All Wunder borrowers and recipients of funds need to go through the bank account connection and verification process in order to be able to transact with Wunder. Monthly payments on Wunder loans are drawn down automatically from the borrower's payment account that they have connected and assigned to their loan. Having a verified payment account is a required Disbursement Condition on all loans.
Connecting an Account
Often, if an organization connected to a loan (as either the borrower of receiver of funds) has not yet connected a bank account, admin-level users (note: 'members' cannot access banking information) will see a blue button prompting them to do so. Here is what happens next:
- User clicks on the blue button that says "Connect A Bank Account"
- The user fills out the form with their name, SSN, account number, etc. (note: the SSN is for user verification purposes and does not need to be associated with the person named on the account.
- If organization is a borrower, they will then go to the project page and 'choose a payment account' to assign this new account with their Wunder loan
- Wunder will make two small (less than $1) deposits into the account via ACH transaction. This can take up to 3 days.
- User will be notified via email when both deposits have been made. User will check their bank account to confirm that they have received the two deposits.
- User will click 'verify bank account' in the confirmation email and confirm the two deposit amounts.
- A confirmation email will be sent that the connection process was successful.
Adding a New Account
Multiple bank accounts can be associated with an organization. To access the bank account connect form for a second account connection, click 'Settings' on the top navigation bar, choose the organization that is tied to the loan, select 'Banking' from the lower navigation bar, and click 'Connect a Bank Account'.
Changing Payment Accounts
To change the primary payment account for all future loans, access banking information in the 'Settings' tab, locate the appropriate organization, select 'Banking' and then choose 'Make Default' for the account to be switched to.
To change the primary payment account for existing loans, an admin will have to go into the loan page in the Projects tab, choose Banking, and select "Edit Account Configuration"