Occasionally, our New Accounts team will request clarification of an applicant's net worth and liquid net worth in United States Dollars.
Net worth is the amount of all of your assets, minus liabilities. This would include cash, savings accounts, checking accounts, plus assets like real estate and land.
Liquid net worth is the amount of your assets that can easily be converted to cash, minus liabilities. This would include cash, savings accounts, and checking accounts. For this reason, your liquid net worth cannot be higher than your net worth, but the two can be equal.
How can I satisfy this requirement?
Update your Account Dashboard with confirmation of your net worth and liquid net worth.
What is an example of a satisfactory submission?
- My net worth is $10,000, and my liquid net worth is $5,000.
- This is satisfactory because it clearly states a specific amount, and the liquid net worth is not higher than the net worth amount
What are some examples of an unsatisfactory submission?
- My net worth is somewhere between $1 and $1,000,000, and my liquid net worth is also between those amounts.
- This is not satisfactory because it does not provide a specific amount
- It is $5,000.
- This is not satisfactory because it does not specify if the amount is the applicant's net worth, liquid net worth, or both combined
- My liquid net worth is $10,000, and my net worth is $2,000.
- This is not satisfactory because the net worth amount is less than the liquid net worth amount--since net worth contains a person's liquid net worth plus assets that can not be easily converted to cash, liquid net worth must be equal to or below net worth