A few days ago, I started my company in Canada. Based on a recommendation, I opened an account on tryvault.com. Their website said, "Sign up in 5 minutes, get approved in 24 hours." I completed all the verification steps with my documents, company number, and driver's license. Then, I received an email asking what my business does, my active website address, my LinkedIn page, and how much money will come in and out each month. These questions seemed unreasonable to me. Do I need to create a LinkedIn account and set up a website immediately for a company I started just two days ago?Nevertheless, I answered their questions. Then, they started asking for information about my other company. I felt like I was under investigation as if I were a money laundering baron. I was confused about whether I was opening an account or giving a statement to a jury. Additionally, they do not trust the company approved by the Canadian government and conduct their own security checks. Even if they were the only bank on the planet, I would not need them. I advise new entrepreneurs not to fall into the same trap as I did because the approval does not happen in 24 hours. You need to win their favor to get your account approved.
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