Deposit Accounts USD
Overview
There are two types of deposit-only accounts:
- If you’re an employee seeking reimbursement for expenses you’ve incurred, you’ll add a Personal deposit-only bank account.
- If you’re a vendor seeking payment for goods or services, you’ll add a Business deposit-only account.
How to connect a personal deposit-only bank account
Connect a personal deposit-only bank account if you are:
- An employee based in the US who gets reimbursed by their employer
- An employee based in Australia who gets reimbursed by their company via batch payments
- An international (non-US) employee whose US-based employers send international reimbursements
To establish the connection to a personal bank account, follow these steps:
- Navigate to your Settings > Account > Payments and click the Add Deposit-Only Bank Account button.
- Click Log into your bank button and click Continue on the Plaid connection pop-up window.
- Search for your bank account in the list of banks and follow the prompts to sign-in to your bank account.
- Enter your bank login credentials when prompted.
- If your bank doesn’t appear, click the ‘x’ in the upper right corner of the Plaid pop-up window and click Connect Manually.
- Enter your account information, then click Save & Continue.
You should be all set! You’ll receive reimbursement for your expense reports directly to this bank account.
How to connect a business deposit-only bank account
Connect a business deposit-only bank account if you are:
- A US-based vendor who wants to be paid directly for bills sent to customers/clients
- A US-based vendor who wants to pay invoices directly via Expensify
To establish the connection to a business bank account, follow these steps:
- Navigate to your Settings > Account > Payments and click the Add Deposit-Only Bank Account button.
- Click Log into your bank button and click Continue on the Plaid connection pop-up window.
- Search for your bank account in the list of banks and follow the prompts to sign-in to your bank account.
- Enter your bank login credentials when prompted.
- If your bank doesn’t appear, click the ‘x’ in the upper right corner of the Plaid pop-up window and click Connect Manually.
- Enter your account information, then click Save & Continue.
- If you see the option to “Switch to Business” after entering the account owner information, click that link.
- Enter your Company Name and FEIN or TIN information.
- Enter your company’s website formatted as https://www.domain.com.
You should be all set! The bank account will display as a deposit-only business account, and you’ll be paid directly for any invoices you submit for payment.
How to delete a deposit-only bank account
To delete a deposit-only bank account, do the following:
- Navigate to Settings > Account > Payments > Bank Accounts
- Click the Delete next to the bank account you want to remove
FAQ
What happens if my bank requires an additional security check before adding it to a third-party?
If your bank account has 2FA enabled or another security step, you should be prompted to complete this when adding the account. If not, and you encounter an error, you can always select the option to “Connect Manually”. Either way, please double check that you are entering the correct bank account details to ensure successful payments.
What if I also want to pay employees with my business bank account?
If you’ve added a business deposit-only account and also wish to also pay employees, vendors, or utilize the Expensify Card with this bank account, select “Verify” on the listed bank account. This will take you through the additional verification steps to use this account to issue payments.
I connected my deposit-only bank account – Why haven’t I received my reimbursement?
There are a few reasons a reimbursement may be unsuccessful. The first step is to review the estimated deposit date on the report. If it’s after that date and you still haven’t seen the funds, it could have been unsuccessful because: - The incorrect account was added. If you believe you may have entered the wrong account, please reach out to Concierge and provide the Report ID for the missing reimbursement. - Your account wasn’t set up for Direct Deposit/ACH. You may want to contact your bank to confirm.
If you aren’t sure, please reach out to Concierge and we can assist!
