How to fund your Finofo USD Accounts through Direct Debit?

To make it easier for users to fund their USD wallets, we have introduced the feature of Direct Debit to transfer funds seamlessly. You’ll be able to fund your USD Wallet directly from the Finofo platform using Direct Debit.

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 take you to the option of adding your bank account information to enable Direct Debits.

Before entering your bank account details, you have the option to configure settings for direct debits only or withdrawals only.

Once you select the relevant option, choosing "USD" will redirect you to a page where you can enter your bank information.

💡 Important tip: The bank account can also be added from the 'Add Funds' page of CAD & USD accounts (wallets).

On the bank account information page, you'll need to accurately fill in the ACH routing number and your account number into their respective fields to ensure proper setup.

The final step before you can add the bank account involves a thorough review of the Debit Authorization agreement to understand and agree to the terms of setting up transactions.

Stage 1: To verify and link your bank accounts with your Finofo wallets, we will send small amounts ranging from $0.01 to $0.99.

Stage 2: Do 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.

Now that Direct Debit has been set up for your account, adding funds to your Finofo USD account is a straightforward process. To begin, navigate to your USD wallet 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.

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 support@finofo.com.