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 clientsupport@zoefin.com 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
- The Zoe team will receive a notification that the client tried to over-withdrawal, and reach out to correct this error
-
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.
- 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