What is the bank linking process?

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!

 

How do I link my bank account?

At Ellevest, there are two ways to link your bank account:

1. Linking Manually Through Folio

  • Folio allows you to link your bank account once you’ve validated your account ownership with test deposits.
  • To begin the process, you will need to enter your bank account information on the Ellevest funding page. Ellevest will then send your 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 on the Ellevest push-down below:

test_deposit_verification.png

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

linked_account.png

  • If you are linking more than one type of account, you will need to validate each of your accounts separately. For example, if you are linking your investment account for your “Yes, ME!” goal as well as your Roth IRA for your “Retirement” goal, you will see two sets of test deposits and withdrawals that will need to be validated separately.

2. Linking Through Quovo

  • Quovo allows you to link your bank account by collecting information about your account through your bank login information rather than validating your account with test deposits. If Quovo does not support your current bank account, you will need to link your account manually using the Folio process outlined above.
  • Enter your bank name to see if your bank is available for Quovo’s services:

linking_through_quovo.png

  • If available, a login to your bank account will appear prompting you to enter your login credentials.

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  • Once Quovo has validated your account information, this information will appear on your goal Settings page:

linked_account.png


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