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This article explains the bank account connection for Capital service. If you need to connect a bank account for any other reason (sending or receiving payments, etc.), please see How to connect your bank account instantly or How to verify your bank account with micro-deposits in Melio.
Connect your bank account through Plaid so our partner Bizcap can review your application, and so your draws and weekly payments can be processed.
In this article:
- Before you connect
- Connect your bank account
- What happens with this account
- Reconnect a disconnected account
- Changing your bank account
Before you connect
- You must be the Owner on the Melio account.
- You can connect a checking or savings account.
- Connecting more bank accounts can qualify your business for a higher limit.
Bank accounts you already use in Melio may need to be added again.
Connect your bank account
1 - Log in to Melio and select Capital in the left menu.
2 - Select Get my offer. This will open the Plaid connection popup window.
4- Enter your phone number or select Continue without phone number.
5- Select your bank from the list. You can scroll down or use the search bar to search for your bank.
6- Select Continue to log in to proceed.
7- Fill in your bank login credentials. This includes your username and password. Select Sign in to continue.
8- Follow the prompts to select and connect your bank account.
9- Enter your phone number to save your details within Plaid or finish without saving.
10- Your bank account is now connected.
11- Continue to the next window to proceed with your application.
What happens with this account
- Our partner Bizcap uses the account data to review your application.
- Bizcap sends your draws to your bank account and collects your weekly payments from it (30 days after the draw date). Keep enough funds available on payment days.
Reconnect a disconnected account
If your bank connection stops working, your Capital dashboard shows an error, and your available financing may not be up to date. You must reconnect before you can draw funds.
You can only reconnect the bank account you already connected. You can't add a new account at this stage.
Changing your bank account
You can't change your connected bank account in Melio.