Frequently Asked Questions

No, SkyFi is a financial technology company, not a bank. All banking services are provided by Grasshopper Bank, N.A., Member FDIC. SkyFi provides the technology platform and user interface for managing your treasury operations.

Yes. Deposits are held at Grasshopper Bank, N.A., Member FDIC, and are insured up to $250,000 per depositor, for each account ownership category. FDIC insurance protects against the failure of an FDIC-insured bank.

In the event of a bank failure, you agree to cooperate fully with SkyFi, Grasshopper Bank, and the FDIC in determining the insured status of funds in your account. You agree to provide the FDIC with requested information promptly. The FDIC will work to provide access to your insured deposits.

All SkyFi accounts require identity and business verification before activation. Individual applicants go through Know Your Customer (KYC) verification, and business accounts additionally require Know Your Business (KYB) review. This is a regulatory requirement — no account can be activated without passing both checks.

KYC (Know Your Customer) verifies the identity of the individual opening or controlling the account — typically through government-issued ID and personal information. KYB (Know Your Business) verifies the legitimacy of the business itself, including ownership structure, formation documents, and beneficial owners. Both are required by federal regulation for financial accounts.

If all required information and documents are submitted correctly, verification is typically completed within one to two business days. Incomplete applications or documents that require additional review will take longer.

If our compliance team needs additional details to complete your review, a SkyFi team member will reach out to you directly via email from an @skyfichecking.com or @skysystemz.com address. Always verify the sender domain before responding — SkyFi will never request sensitive information from any other email address.

Yes, businesses can open multiple accounts under a single entity. This is useful for segregating funds, managing different business units, or organizing payment flows. Contact our team to discuss your multi-account needs.