What happens after you apply

Once your application is submitted, it enters our review process. You should typically receive a decision within 1 to 3 business days. In some cases, review times may vary depending on application volume or whether additional information is needed. While your application is in review, your Banking dashboard confirms it has been received. If you need to correct or update information you submitted, select Edit application from the dashboard. Editing is available for a limited number of attempts per application.

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If we need additional information

In some cases, we may need to verify your identity or business information before completing your application. If additional information or documents are required, you’ll receive an email notification from Karat. The email includes a link that opens the exact step in your onboarding dashboard where you can respond. This applies whether the request relates to your Karat Banking application, your Karat Card application, or both. You can also respond directly from your dashboard:

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Karat Banking application

1. Navigate to your Banking dashboard
2. Look for the Documents required for application review notice at the top of the page
3. Click Upload documents and follow the prompts to submit each requested document

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Karat Card application

1. Navigate to your Card dashboard and look for Missing documents status card
2. Click Update information to begin the verification process
3. Follow the prompts to upload the requested documents

If you’re not sure what documents are needed, check the Gathering your documents page for guidance on what to prepare.

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Document types you may need to provide

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EIN verification letters

If we need to verify your business EIN, you’ll be asked to upload an IRS letter directly in the onboarding verification screen. One of the following is enough:

• IRS EIN Confirmation Letter (CP 575)
• IRS EIN Verification Letter (Form 147C)

In some cases we may ask for both. The verification screen has a slot for each document, so it’s always clear which document you’ve provided and which, if any, is still outstanding. To upload, either drag and drop a file onto the matching slot or click the slot to open your device’s file picker. The picker is filtered to the supported file types (.pdf, .png, .jpg, .jpeg, .heic, .heif). Each slot shows its own state (empty, uploading, uploaded, or failed with a retry option), and you can replace a file at any time by selecting a new one for that slot. The legal business name and EIN on each document must match your application exactly, including capitalization, punctuation, and special characters.

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Government-issued photo ID

If individual identity verification is required, upload clear photos of both the front and back of a valid government-issued ID. Acceptable documents include:

• Driver’s license
• State ID
• Passport (photo page)

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Checking your submission status

After uploading your documents, you’ll see a confirmation that your documents are under review. The review process typically takes a few business days.

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Application timeline

If 7 business days have passed and you haven’t heard from us, please check your inbox and spam folder to make sure we’re not waiting on additional details. If you’re still unsure, you can contact our team for assistance. You’ll be notified by email once a decision has been made. _{Karat is a fintech company, not an FDIC-insured bank. Banking and Card services provided by Grasshopper Bank, N.A., First Internet Bank of Indiana, and Cross River Bank, Members FDIC.}