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 does Fyle need my 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.
Why is Fyle asking for personal details during business verification?
We wish we didn't have to.
But ACH support on Fyle is offered in partnership with a US-based financial institution, that is subject to US federal laws. Specifically, the USA Patriot Act of 2001 requires all financial institutions to obtain, verify, and record information that identies each person that opens an account with them. This includes the personal information of any beneficial owner of your business, including at least one controller. The verification takes a few days, and this data is never used again after that.
Seriously, we'd get rid of it in a heartbeat if we could. But our present ACH integration requires this as a verification step before any transfer of funds can be made through the US monetary system. Fyle itself does not store any of the data you enter as part of the ACH business verification form.
What personal data is needed?
In addition to your business details, you are required to enter personal information like full name, date of birth, social security number, and in some cases a form of photo identification. This applies to any beneficial owner of your business, including at least one controller.
What does my personal information get used for?
Fyle communicates this information to our partner financial institution for verification of your details. In addition to this, the institution may share your information in some more ways as detailed here, as required by law.
Does my personal information get sold?
No. Neither Fyle nor our partner financial institution sells your personal information.
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 does Fyle support ACH for?
We support both Savings and Checking accounts among major US banks.
How can I send funds 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.
Where can I find details of a transfer made to an employee's account?
Every transfer made from Fyle generates two distinct bank reference values. You can find both of these by clicking on any Completed payment in the Payments section on your Fyle dashboard.
Bank Reference: This is the reference value that appears on your company's own bank statement for the outgoing transfer.
Employee Bank Reference: This is the reference value that appears on the employee's bank statement for the incoming transfer. This value is also visible to employees on their own Fyle dashboard.
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?
You can see the payment status of ACH payments under the Status column. If a payment fails, you will see an appropriate reason like below.
Depending on the reason for the payment failure, you can take a few actions. Here are some of the errors and how you can rectify them:
ACH payment failed due to insufficient funds in your company bank account: This failure happens when there aren't enough funds in your company's bank account to pay out your employees. Please add enough funds to your bank account and retry the payment.
Employee's bank account is closed. Kindly ask them to re-add an active bank account in their Settings: This failure happens when the employee does not have an active bank account. Ensure they've added details of an active bank account in their settings. Retry the payment after that.
Employee's bank account details are invalid. Kindly ask them to add a valid bank account in their Settings: This failure happens when the employee has added invalid account details. Ask the employee to add valid account details in their settings. Retry the payment after that.
Account number provided by the employee is invalid. Kindly ask them to add the correct account number in their Settings: This failure happens when the account number provided by the employee is incorrect. Ask them to add the correct account number in their settings. Retry the payment after that.
If you see any other reason than the ones mentioned above, please reach out to [email protected] and we'll be more than happy to help you.
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.