Important Note: You cannot process payroll until your account has been verified. Please allow at least seven (7) business days before your first payroll to setup and verify your bank account.
- Navigate to the Banking > Account verification tab.
- Bank account verification in Wagepoint is a 2-step process. The first step involves validating your account via a micro-deposit and the second step involves verifying your identity and bank account details using Yodlee, an FFIEC supervised technology service provider.
- Micro-deposit – after you save your bank details, we send a small amount to your bank account. It takes a minimum of two (2) business days for the micro-deposit amount to show up in your company’s bank account. Note: if the micro-deposit is entered incorrectly an email will need to be sent to email@example.com to get this step unlocked.
- Once you have the micro-deposit amount, navigate to the Banking Account verification tab and enter the micro-deposit amount, without the dollar ($) symbol.
- Click “Complete validation.” You will now be able to proceed to the second step of verifying your account using Yodlee. Note: you will need online banking access to your company bank account for this step.
- Yodlee verification – click “Verify bank information.” This will open a new window. Note: for clients under a partner account who have completed the micro-deposit step, yodlee is skipped
- Click “Get started” to search for your bank.
- Select your banking institution from the search list and then enter your online banking credentials. Note: your online banking credentials are not saved or stored by Wagepoint.
- Yodlee will display all bank accounts associated with your login credentials. Select the bank account that matches the information you entered in Wagepoint.
- Click "Confirm" and you will be directed back to the Wagepoint Banking tab and the second step of the verification process will be updated to reflect that your account details have now been submitted to our Finance team for verification.
- Yodlee sends us the following info to help us verify your bank account: type of account (business or personal, chequing or savings), business name and address, authorized signatory & account holder names, and account balance.
- Please allow 2 - 3 business days for our Risk & Compliance department to review results of the verification checks.
- Once your account and identity has been verified, you will receive an email confirmation that the verification has been completed successfully.
Yodlee follows the leading financial industry best practices for security, privacy, risk, and compliance management.
As an FFIEC supervised Technology Service Provider, Envestnet | Yodlee follows the security and risk management standards required to engage with consumers and their financial data. They are also supervised and examined by the OCC and all major banking regulators, and have undergone nearly 200 audits by financial institutions over a recent 24 month period.