No payroll application is complete without your banking information to make sure that everything is as it should be. This is the account you will be using to pay all of your employees and taxes.
Entering your Banking Information
By entering your bank account information, the app will debit all payroll related payments (including the costs for accessing the service itself) directly from your bank account.
Items to keep in mind -
- Only business bank accounts are authorized for payroll debits through the ACH system.
- Select "Banking", which will by default display the "Banking Info" tab.
- Enter your "Account Information". Account holder name is the individual listed as an authorized signatory on your company's bank account.
- You must then enter your Bank Branch Information. Enter the bank "Phone" and "Address" where you account is held, including entering the "City/Town", selecting the "State" from the drop-down menu, and the "Postal Code".
- Tick the check box that confirms you agree to the terms of the Pre-Authorized Debit Plan Agreement (PAD).
- Once you click "Save", it will trigger our 2-step account verification procedure.
- The micro-deposit validation takes a minimum of two business days. Once you receive the micro-deposit amount, enter the amount here to complete the first verification step.
- Next, you will need to click the "Verify bank information" button to start the second step of the verification procedure using Yodlee.
- This will open a new window where you will be taken to the Yodlee portal.
- Select your banking institution from the search list and then enter your online banking credentials.
- Yodlee will then display all bank accounts associated with your login credentials. Select the bank account that you will be using for payroll, which should be the same account associated with Wagepoint.
- Yodlee will then display the account details that will be passed along to Wagepoint for verification.
- Click "Confirm" and you will be directed back to the Wagepoint Banking tab and the second step of the verification process will be updated to reflect that your account details have now been submitted to our Finance team for verification.
- The information provided for verification will be reviewed within 24 - 48 hours.
- Once the account details have passed verification, you will receive an email notification and the status of your verification will also be updated in-app.
- The final step is completing and e-signing the Bank Authorization form, which allows our ACH provider to debit your payroll account for the funds required to process your payroll.
- This form requires a copy of a voided business check, a government issued id, and must be notarized. After submission, please allow two business days for your ACH authorization form to be processed.
- Once the authorization form has been processed, you will receive an email notification to let you know that your bank account can now be used to process payroll.
Yodlee follows the leading financial industry best practices for security, privacy, risk, and compliance management.
As an FFIEC supervised Technology Service Provider, Envestnet | Yodlee follows the security and risk management standards required to engage with consumers and their financial data. They are also supervised and examined by the OCC and all major banking regulators, and have undergone nearly 200 audits by financial institutions over a recent 24 month period.
Are banking login credentials saved?
Is there an alternative?
Contact us at firstname.lastname@example.org for alternative verification methods.