Fyle allows organisations in the United States to pay reimbursements to their respective employees via ACH network. Dwolla helps in moving the amount from your organisation’s bank account to your employees' bank accounts.
Frequently Asked Questions (FAQ)
Why do we need your business information and why verify it?
Important information about procedures for opening a new account under the USA PATRIOT Act of 2001: To help governments fight funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an Account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask for a form of identification with your photograph or other identifying documents.
How long does the business verification process take?
Dwolla’s business verification usually takes 4-5 business days if provided with the necessary information.
How long does the will it take for the amount to be moved among bank accounts?
For any payment through ACH, the normal Automated Clearing House clearing times will apply. This means that the funds should generally be available in recipients bank account within 4 business days.
How many transactions would happen in the organization’s bank account if multiple payments are processed via ACH at the same time?
If many reimbursements are processed at the same time(say choosing payments and processing via ACH) then there will be only one transaction line in the organisation’s bank account which is the sum of all the payments.
Could ACH payment fail sometimes?
Yes, there could be cases where the ACH payment might fail. Some of it could be - Insufficient funds in the organisation’s bank account to initiate a transaction, employee’s bank account is closed temporarily or permanently due to some reasons, etc.
What type of bank accounts do we support ACH for?
We support both Savings and Checking accounts among major US banks.
How can I send through ACH to an employee?
Once the business details are verified, your organisation's Fyle administrator will be able to add the withdrawal bank account. The employee too has to provide their valid bank account details after which the respective employee can be reimbursed directly via ACH.
Why can’t I see add bank account in my profile page?
If your organisation's business details are not verified yet, you will not be able to view the section to add your bank account details on your profile page.
How can I cancel an ACH payment?
An already initiated ACH payment cannot be cancelled. Also, any action cannot be taken on an ACH payment until the payment status is either successful or failed.
What happens when the ACH payment fails?
Depending on the failure reason of the payment, we allow to retry once again. If the payment is not allowed to be re-tried, you can mark the payment as paid.
How do I remove a bank account from my Fyle account?
You may contact our support team at [email protected] with information on the account to be removed.