How do I link my organization's bank account?

Linking your chapter's external bank account to LegFi will allow your organization to send money between Treasury Accounts and your bank account, enable member payments to be deposited into your bank account, and verify your bank account for payments in LegFi. Follow the steps below to get started.

 

The bank account being added must belong to the same EIN as that of your LegFi account's merchant. If you are unsure what EIN is linked to your LegFi account, you can check this under the tab shown in Step 1. If the EIN does not match, and you would like to know your options refer to this article.

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Step 1: Add/Confirm Your Organizations Information

Make sure to add all the necessary information and confirm its accuracy before adding an external bank account:

• Address

• Email

• EIN

• Name

• URL/Website

 

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Step 2: Click the Add External Bank Account Button

1. Click the Financial Accounts tab
2. Scroll down to External Bank Accounts 
3. Click the “Add External Bank Account” button

 

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Step 3: Add Your Bank Details

When you click "Add External Bank Account," a pop up should open asking you to “Select your Bank“. This bank search feature is apart of Plaid. Plaid is a service that allows you  to add and verify your banking information quickly and securely. 

Adding a bank though Plaid

• If you select a Plaid supported bank account, a pop up will open instructing you to log into your bank. 

• Note: Adding through Plaid automatically “Links“ the account, which means daily, transactions from that bank are imported into LegFi

Adding a bank manually

• If you select a bank Plaid doesn’t support or if you just choose to manually enter your organization's routing and account number, a pop asking for your routing and account number will appear.

 

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Step 4: Check Results

If everything went well you should see the newly added account listed on under External Accounts. The account should have the “Payment Method” and “Deposit“ tag under the account’s name.
The “Linked” tag will also appear if you added the account through Plaid.

 

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Step 5: Verify Your Bank for Payments

Banks are usually instantly verified for payments as soon as they are added in LegFi.

• Adding a bank through Plaid instantly verifies account ownership

• Adding a bank manually (which uses Stripe verification) can result in instant verification as well since Stripe supports instant verification for most popular banks. However, if you manually enter a bank that doesn’t support Stripe’s instant verification, you will have to verify your bank using microdeposits which can take a few days.

Microdeposits

When verifying through microdeposits, Stripe automatically sends two small deposits to your organization's bank account, and the deposits will take 1-2 business days to appear on your online statement. The statement will have a description that includes "ACCTVERIFY".

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Step 6: Verify Your Bank for Deposits

Click the “Verify for Deposits” link, and Stripe will open to a page where you will have to fill out a form provided by Stripe.