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Adding a Bank Account

You can add a business bank account to your PEX account in order to transfer money between the two accounts.

After adding the bank information, you will need to verify access to the new bank account, either by using Instant Account Verification, or by using Minideposit Verification.

How to Add a Bank Account Using Instant Account Verification:

  1. Log into the Administrator Site
  2. Click the "Transfers" tab
  3. Click "Manage external accounts"
  4. Under “Manage Accounts,” click the green button “Add an External Account”

    Add_Bank_Account_2.png

    Click “Add an External Account”

  5. On the next screen, download the ACH Authorization form by clicking the green button "Download Form"
  6. Write the name of the business on the Depositor Name as shown on Bank Records line, and PEX account
  7. Attach a blank VOIDED Check to the form
    • If you cannot attach a VOIDED Check, then complete the "Bank Reference Authorization Verification" section at the bottom
  8. Have the form signed and dated by the person whose signature is on record at your bank (no electronic signatures allowed)
  9. Upload the completed form

    Add_Bank_Account_4.png

    Download the ACH Authorization Form. Upload completed form.

  10. Click "Agree and Continue" to agree to the Online Validation Terms
  11. Choose your bank from the list of available banks. 
    • PEX supports bank account authentication for thousands of financial institutions, including many of the top banks in the U.S. (Chase, Citibank, Wells Fargo, US Bank, Bank of America, and more), your bank may not be listed.
    • In this case, you will need to use Minideposit Verification
  12. Enter your online banking credentials (e.g., username and password)
  13. Click "Continue"
  14. You should see your newly added bank account in the list of External Bank Accounts

 

Note:

Occasionally, we are unable to verify your newly added account instantly. If that is the case, your account will show as "pending" and should be activated within 24 hours.

How to Add a Bank Account using Minideposit Verification:

  1. Log into the Administrator Site
  2. Click the "Transfers" tab
  3. Click "Manage External Accounts"
  4. Under “Manage Accounts,” click the green button “Add an External Account”
  5. On the next screen, download the ACH Authorization form by clicking the green button titled "Download Form"
  6. Write the name of the business on the Depositor Name as shown on Bank Records line, and PEX account
  7. Attach a blank VOIDED Check to the form
    • If you are unable to attach a VOIDED Check, complete the "Bank Reference Authorization Verification" section at the bottom
  8. Have the form signed and dated by the person whose signature is on record at your bank (no electronic signatures allowed)
  9. Upload the completed form
  10. PEX will email you a confirmation of set up and/or update within 24 hours
  11. PEX will make two small deposits to your bank account in the next 2 to 3 business days.
    • Check your bank account for these deposits.
  12. Return to the "Transfers" tab and enter the values of the two microdeposits
  13. Click "Submit"
  14. You should now see your newly added bank account in the list of External Bank Accounts

Once you have set up your newly added bank account, you can initiate transfers from that account via the Administrator website and also via the PEX Mobile App (for iOS or Android).

You can make a one-time transfer of funds, or you can set up recurring transfers.

Please see "How to Fund From Admin Site"

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