How do I set up my bank account to link to Ellevest?

Why do I need to link my bank account?

Linking your bank account allows you to transfer funds between your linked bank account and your Ellevest account. This enables you to fund your selected goals to begin investing!

At this time, you can only link one bank account to each of your accounts with Ellevest. If you are linking more than one type of account (such as your brokerage account, or traditional, Roth, or SEP IRA), you will need to validate each of your accounts separately (even if you are using the same bank account).

To keep your account safe, bank links cannot be changed frequently, so please make sure you are linking the correct account! If you need to change your bank account soon after setting up your bank link, account ownership verification will be required.

How do I link my bank account?

At Ellevest, there are two ways to link your bank account, depending on the bank where your account is held:

  1. Linking manually through Folio Investments
  2. Linking through Quovo with your bank login information

 

1. Linking Manually Through Folio

  • When you fund your account, you can link your bank account manually through Folio. If you are already an Ellevest client and need to change your bank link, you can do so on the Settings page.
  • Ellevest will then send your bank link request to Folio.
  • Folio will send two small test deposits to your bank account, followed by a withdrawal of those amounts. Use the two deposits to validate your account in the Ellevest push-down below.

verify_deposit.jpeg

  • Once you have confirmed your test deposit amounts, your bank account will be validated and your account information will appear on the Settings page for your goal:

Settings.png

 

2. Linking Through Quovo with Your Bank Login Information

Quovo allows you to link your bank account through your bank login information rather than through test deposits. If Quovo does not support your current bank, you will need to link your account manually using the Folio test deposit process outlined above.

  1. Enter your bank name to see if your bank is available for Quovo’s services:link_bank.jpeg
  2. If available, a login to your bank account will appear prompting you to enter your login credentials.Quovo.png
  3. If you hold multiple accounts with your bank, you’ll have the option to select the  account you’d like to link. Choose_Account.png
  4. Once Quovo has validated your account information, this information will appear on the Settings page for your goal:Linked_Bank.png

 

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