Faster deposits

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What are we solving for?

We heard:

We get deposits each week, but the time from transaction to deposit can take a little too long. I want to speed that up so that we can get funds to their programs right away.

How do we solve this?

We've upgraded direct deposits! Now, funds will arrive in half the time it previously took. In the past, it could take up to 20 days for funds to settle and arrive in your account. Now, from transaction to deposit, your funds will arrive in less than two weeks. Remember, part of that time is intentional to simplify the accounting process. Rather than making deposits every day, funds are aggregated each week, batched, and then deposited all at once. As always, your deposit will arrive with a notification, and a corresponding payout report so you know where those funds need to be routed.

If you're already receiving deposits from SuccessFund, you'll need to migrate to this faster process. You can do that under the Bank Accounts tab found under Administration in your left side menu. Because we do not store your bank information, you'll need to reconnect your direct deposit accounts under the new process. Once done, your funds will arrive twice as fast as before!

What does it look like?

Here's an example of a payout email you might see:

These emails will come each week with each new deposit.

And here's how you change your notification settings:

Navigate to My Info and then check or uncheck the box regarding payout notifications. If you don't see this option, it means you don't have permissions to view deposit details.

Now finance secretaries will be notified with each new deposit so they can be reminded to receipt those deposits into your financial system. We love helping our financial secretaries - they already have so much on their plates!

Photo by Mathew Schwartz on Unsplash