Add or Change Linked Bank Accounts
Purpose
Add a new bank account to a Straddle account or request a change to the existing one. These accounts are used for settlement operations such as charges, payouts, and billing.
Linked bank accounts connect an external bank account to a Straddle account so Straddle can move funds between the platform and the merchant's bank.
Note: This process applies to linked bank accounts for Straddle accounts, not customer bank accounts used to create paykeys.
Navigation
Navigate to your Account in the dashboard
Go to the Bank Accounts tab
Add a Bank Account
Use this when a merchant account needs a new bank account added for a specific purpose.
Steps
Navigate to the Bank Accounts tab.
Click Add bank account.
Enter the required bank details.
Select the purpose(s) for the account (example: charges, payouts, billing).
Submit the request.
Result
The request is routed to Compliance for review.
Compliance will approve or deny the request
Risk Analyst will reach out for addtl bank documentation to validate account if warranted
Change an Existing Bank Account
Use this when a merchant needs to replace or update the bank account on file.
Steps
Navigate to the Bank Accounts tab.
Locate the existing bank account.
Click Request change.
Enter the updated bank account details.
Submit the request.
Result
The request is routed to Compliance for review.
Compliance will approve or deny the request
Risk Analyst will reach out for addtl bank documentation to validate account if warranted
Compliance Review
All bank account additions or changes require approval. Contact compliance@straddle.com for any questions
Status | Outcome |
|---|---|
Approved | Bank account is updated on the account. |
Denied | Bank account is rejected, original account(s) remain |
Bank Account Purposes
Charges
The bank account where customer payment deposits are settled. When a customer pays a merchant through Straddle, the funds are deposited into this account.
Payouts
The bank account used when the merchant sends money out through Straddle. This account funds outbound payouts initiated by the merchant.
Billing
The bank account used for platform fees and invoicing. Straddle debits this account for applicable service fees or billing charges.