Can you connect a savings account for payouts?

Key Points About Bank Account Types

Both Account Types Accepted:

You can use either a checking or savings account for your payouts. It's important to keep in mind that while you can connect a savings account, most savings accounts are not enabled for direct deposits and/or debits. We recommend reaching out your bank directly to ensure the account in question matches this criteria 

Zeffy cannot change the payout designation:

Some banks require that payouts to savings accounts specifically designate that the destination account will be a savings account. Zeffy is unable to change this designation.

If your bank requires this, we recommend entering a checking account instead.

Requirements for All Bank Accounts

Your bank account must:

• Be registered under your organization's name

• Be configured to accept direct deposits

• Be enabled for debits 

• Have the correct routing number for your specific account type

Important Considerations for Savings Accounts

Before connecting a savings account:

1. Confirm with your bank that the account can handle:

   • Direct deposits (for receiving payouts)

   • Electronic debits (for processing refunds)

2. Verify you have the correct routing number for your savings account

What To Do If You Need to Change Account Types

If you need to switch between checking and savings:

1. Log into your Zeffy dashboard

2. Go to Settings > Bank Account
   

   

3. Enter the new bank account information 

4. Cross reference the information your entered with a void cheque to ensure all numbers are entered correctly.

Need Help?

If you experience any issues, you may need to provide:

• A bank statement such as a void cheque showing account and routing numbers.

• Proof that your bank account is active

• Confirmation from your bank that the account can handle both credits and debits

Remember: Each Zeffy profile can only have one connected bank account.