🎥 Online Payments: How to Connect a Bank Account
Online Payments: How to Connect a Bank Account
Linking Your Bank Account
Before you can make payments to your loan account, you’ll need to link your Bank account. We use a service called Plaid to securely connect your bank with your Online Payment portal.
We have two methods to link your bank:
- Logging in with your banking credentials (Instant Verification)
- Manually connecting your bank with a trial deposit (Manual Verification)
You can connect as many accounts as you need, but only one at a time. If you would like to connect multiple accounts, repeat the necessary steps for each.
- Log in to your Online Client Portal (the myloanpanel.com URL found on your billing statement or supplied by your lender) and click on the "Bank Accounts" tab in the main menu.
If this is your first time, read and accept the terms of service and privacy policies.
- Click "Add Bank Account" and when the pop up displays, click “Continue”.
- On the next screen, you are presented with two options: Instant or Manual
Method One: Instant Verification
The quickest way to add your accounts is through Instant Verification. Most people can use this method to connect their bank account(s) using just the credentials they have established with their bank! Currently, Plaid can instantly verify accounts at over 6,000 financial institutions.
- Choose "Instant"
- Find your bank in the list. The most popular banks are displayed on top. If yours is not listed, use the search bar to locate.
Note: If your bank can't be found by searching, click “Link with Account Numbers” and follow the instructions listed in the Manual Verification section below.
- Once you have selected your bank, you will be asked to login with the credentials you have established with your online bank. This process may vary from bank to bank but many can authenticate your request with just your login credentials! Others may require some additional information such as your routing and account numbers.
- With a successful login, the next screen will display a list of your active accounts with this bank. Select the account you would like to link and click “Continue”.
- For some banks, you’re all set!
If your bank does not support instant verification, you will need to provide additional information to confirm your identity. For these banks, you will be asked to provide your routing and account numbers which can be found on your bank statement and/or your checkbook. If these are unknown, you will need to reach out to your bank to provide.
Method Two: Manual Verification
Note: If you attempt to link a bank that does not support Instant Verification, you will be automatically prompted to follow this Manual process.
If you do not want to sign in with your banking credentials, we have a second option that uses only your bank’s routing and account number - both can be found on your checkbook or bank statement.
Plaid will send over one or two micro-deposits not exceeding $0.99. These will appear as deposits in your bank account - some arrive on the same-day, others can take up to two business days.
On the account link screen, choose Manual. Over the next couple screens, you will provide information about your account:
- Enter your routing number
- Enter your account number twice.
- Select whether this is a personal or business account.
- Enter your full first and last name as it appears on the bank account.
- Choose your account type: Checking or Savings?
On the final screen, you will be prompted to authorize Plaid to make a deposit of $0.01 into your account. After authorizing, the screen should display a time estimate - some deposits arrive same day, others can take up to two business days.
When you receive the trial deposit, it will contain a 3 letter code in the transaction detail. Note the code before signing into your portal to verify your account.
If you cannot locate your verification code, please ask your bank for assistance.
Micro-Deposit Verification for the Manual Process:
After the micro-deposits arrive in your bank account, you’ll need to come back to the Online Portal to finish verification.
- Log into your Payment Portal
- Click “Bank Accounts” and find the account previously set up. Click "Verify".
- On the next screen, you will be prompted to enter the 3 character code from your bank account transaction.
- When entered correctly, a confirmation message will appear showing that your account was successfully linked.
You will now see your bank account listed as Verified.
How to Make a payment
Once you have verified a bank account, you can now make payments. Initially, payments are limited to $5,000. To make a payment above this amount, please follow our How To Make Payments Over $5,000 help article to verify.
See our How to Submit an Online Payment Help Article for detailed instructions.
Updated 07/03/2023 -sd