Link Your Bank Account

How to Link Your Bank Account

Lendio's Software Solution can do many accounting tasks for you without being linked to your bank account, the true utility comes when you do make the connection. This enables an automated bookkeeping ledger that stays in sync with your bank account, allowing you to automate many tasks, and create more easily create reports such as a Profit & Loss Statement.

What Are the Benefits of Linking My Bank Account?

While you can create invoices and manually enter revenue and expenses, you can do much more after linking your business bank account. These features include:


  • Reconciling your feed to your bank feed

  • Automatically matching issued and paid invoices

  • Automatically tracking income and expenses

  • Creating cash flow projections

  • Generating business reports such as a Profit & Loss Statement

Overview

The best way to track your transactions and reconcile your account is to link your bank account. After that, machine learning does a lot of the heavy lifting so you have more time to focus on your business. 

  • Our integration with Finicity allows you to connect with multiple financial institutions and pull bank data directly into your account. Finicity is AES-256 bit encrypted, which is the highest in the industry. 

    • If you’d like to learn more about Finicity security and privacy, click here.


Lendio is committed to protecting your privacy and our systems, policies and procedures undergo regular security audits.

Step 1: Access the Bank Accounts tab in the left-hand navigation

Once you log into your account, click on Bank Accounts in the left-hand navigation menu. This will bring up a screen that prompts you to Add New Account. You can link as many bank accounts as you need to your software.



This will bring you to the Account Overview Page:


Some quick notes on the Account Overview page (also sometimes referred to as the Bank Accounts homepage)

  1. Bank Accounts: standard financial accounts have are available by default for your convenience.

  2. Add New Account: clicking here will add a new account if you have used all the standard accounts made available to you.

  3. More: click the drop down to select Show Archived which will display any accounts you have archived. These of course will not be present to first-time users



Once you click Add New Account, the next screen will ask you to enter basic information:


Note: Each bank is slightly different in how they ask confirmation, but they're all similar. For this article, we'll show you a Wells Fargo example. Also, if you get stuck, here's a quick video demonstrating where to click:


Step 1: From the Account Overview Page, select the type of account you wish to connect
Step 2: Select Link My Bank Account button in the upper left corner.

In this example, we selected "Business Savings"


Step 3: Select your bank and share using Finicity

  1. Select your Bank

  1. Click Next to share

You can use the search bar to find your bank, if not initially listed.

This authorizes your bank to share transactions using Finicity.



How this looks:


Step 4: Enter your online banking login information and complete verification


  1. Enter your login information

  1. Additional verification may be required

Important: Do not copy and paste in these fields. One note, this may take a moment to authenticate

You may need to answer some security questions or input a code provided by your bank for authentication.  


Note: Again, here's our Wells Fargo example, your particular bank will have its own verification, often a simple confirmation page.




Step 5: Select and submit

  1. Select the account you wish to connect

  1. Review and submit

If you have multiple accounts at a particular bank, you may be asked to select which account you'd like to link (see image below). You can select multiple accounts or a single account.

After submitting, you will be taken back into Lendio to activate the accounts


Selecting Multiple Accounts:


Congratulations, you've successfully linked the account. Now, you'll have to activate it, which only takes a moment to do.

Step 3: Activate

Step 1: Select account(s) to that you connected in your Lendio account

  • Select the same bank accounts to connect that are now available from Step 2

  • Click Continue


Continuing with the 2 accounts we linked from Wells Fargo

Step 2: Activate Bank Connection

  • Bank name: if this is a new account, you can create a unique name for the account here

  • Start date: enter a start date for the system to begin importing transactions (ex. MM/DD/YYYY)


Click Activate now when completed



Step 1: Return to the Bank Accounts homepage in the left hand navigation

Step 2: Select the account you want to view



From this selected bank view, you can: 

  • Check status of your bank link:  This lets you know which account is linked and if it is operating.  A red message will tell you to reconnect your account.

  • See the account balance: The account balance is the balance Finicity pulls from your financial account. Running balance is the balance in your account based on matched transactions.


Note: Depending on how many transactions you have and how far back you pulled them, it may take up to 24 hours before transactions are imported. Be patient and let the magic happen! 


Need more help? If you have trouble with this process, send our customer experience team a message by clicking Help on the Navigation Menu or email support@sunriseapp.com.


Other FAQ's:

In short, absolutely yes. Let’s examine all the ways Lendio keeps your bank data safe.


Vetted by Banks

Lendio has been vetted by major banks including Bank of America, Chase, Wells Fargo, Fidelity, SunTrust, Capital One, USAA, American Express, and more. Lendio currently integrates with over 10,000 financial institutions.


End-to-End Encryption

Whenever your data is transmitted, it is protected end-to-end with SSL/TLS (TLS1.2, soon to be TLS1.3) encryption. Data is stored at rest using AES256 encryption. Lendio uses Finicity (owned by Mastercard) to link to financial institutions, which is SOC2, Type 2 certified, and maintains a PCI Level 1 RoC/AoC. You can read more about Finicity’s industry-leading security measures here.


Read-Only Access

Lendio has read-only access to your bank information. Bottom line: Lendio cannot alter anything in your bank account.


Automatic Unlinking

As a security measure, every 30−90 days (depending on your financial institution), your bank will unlink with Lendio, prompting you to manually relink at that time. Meaning that even if you forget about it, Lendio will not store your data.


For more questions about data security, you can contact Finicity’s customer support.





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