Setting Up With Our New Bank Partner!
Furthering Rho's mission to make finance frictionless for organizations, we are pleased to announce our new deposit account partnership with Webster Bank, N.A. Member FDIC.
For Rho customers, this new partnership provides new benefits, including more time to initiate same-day domestic wires, faster payment settlement times, and expanded client services and support functionality. To support this new partnership, all Rho clients will need to move existing Evolve Bank & Trust deposit accounts to newly created Webster Bank, N.A. deposit accounts. This means there are a few important steps you will need to take to ensure a seamless transition to your new account.
Step 1: Funding your New Account
Now that your new account has been opened, you can begin moving all of your deposits over from your existing account.
- To migrate your funds from the existing account to your new account, you can easily create an internal transfer!
- You will see that your Accounts are grouped under "Existing Accounts" (those with Evolve) and "New Accounts" (those with Webster).
- Make sure to send your internal transfer from your Existing Account to your New Account.
- You will be able to move funds for 30 days manually.
- After the 30-day mark, Rho will automatically start sweeping your funds for you until 60 days after your account creation. These funds may take one business day to appear in your new account.
- After 60-days your existing account will be closed.
- Please note that both your existing checking account and new checking account statements will populate on your monthly statement PDF document.
Step 2: Updating your Account Information
- Once your new account is opened, and your funds are transferred, you will need to contact all your vendors that send funds to, and perform ACH pulls from, your account to update them with your new account and routing number.
- You can refer to this step-by-step guide to help you download your new payment details or easily email them to your vendors right from the website!
Step 3: Ensure your payments will be sent as needed!
- Creating Payees in your New Account
- Any new Payees that are created after your new account is live must receive payments from your account with Webster only going forward. When initiating a payment, please ensure you are selecting your account in the "from" field. Please ensure your newly opened account is funded prior to initiating any outgoing payments to new payees!
- For your convenience, all existing Payees in your account will have already been duplicated in your new account. For the duration of your 60-day migration, you will be able to send funds to those Payees from either your existing or newly opened account. Upon initiating a transfer, you can choose either account in the "from" field.
- Please note that 60 days after your account goes live, your existing account with Evolve will be closed, and all outgoing payments (to either existing or new payees) must be initiated from your new account.
- Update your recurring transfers!
- A helpful tip: If you prefer, you may also keep your current account funded for 30 days at your discretion to support any of your prescheduled payments during this migration period. Once paid, you can then plan to move your funds and create any new bill payments from your new account!
- Once your new checking account is funded, be sure to cancel any existing recurring transfers that are automatically sent from your current account. You will want to create new recurring transfers that will be drawn from your new checking account balance. You can cancel recurring transfers by following these simple steps! Once your funds are migrated out of your existing account, any payments initiated from that account will fail due to insufficient funds.
- You will also want to delete and recreate any prescheduled one-time payments that are due to be sent from your existing account, this includes any bill payments that were initiated from your Accounts Payable Tab. To view and edit your scheduled payments, you can follow this easy guide!
Step 4: Ensure your Quickbooks & Netsuite Mapping Rules are Set!
- To ensure your existing account and new account’s transaction data is flowing uninterrupted to your Quickbooks or Netsuite account, a new Rho attribute called “Checking Accounts” has been added on the Integrations Page. Simply select which checking account you would like to map, and select the QBO/NS Chart Of Accounts from your list you would like to map it to!
- For convenience, you may choose to have both of your accounts flow to the same COA, or you can choose to have each account flow through a different COA to keep your data clean and separate.
- The drop-down menu clearly displays the last four digits of each account’s number to distinguish them easily.
Please note that sending printed checks, along with creating and using one-day Rho cards are temporarily unavailable features. However, these new and improved features will be offered in fall of 2022.
If you have any questions:
Rho’s Client Service Team is here to assist you every step of the way. If you have any questions, please reach out to us Monday-Friday 8am-8pmEST via email at ClientService@Rho.co, via chat on the Rho website, or via phone 855-7-GETRHO!
Banking services provided by Evolve Bank & Trust, Member FDIC, and Webster Bank N.A., Member FDIC. Cards issued by Webster Bank, N.A., Member FDIC. All Rights reserved. ©2019-2022 Under Technologies, Inc. DBA Rho Technologies. Rho is a trademark of Under Technologies, Inc. Rho is not a bank. Rho partners with FDIC-insured banks to offer banking products and services. By using Rho services, you agree to and are bound by the Rho Terms of Service.