How do I change or add my linked bank account?

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 so that you can fund your selected goals and begin investing!

 

How do I change or add my linked bank account?

At Ellevest, there are three ways to link your bank account, details below:

  1. Linking manually through Folio Investments with test deposits
  2. Linking through Quovo, a third party service provider engaged by Ellevest, to help you link with your bank login information
  3. Linking through Quovo with your bank login information and test deposits

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.

 

1. Linking Manually Through Folio

  • Once your account opening is complete, Folio allows you to link your bank account with test deposits.
  • To begin the process, click on Banks & Statements in the left-hand menu, and select Connect Bank or Change Bank.
  • Under the name of your bank, select “Link the bank manually.”

 linking_through_quovo.png

  • 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.

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 the Settings page for your goal:

linked_account.png

  • If you are linking more than one type of account, you will need to validate each of your accounts separately (even if you are using the same bank account). For example, if you are linking your bank account to your investment account for your “Yes, ME!” goal as well as to your Roth IRA for your “Retirement” goal, you will need to validate each set of test deposits separately.

 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. To begin the process, click on Banks & Statements in the left-hand menu, and select Connect Bank or Change Bank.
  2. Enter your bank name to see if your bank is available for Quovo’s services:

 linking_through_quovo.png

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

bank_login.png

4. If you hold multiple accounts with your bank, you’ll have the option to select the  account you’d like to link.

select_account.png

5. Once Quovo has validated your account information, this information will appear on the Settings page for your goal:

linked_account.png

3. Linking Through Quovo with Your Bank Login Information and Test Deposits

Some banks require test deposit verification in addition to login authorization. We've got you covered! Simply provide your account information and we'll take care of the rest. If Quovo does not support your current bank account, you will need to link your account manually using the Folio process outlined above.

  1. Enter your bank name to see if your bank is available for Quovo’s services:

linking_through_quovo.png

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

bank_login.png

3. If Quovo cannot verify your account with just your account login information, you’ll be asked to provide your account routing number and account number.

bank_account_info.png

  1. Quovo will then send two small deposits, both under $1, to your account to validate your account ownership. The deposits will appear under your account transactions from the merchant “Quovo”. The deposits are yours to keep and Quovo will not be making any withdrawals. There is nothing you have to do to validate the test deposits. We will email you when your account has been validated. This can take 2-7 business days.
  2. Once Quovo has validated your bank account, your linked account information will appear on the Settings page for your goal:

linked_account.png

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