Plaid External Transfer Overview

What is Plaid?

• Plaid allows customers to add external accounts for transferring or paying loans via instant verification instead of using micro deposits.
  1. Note- micro deposits will still be available for those that need it
  2. Note- if a customer has multiple accounts at a single institution they will need to go through the Plaid process for each account they want to link.
     1. Q2 has acknowledged this is a less than ideal customer experience and it is on their roadmap but no ETA yet

Where is Plaid Located?

• Manage External Accounts is located on the Transfers & Payments tab à Manage & Add External Accounts à Instant Verification
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• Once they select Instant Verification Plaid will open
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How do customers connect?

• Customers will search for the bank they are looking to connect and then enter their Online Banking credentials for the other institution.

• Once they enter their credentials their bank may require additional verification steps like a secure access code or a security question

1. We have no control over what additional pieces they are required to enter, it is all driven by the other institution, if they are struggling to get past that step they will most likely have to reach out to the other institution for assistance.
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• Next, they will see their accounts,  so they can confirm that they are the correct accounts & balances & select the account to link, select continue and they are done.
  1. if a customer has multiple accounts at a single institution they will need to go through the Plaid process for each account they want to link. 
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How to edit/remove the account?

• After the account is added they will see it on the Manage External Accounts screen and they can edit or remove the account from that page.

• They can also edit and remove the account under Settings à Manage Accounts

• Then if they select the account they can nickname it, hide it from financial tools or the home page and delete the account.

• If they want to remove the account they can select delete account, a warning message will pop up and if they select delete again the account will be removed

• If they delete an account they can readd it again through the same process.

How do you transfer to the account? 

• When your customer goes into the transfer screen they will now see their External account as an option in the to and from option. The would complete the transfer process just like they would an internal transfer
  1. The funds may take up to 2-3 days to process.