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How-to: Add a verified bank account (US only)

Katie Oswalt
Katie Oswalt Expensify Success Coach - Admin Posts: 160 Expensify Team
edited April 30 in How-to Docs

A verified bank account - is a business bank account that allows you to reimburse your employees via ACH, pay company bills, and receive payments for invoices.

A Verified Bank Account allows you to:

  • Pay employee expense reports via ACH bank-to-bank transfer
  • Pay company bills via ACH bank-to-bank transfer
  • Receive invoice payments via ACH bank-to-bank transfer
  • Get the Expensify Card

Verified bank account prerequisites:

  • A US business bank account can only be added as a verified business bank accounts.
  • An employee must add a deposit-only personal bank account before an expense report can be reimbursed via ACH.
  • A vendor must add a deposit-only business bank account before getting paid via ACH.
  • Expensify cannot process a reimbursement for any single report over $20,000.
  • For information on reimbursement timing via ACH, please read this support article.
  • A verified business bank account needs to be added before paying a bill or invoice in Expensify.

Set up a Verified Bank Account:

Step 1: Go to Settings > Account > Payments > and click Add Verified Bank Account

Step 2: Click Log into your bank

Step 3: Click Continue when you hit the Plaid screen, and you'll be shown a list of compatible banks that offer direct online login access. 

Step 4: Login: Choose your bank account provider.

Note: If your bank is not listed, click the X to go back to the connection type, where you will then see an additional option. Choose Connect Manually, then skip to Step 6.

Step 5: Enter your bank login credentials.

  • Note: If your bank requires additional security measures, you will be directed to obtain and enter a security code.
  • If you have more than one account available to choose from, you will be directed to choose the desired account.

Step 6: Enter your company information. Format. your website specifically "https://www.domain.com

Step 7: Enter your personal information:

Note: After uploading the ID and completing these prompts you will be asked to use an app to provide a selfie or short video as well. This helps us verify the individual who is setting up the account is the person they say they are and haven't just gotten a hold of someone's ID.

Step 8: Check the appropriate box under Additional Information, accept the agreement terms, and verify that all information is true and accurate:

Step 9: Almost there! The account you setup will be in your Settings > Account > Payment section in either Verifying or Pending status.

  • If it is Verifying, then our Risk Team will reach out for more information. Look out for an email from [email protected].
  • If it is Pending, then in 1-2 business days Expensify will administer 3 test transactions to your bank account.

Once these transactions - 2 deposits and 1 withdrawal - have posted to your account, go to your Inbox page and you will be prompted to enter the transaction amounts.

Step 10: You're done! A verified bank account that is successful should appear like this after validation:

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