Use Case: Add a New Bank Account for Your Business

You can add additional bank accounts to your entity at any time after adding your first required bank account with signup. Adding a bank account can give you flexibility in how you accept payouts, pay fees, and manage other aspects of your account related to reserves, billing, and disbursements. This tutorial will walk you through the steps for adding a new bank account to your Portal account.

Partial view of the Bank Accounts Tab in the User Profile Account Overview, with the **PROFILE** and **ADD NEW ACCOUNT** buttons highlighted in red boxes.

Objective

Add a new bank account to your account using Plaid or by manually entering account information.

Audience

Facilitators
Referrers
Merchants

Environment

Portal (Sandbox)
Portal (Production)

Prerequisites

Prerequisites:

You must have a fully boarded Payrix account to perform any of the actions described in the use case guides.
Bank account information, including the account and routing numbers.
A file containing an image of a voided check, bank statement, or bank letter.

Warnings

Warnings will provide insight or advice to avoid risk, visibility, and product performance issues during this use case.

Warning: Plaid - Tokenized Account Numbers (TANs)

Some banking institutions, such as Chase Bank, utilize a tokenized account number (TAN) for each individual third-party integration of a user's bank account to protect the original account and routing numbers, never allowing them to be seen by any third-party integration.

This means that if your TAN is ever compromised, a new one can be generated after contacting Chase Bank as opposed to the more time-consuming process of closing and re-opening a new account.
As a result, you may notice upon completing an integration with Chase Bank that the account and routing number shown in the Portal will not match your original account and routing number. This is expected.
Visit Chase Bank’s Developer article regarding TANs or contact Chase Bank if you have further questions or concerns.

Warning: Adding a New Account Manually

If you are adding an account manually, it will take up to 5 business days to verify the new account information.

Note: You can cancel or view the status of your pending manual review by viewing the Pending Change Requests section of the Banking tab on your entity’s Profile page.

Tips

Tips will provide suggestions to streamline or better prepare you to apply this use case tutorial.

Tip: Add with Plaid - Have your bank login ready!

If you are adding an account linked with Plaid, ensure that you have your banking institution’s online account login credentials accessible.

Tip: Change Requests

Adding a bank account initiates a “Change Request”, because the additional account may require manual review from a Payrix or Facilitator-level risk analyst. You may also be required to submit documentation to support the validity of the new account.

Change Request submissions made to add a bank account have been compiled into a set of easy-to-use Portal pages for each level of user, and are available on the Managing Bank Account Change Requests implementation guide.

Additional Resources

Read Add a Bank Account for more information about adding a new bank account to your entity.
Read Managing Bank Account Change Requests to learn more about the timeline and process for approving accounts manually added to your entity.

Add a New Bank Account

1. Access your User Profile page.

Click the PROFILE button, located in the top right-hand corner of the page, to open your user profile page.

Note: You must use the entity owner’s profile to add an entity’s bank account. This is the first user login provided to (or created for) the entity upon first being boarded to the platform.

You can also access your profile by clicking SETTINGS. Scroll down to the User Settings Section and locate the subsection titled User Account Information. Click the USER ACCOUNT INFORMATION link to open your profile page.

2. Add your bank account info.

Step 1: Click BANKING in the left-hand panel to open the Banking Tab.

Step 2: Click the ADD NEW ACCOUNT button in the upper right-hand corner of the Banking tab to open the Add Account lightbox on the page.

Note: You can use the NEXT and PREV buttons to move between the form sections, or click CANCEL to return to the previous screen.

Step 3: Add your bank account info manually or link it with Plaid.

Link Account - Link the account information from the Plaid-supported bank account.

Step 1: Click the LINK ACCOUNT button in the lightbox.

Step 2: Choose the usage type for the new account from the drop-down. Select from: All, Deposits, or Billing.

Step 3: Click LINK NEW BANK ACCOUNT to open the Plaid Integration lightbox on the page.

Step 4: Follow the prompts by Plaid to finish adding and verifying the new account.

Add Account Manually - Add the bank account by manually entering the account information.

Step 1: Click the ADD ACCOUNT MANUALLY button in the lightbox. Read the information in the Warning box that appears on the screen, and click CONTINUE to confirm that you agree, or click CANCEL to return to the previous screen.

Step 2: Click ENTER ACCOUNT MANUALLY to open the Add Bank Account lightbox.

Step 3: Enter the information in the required fields and upload a file that contains an image of a voided check, bank statement, or bank letter.

Step 4 (Optional): Click ADVANCED in the lightbox to enter an optional account name or description.

Step 5: Click ADD to complete submitting the bank account information for risk review, or click CANCEL to discard your information and return to the previous page.

Result: Your account information will be verified and linked with Plaid, or manually reviewed and approved by a Payrix (or Facilitator-level) risk analyst before being approved for use by your entity on the platform.

Next Steps

Once the account is verified and approved, review the following guides for managing accounts and payouts:

Update your Bank Accounts: Update any information about any accounts added to your portal account. See the Update a Bank Account page for more information.

Conclusion

Once the account verification is completed, the new account will be accessible for use in transactions, payouts, debits, and more.

References

Click the links or items below to access any of the following pages: