Account Verification and Transaction Limits
When you open a bank account at your bank, the bank usually requires you to provide some identity document to help them confirm and verify that you are who you say you are. Lemonade is no different. We’re a financial institution, so we need to know who’s using our service. It helps us combat money laundering and terrorist financing, and keep everyone’s money safe.
Your transaction limits.
These limits refer to the total transaction amount that can be conducted depending on your account verification status. This means that the more information you provide us to verify your identity, the more money you can send.
Verified email address - You can send a cumulative total of $1,000 CAD until you verify your account. This simply means you can only send a total of $1,000 CAD on Lemonade Finance until you provide a valid means of identification.
Verified your email & account - If you have verified your email and account by providing a valid means of identification you will have the following limits:
Daily limit - $2,000 CAD
Weekly limit - $5,000 CAD
Monthly limit - $15,000 CAD
Why do these limits exist?
The Financial Transactions and Report Analysis Centre of Canada (FINTRAC) directs all Money Service Business MSB institutions to verify the identity of their users before they can send money.
It’s also very important to us that all our users are safe and secure, this means that we have to ensure we follow these guidelines religiously.