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 validations@wagepoint.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 manual verification.
- Sign the manual verification form (English or French) and send it to your bank. Your bank will then reach out to Wagepoint.
- 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.
Note: For an existing account in good standing, your account will be approved after you enter the micro-deposit amount. New clients must follow the steps above to complete the micro-deposit and manual verification.