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Keep those reimbursements flowing smoothly - Update your Business Bank Account by 15 December!
If you have not seen the in-app notices and emails, it may come as a surprise that you need to update your Business Bank Account i.e. the account you use to reimburse your employees, ASAP.
On December 15th, any Bank Account that has not yet been updated will be blocked from issuing reimbursements.
How to Update
To update your Business Bank Account, you will need to:
- Navigate to your Payments tab in your account settings.
- Under the Business Bank Account section, find the Update button.
- Connect via Plaid by clicking on the “Log into your online bank account” button.
This third-party organisation accesses data securely and approves ACH payments based on the data they can see via an API to your bank. Once you’ve connected, just follow the on-screen directions to complete the update.
Note: if you are experiencing issues connecting via Plaid, or would prefer to access your bank account manually, you can:
- First, click on the “Log into your online bank account” button as above.
- Exit the Plaid Plaid popup dialog by clicking on the x in the upper right corner. You should now see an additional option for connecting your account.
- Click on the “Manually enter account details” button and follow the on-screen directions to complete the update
If I shared my account with other team members, do they all have to do this too?
Your company’s business bank account only needs to be updated once and anyone with authorized access to the business bank account can update it. Once someone verifies the details, the updates will populate across all shared accounts.
What happens if I don’t update the account?
If you don’t update the account, you won’t be able to use it to reimburse users after 15 December. At all. If you have old unused business bank accounts, now is a good time to remove them completely if you don’t intend to update them!
I’m trying to update the account, but the details are not mine, and that person no longer works here. What do I do?
Each field is populated with the most recent data on file. If the details are outdated or wrong, you can edit the details accordingly.
I need to update the account, but I don’t live in the US, what do I do?
You will need someone who lives in the US and has a social security number to update the account. If you are the only person with authorized access to the business bank account, you’ll need to share it with another user first before asking them to update the account.
Why do you need to know all these details now?
Financial regulation and bank rules require us to verify businesses and the identity of the individuals setting up business bank accounts on behalf of those businesses.