how to send wires from popular banks.
10. Account: The account details shown are of a dedicated personal checking account for individual users at Synapse and for Pro Corporate users it's a business checking account held in the same name as that on your Kraken account.
Ensure the information provided to your bank is exactly as it appears within your Kraken account.
IMPORTANT: USD withdrawal options may differ from the deposit method you used.
Example USD Deposit Details
Account Name: Must be the exact name your Kraken account is registered under. Contact us via Live Chat if you would like us to confirm your name.
Address: 6070 Poplar Ave #100 Memphis, TN 38119
Routing Number: *********
Account Number: ********* (Sending funds to old or incorrect bank account number can result in extensive delay)
Bank Name: Evolve Bank and Trust
Bank/Branch Address: 6070 Poplar Ave #100 Memphis, TN 38119
Inputting incorrect funding instructions may cause funds to be inaccessible for an extended period of time.
Note: No deposit reference is required when sending funds through the SynapsePay funding method.
Returned Deposits via Synapse
When a wire is sent by any institution it will include the sender's information (your bank for example) as well as the recipient and beneficiary (who will receive the funds). Whenever a deposit is failed or manually returned our funding provider, Synapse, will use the details included on the wire to send a wire back using your digital checking account.
Deposits sent from sundry accounts, clearing houses or intermediaries may be returned back to them and not back to your account. Your bank will be need to locate the funds themselves and work with any intermediaries they used to send the funds.
Failure to provide accurate sender information or sending the funds from the correct account by your financial institution will cause substantial delays in getting access to the funds.