ACH Direct Deposit gives you the ability to authorize your bank to send your contribution payment directly to the sponsor. ACH setup is a one-time event. Once it is configured, you can make ACH payments for other offerings as well.
Keep in mind that:
The maximum amount for ACH direct deposits is $250,000.00
ACH currently supports U.S. Bank Accounts only
U.S. law and KYC/AML compliance requires verification of all users who are funding through electronic transactions
ACH transactions generally take 3-5 business days to complete
Some banks require verification of micro deposit amounts
You can set up ACH when you are at the funding stage of the investment process. Once all the agreements and documents are submitted, signed, and approved, you will receive an email with a link that will direct you to the funding instructions. You will also see this banner when you access the portal:
Whether you click from the email or navigate from the banner, you will arrive at the page to begin the funding process.
If you have not yet configured ACH, selecting the funding option ACH - Direct Deposit will initiate the identity verification process required by US law.
Identity Verification
Click on Verify your identity to continue.
You will be asked for your information:
First & Last name
Date of Birth
Social Security
Address
After the initial identity review (1-2 business days), you will receive an email asking for a photo id. (Contact support at the address below if you do not receive an email within two business days.) Go to the Funding Instructions screen and upload one of these documents:
Passport
State-Issued Driver’s License
U.S. government-issued photo id card
You will be notified by email once you are verified. (Contact support at the address below if you do not receive an email within three business days.) At that time you can complete the process by adding your banking details.
Add Bank Details
Click on Link bank account and you will be prompted through the validation process.
There are three methods that Plaid uses to validate your bank account.
Instant verification - Plaid will instantly validate your account using your login credentials, bank routing number, and account number.
Automated Micro-deposits (US only) - When your bank does not support instant verification, Plaid will make a micro-deposit and automatically verify the deposit within one to two business days. You provide your credentials, bank routing number, and account number.
Same Day Micro-deposits (US only) - Choose to manually validate your account by entering your account and bank routing numbers. Plaid will make two Same Day ACH mico-deposits and you will manually verify the amounts deposited.
Instant Account Verification
When you configure your ACH bank account via instant verification, you will provide
The credentials you use on your bank’s website (Personal ID and Password)
Bank routing number
Bank account number
Account type
Plaid will validate the information you provide and will instantly verify your bank account. It is now available for ACH transactions.
Automated Micro-deposit Verification
Depending upon your bank, micro-deposit validation may be required to verify the account information. After you provide the information needed for authorization:
The credentials you use on your bank’s website (Personal ID and Password)
Bank routing number
Bank account number
Account type
Plaid will make and verify a single micro-deposit within 1-2 business days.
Once completed, your bank account will show as verified and is available for ACH transactions.
Manual Same Day Micro-deposit Verification
You may also verify the account information manually via micro-deposits. Micro-deposits are two small test deposits sent from your bank account to verify that we have the correct bank account information. You will need to provide:
Bank routing number
Bank account number
Account type
Micro-deposits usually take 1-2 business days (you can see them in your bank account's transaction history). Enter these amounts on the same page used to identify the bank details to complete the ACH setup.
Once completed, your bank account will show as verified and is available for ACH transactions.
Micro Deposit Errors
You will have three attempts to input micro-deposit amounts correctly. Once you exceed the maximum attempts, a micro-deposit error message is triggered, and the ACH setup will fail. Reach out to support@groundbreaker.co or use the live chat in-app (located in the bottom right corner) if you need any assistance with the Micro Deposits verification.
Confirmation
After successful verification, the bank information is updated and you can select ACH - Direct Deposit to make the payment.
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Support Information
If you have more questions or feedback, please use the live chat in-app (located in the bottom right corner) or contact support@groundbreaker.co.