To make a deposit, after a verified user has added a bank account, they are then prompted to make an individual deposit in one of four pre-defined amounts: $20, $50, $100, or $500. However, a user may not deposit more than $1,000 in any 24-hour period, and is also prohibited from making deposits once the balance in their Sleeper Wallet has reached $10,000. The processing of deposits generally takes 3 - 5 business days to complete, but deposited funds are made immediately available for use in Squads contests.
User deposits are only accepted in US dollars from banks located in the United States. Furthermore, only eligible users, who have passed the KYC identity verification check, are allowed to deposit funds into their Sleeper Wallets. More specifically, users must be at least 18 years of age and reside within one of the 50 US states or the District of Columbia. It is important to note that, while there are no restrictions on where a user must be physically located at the time in which they are undergoing the verification steps, there are substantial restrictions on where a user must be physically located when participating in a Squads paid-entry contest.