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How Do I Add a Settlement Bank Account?

For SponsorsBy Syndelo

How to connect the bank account ACH payments go into and out of, verify it, and get it approved.

A settlement bank account is your bank account that ACH payments in land in and payouts are sent from. Set one per investment, or one workspace default. Manage them in Settlement Bank Accounts on Bank Transfers (ACH).

Steps

  1. Go to Money > Bank Transfers (ACH) and scroll to Settlement Bank Accounts.
  2. Click Link Bank Account to sign in to your bank, or Enter Account Numbers to type them in.
  3. Choose what to Use This Account For (an investment or the workspace default), confirm your identity, and click Submit for Review.
  4. If you entered numbers, wait for two small deposits, then click Enter Deposits and type the amounts.
  5. A different Finance Approver clicks Review, chooses Approve or Reject, explains How Did You Verify It?, ticks I Confirmed This Account Belongs to Us Through a Trusted Channel, and clicks Save Review. If no one else in your workspace can approve, you can approve it yourself after confirming your password and a code.

Good to know

  • Syndelo is not a bank and never holds funds. Money moves between your bank and investors' banks.
  • Waiting for a different finance approver means the person who added the account cannot approve it, because someone else in your workspace can.
  • Balance shows only for linked accounts. Accounts verified by deposits show "Not available for accounts verified by deposits".
  • Under Bank Actions, Check Setup reads the provider status without sending deposits again. Refresh Status updates the bank status.
  • "Do not add the account again" or a setup reference means a provider step is unconfirmed. Contact your workspace administrator with that reference instead of adding it twice.
  • Remove stops ACH for that investment until another account is approved. The workspace default is used if there is one. See Removed Bank Connections.
  • The Settlement Bank Accounts panel buttons are hidden if you lack bank permissions or ACH is not available.
  • You also need a verified Moov account and ACH Contract Limits.

Syndelo is in preview. eSign and investor payments require live provider setup; a demo or sandbox action does not complete a live transaction. Confirm availability for your workspace before relying on either.

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More in Capital & Payments

How Do I Reconcile the Bank and Close the Books?How Do I Set ACH Contract Limits?What Do ACH Transfer Statuses Mean?How Do I Set a Cash Controls Policy?How Do Investors Reinvest Their Payouts?How Do I Manage Fund Subscriptions and Cash-Out Requests?