All deposits and withdrawals refer to cash transfers into or out of your investment account. While these typically process smoothly, there are a few common reasons a deposit or withdrawal may fail. Below are the most frequent issues and how to resolve them.
Common Reasons for a Failed Transfer
Bank Connection Issue (ACH Error)
Most often, clients have not connected their bank account via Plaid, or have done so incorrectly.
To solve this:
Have your client log into app.zoefin.com
Click into their account
Click "Info"
From there, they will see "ACH Relationship"
There will be a status for this relationship
It should read "Status: approved"
If so, the account is connected and this is not the issue
If not, visit the article "How to clients add an ACH relationship" to guide them through the connection process
Reach out to [email protected] with any assistance in microdeposit verification
Insufficient Funds
Withdrawals and deposits will be rejected if the delivering or receiving account does not have sufficient funds.
To solve this:
The Zoe team will receive a notification that the client tried to over-withdrawal, and reach out to correct this error
If a withdrawal requires liquidation, the Zoe team will sell assets within the account to create the cash for this withdrawal
Pending Approval on Dashboard
For deposits/withdrawals initiated on behalf of the client by their advisor, or the Zoe team, clients will receive an email to approve this cash transfer
The Zoe team is able to resend this email, or generate a link to send, if the client does not have it available
Once approved, the transfer will be initiated.