Providing wire info for withdrawals

## Why you need to provide wire information Before we can send your withdrawn funds to your bank account, Wefunder requires your wire transfer information. Wire transfers are the only method we use to disburse funds; ACH or other payment methods are not accepted. ## How to provide your bank information ### Connect to Plaid - Log into your Wefunder account and go to the Withdrawals page. - Open the 'Wire Info' tab and use our Plaid integration to securely connect your business bank account by logging in when prompted. ### Manual entry if Plaid isn’t supported by your bank or fails You can manually enter your banking details, which requires: - **Wire routing number:** Ensure this is the wire routing number, not the ACH routing number. - **Account number:** The full bank account number. - **Name on account:** Must exactly match your business or company name. - **Account type:** Checking or savings. ### Upload required bank statement No matter how you enter your information, you must upload a recent bank statement that verifies ownership of the business account. If your account is too new to have an account statement, please send us a signed letter on bank letterhead that confirms the company name on the bank account, the wire routing number, and the account number. ## What if your wire information can’t be saved If neither Plaid nor manual entry methods allow your wire info to save in the Wefunder app, please email a bank statement to closing@wefunder.com for manual review by our team. This review typically takes 5–7 business days. If it takes longer than this timeframe, reach out and we’ll let you know if we have any outstanding questions. ## Wire information review timeline and common delays Wire information reviews usually take 5–7 business days. Some cases may take longer if we need to verify details with you or if there is missing or mismatched information. Common reasons for delays include: - The account holder name not exactly matching your business name. - Submitting a personal account instead of a business account. If there is an issue with your wire information, you will receive a notification requesting clarification or additional documents. If you have not received any notification, your review is likely still in progress, and no action is generally needed on your part. If your wire information remains under review for much longer than 7 business days without any outreach, please inform us so we can look into next steps. ## After submission Once your wire info is saved and approved, it will be used for all future withdrawals. You can update or delete outdated information anytime via the Withdrawals page. ## Additional tips - Double-check routing numbers and account names before submission. - Reach out if you receive any error messages or have trouble saving your info. ## Requesting your disbursement 1. Go to your Withdrawals page (e.g., https://wefunder.com/your-campaign/withdrawals). 2. For your first disbursement, ensure you have met these prerequisites: - Your Form C has been filed and 21 days have passed. - You've raised your round’s minimum funding goal. - Your lead investor has funded at least $5,000 (not a related party). - Your wire information is entered and saved in the dashboard. 3. Check your "Ready" funds balance; only these funds are eligible for withdrawal. 4. Click the "Request Funds" button. If it is greyed out, check if prerequisites or ready funds balance are not met. 5. For subsequent (rolling) withdrawals, you need at least $50,000 in ready funds and at least four weeks since your last withdrawal. Funds typically arrive in your bank 1-2 business days after the wire is sent, which often occurs on Fridays. ## Summary - Use Plaid on the Withdrawals page for secure automatic account connection. - If Plaid fails, manually enter correct wire routing number, account number, account holder name (business), and account type. - Upload a recent bank statement. - If you still can’t save info, email a bank statement to closing@wefunder.com for manual review. - When eligible funds are ready and prerequisites met, request your disbursement via the Withdrawals page by clicking the "Request Funds" button.