When setting up a bank account in your employer portal to draft your plan’s contributions, it is important to make sure payroll can be properly processed.
Vestwell, or one of its service providers, will commonly send a test deposit to the bank to make sure it is accessible. However, for Vestwell to have appropriate access, it is essential that you reach out to your bank and request the following Payee Name and 10 digit ID item to be whitelisted:
Matrix/LT Trust - ACH Authorized Code: 9753182674.
The ACH Whitelist allows rules to be set up for ACH debits . When the system looks at the ACH items that have been posted to your account, it will match those items against the Whitelist. If the posted items meet the Whitelist criteria, no ACH exception will be created and your contributions will be processed on time. If the Whitelist criteria is not met, a contribution submission may be delayed or rejected for processing.
Known financial institutions that require this action:
- Bank of America
Please note: If your financial institution is not mentioned above, it does not mean whitelisting is not required. Please check with your financial institution for further details.