At this time debit cards are available for IB LLC individual and joint accounts (excluding IRA and UGMA/UTMA accounts ) with US as their country of legal residence. We are not able to confirm when the debit cards will be available to non-US residents. Trust accounts are eligible as long as they meet certain criteria (more details below). While being enabled for IB Key is not required to enroll, it is required to pre-authorize purchases and is highly suggested. The full set of eligibility requirements are as follows:
- Country of legal residence: United States
- Country of current residence: United States
- IB Entity: IBLLC-US
- TIN is a US Social Security Number
- Has verified mobile number
- Individual, Trust or Joint account excluding IRA’s
- Additional restrictions for FA Clients
Only US Trust accounts are eligible for a debit card. Trust Accounts can only order cards for the Trustee (must be an individual, not an entity), and only if the Trustee is also a beneficiary. Prior to opening an account, MEXEM MUST establish:
- Documentary evidence of the existence of the Trust and their authority to act on behalf of the Trust – usually in the form of a copy of an executed Trust Agreement (or court appointed Trust Order)
- Confirmed EIN for the entity (IRS Letter)
- CIP/OFAC performed on each of the Trustee
Additionally, no Secondary Cards are allowed. There is only one Primary Card for an eligible Trustee per Trust Account.
If you qualify for a debit card then review FAQ: How do I apply for an MEXEM debit card?