To make it easier for users to fund their CAD and USD accounts, we have introduced the feature of Direct Debit to transfer funds seamlessly. You will be able to fund your CAD account directly from the Finofo platform.
How to enable Direct Debits?
Go to the settings page in your Finofo account and click on 'Bank Accounts.' You'll then see a 'Direct Debit' button on the top left, which will lead you to the option of adding your bank account information to enable Direct Debits.
You can choose to set up either direct debits only or withdrawals only before adding your bank account details. Currently, there are two options available: you can fund your CAD or USD directly from your bank accounts.
When you select "CAD," you will be directed to a page where you can enter your bank information.
💡 Quick tip: The bank account can also be added from the 'Add Funds' page of CAD & USD accounts.
On the bank account details page - Enter the institution, transit, and account number details of your bank account that you wish to link for Direct Debit.
Before finalizing the addition of your bank account, please review the Pre-Authorized Debit (PAD) agreement.
Verification Process:
Stage 1: To verify and link your bank accounts with your Finofo accounts, we will send small amounts ranging from $0.01 to $0.99.
Stage 2: Please return to the 'Bank Accounts' page on the settings tab and verify your account by entering the amounts of the micro-deposits received.
Stage 3: Upon entering the micro-deposit details, your account will be verified and linked.
📓 Important note: The bank account can be added and verified by only ‘owners’ of the Finofo account. The users with roles such as ‘admin’ or ‘collaborator’ will not be able to add bank accounts for Direct Debits. This is because of the legal requirements in the process of enabling direct debits on Finofo.
The Next Steps
Now that Direct Debit has been set up for your account, adding funds to your Finofo CAD account is a straightforward process. To begin, navigate to your CAD account and click the 'Add funds' button. This will display various options for funding your Finofo account.
Select 'Direct Debit' from the list of options. You'll then be prompted to enter the amount you wish to transfer and choose which of your connected bank accounts you'd like to use for the transfer.
Once you've entered all the necessary information, simply click 'Confirm and transfer'. The funds will be transferred to your Finofo account shortly after confirmation.
💡 Tip: If you have any questions about using Direct Debit or encounter any issues during the process, please don't hesitate to contact our support team at [email protected].