A predefined withdrawal account is a bank account that you've designated to receive funds when you make a balance withdrawal from your Carwow Wallet. It's pre-approved, defined by you, and linked to your profile, making withdrawals smoother and more secure.
Why is setting up a predefined withdrawal account important?
Increased Security: By pre-authorising a specific account, you significantly reduce the risk of funds being sent to the wrong place. It acts as a safeguard against fraudulent attempts or accidental errors during the withdrawal process. Since the account is already verified, it's harder for unauthorised individuals to change the destination of your funds.
Faster Withdrawals: Because the account is already linked and verified, the withdrawal process is significantly faster. You avoid the need to enter your bank details every time you want to withdraw money, speeding up the transaction. This can be particularly useful when you need quick access to your funds.
Reduced Errors: Typing in bank account details manually every time you make a withdrawal increases the risk of typos and errors. A predefined account eliminates this risk, ensuring that your money goes to the correct destination every time.
Compliance and Anti-Money Laundering (AML) Regulations: We require a predefined withdrawal account as part of the Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance procedures. This helps to prevent fraud and ensures that funds are being sent to legitimate accounts.
How do I set up a predefined withdrawal account?
The process for setting up a predefined withdrawal account is very simple. Simply share the information below with your Carwow Wallet designated point of contact (POC) and we’ll take care of the rest.
Bank Statement Header (issued in the last 3 months)
Account Holder's Name
Account Number
Sort Code
If you’re unsure who your POC is, simply email us at Wallet@carwow.co.uk, request to be contacted by your POC, and we’ll get in touch with you.