Expensify.org is accepting proposals for new campaigns. Submit yours here by April 30th to receive up to $100,000 in funding for campaigns dismantling injustice related to: Climate, Homes, Hunger, Reentry, or Youth.

How-to: Add a Deposit-Only Bank account

Sheena TrepanierSheena Trepanier Expensify Success Coach - Admin Posts: 1,324 Expensify Team
edited February 12 in How-to Docs

A deposit-only bank account allows you to be reimbursed by your employer, get paid for bills and pay invoices.

Expensify vocabulary to understand before we get started:

  • Deposit-Only Personal Bank Account - connecting a personal bank account allows you to receive reimbursements from your employer via ACH.
  • Deposit-Only Business Bank Account - connecting a business bank account allows you to receive payments for bills via ACH. You can also use this account to pay invoices
  • Verified Business Bank Account - connecting a verified business bank account allows you to reimburse employees via ACH, pay bills, receive invoice payments, and get the Expensify Card. 

Who should connect a personal deposit-only bank account?

  • US employees who will be reimbursed for expense reports submitted to their employee.
  • Australian employees who will be reimbursed by their company. More details about this here.

Who should connect a business deposit-only bank account?

  • US vendors who want to be paid via ACH for bills sent to customers/clients.
  • US vendors who want to pay invoices.

Adding a Deposit-Only Bank account

Step 1: Navigate to your Settings > Account > Payments and click the Add Deposit-Only Bank Account button.

Step 2: Click Log into your bank button and click Continue on the Plaid connection pop-up window.

  • Search for your bank account is the list of banks and follow the prompts to sign-in to your bank account.
  • If your bank isn't supported, click the 'x' in the upper right corner of the Plaid pop-up window and click Connect Manually.

Step 3: Enter your bank login credentials

  • Note: If your bank requires an additional security checkpoint, your bank will prompt you after the login details are entered.
  • Expensify will automatically determine if it's a deposit-only personal or business account based on this step.

Step 4: If you have more than one account under that login, you will be able to select from them during this step. Otherwise, you'll see a Success message.

  • Note: Please ensure the account you connect to has Direct Deposit/ACH enabled.

Step 5: (For the Manually Enter Account Details option only): Enter your account information:

  • A deposit-only bank account is ready to receive payments immediately once you see this screen!
Related articles:
Sign In or Register to comment.