New Features & Updates! Check out our latest changelog for all the details.
Feature Release
April 22, 2024

Use Direct Debit to easily fund your Finofo accounts

"How do I add funds to my account?" This is a common question for users while initially setting up their Finofo CAD and USD accounts.

At the moment there are multiple options to fund your Finofo accounts-

With all the above funding options, banks always charge an additional fee for transfers. This can vary from $2 for EFT and ACH to up to $10 for Fedwire irrespective of the volume.

We're thrilled to add another option to fund your Finofo accounts - 'Pre-Authorized Debit Deposits/Direct Debit Deposits' from your bank accounts.

The easiest and most convenient way to add funds to your Finofo accounts is by using the PAD/DD Deposits, which eliminates unnecessary bank transfer fees.

With this feature, users can link their USD accounts in the US and CAD bank accounts in Canada with Finofo. Once the connection is established, you can easily fund your Finofo accounts directly from the Finofo platform without constantly switching between outdated banking portals.

How do Direct Debit Deposits work with Finofo?

Link your Bank account

Enter your bank account details to connect your bank account to the Finofo platform.

Account verification

Finofo will send micro-deposits (ranging from $0.01 to $0.99) to verify the account. These deposits will appear on your bank statements within 1-3 business days.

Account confirmation and fund transfers

After you enter the deposit amounts in the final verification step on your Finofo platform, your bank account will be connected, enabling convenient funding options.

With Direct Debits you will be able to fund your CAD and USD Finofo accounts up to $20,000.00 per day.