Add Financials: Connect Your Bank Account(s)

Here you'll learn about the Add Financials step, where you can link your bank or financial institution accounts for income verification.

After you've verified your identity and shared some of your basic information, you may be prompted to Add Financials to your rental application, which will allow you to connect to your bank, credit union, or other financial institutions for income verification.

By utilizing this tool, you will be able to easily share verified income data with the leasing team, allowing you to present a robust rental application.

In this article, we'll review how to connect to your accounts, how to disconnect, how to proceed in the event your bank is not available for direct connection, and how to solve any issues you may encounter while connecting.

How to Link Your Bank Account(s)

1. Start the Add Financials Step

• Select the 'CONNECT' button on the Add Financials screen

• This will load a pop-up from Plaid. In order to begin, agree to the Terms and Conditions

2. Search for Your Institution

• Find your bank or credit union from the list of available institutions by scrolling through the options in the pop-up window or using the search bar.

3. Log in Using Your Bank Account Credentials

• A separate pop-up window will open where you can login to your bank account. Log in with your banking credentials, just like you would to view your bank statements.

• Depending on your account's authentication settings, you may be required to enter an authentication code. Follow the steps for your specific account.
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4. Select Which Financial Accounts to Link

• Choose the specific accounts you want to link. You can select multiple accounts under the same financial institution if desired.

5. Confirm Account Connection

• Confirm the accounts you wish to connect, and review the information that will be shared with VERO.

• Select the check box to agree to the Terms and Conditions

• Select 'Connect Account Information' to finish linking your account

6. Review the connected account(s) on VERO

• After successfully linking your account(s), you will return to your VERO application screen and see them listed

• Here you can see the accounts linked, as well as your Cash Balance and Cash Available Balance prior to submitting your application.

How to Link Multiple Bank Accounts

You can link multiple bank accounts to verify your income and assets. Connecting multiple bank accounts is essential to do if you receive your direct deposit into multiple accounts, like a checking and savings account, so that your full income can be calculated, or if you receive additional income in a separate banking account.

1. Add Another Account

• Click the back arrow button to the left of the CONTINUE button to connect additional accounts.

• Follow the same steps to connect a Bank Account for the additional banking account.

• Repeat as many times as needed to capture your full income.

How to Remove a Connected Bank Account

If you’ve connected the wrong account or want to remove an account, click the trash can icon at the top right of the linked account to remove it.

What To Do If You Can't Connect or Receive an Error When Connecting

If you're having trouble or receiving an error when trying to connect to your bank account, here are some common issues and what to do about them:

"Failed to Save Accounts" Error Message

This can happen due to temporary connectivity issues with financial institutions.

• What to do: Skip this step for now and proceed with your application. Once the network is restored (typically 1-2 hours), return to the application to link your account.

  • Note: Banks like Capital One may experience extended delays. If you’re a Capital One customer, you may need to verify your income using an employer or payroll link or upload your financial documentation.

"Insufficient Sharing Permissions" Error Message

This occurs when your bank’s security settings block third-party access.

• What to do: Double-check your bank’s security preferences and make sure third-party access is enabled. Also, verify you are linking the correct account.

"Invalid Credentials" Error Message

This can happen if you've entered incorrect login credentials to your financial institution.

• What to do: Double-check you are entering the correct user name and password. You can also log in directly to your banking account to confirm that you are entering the correct credentials or change your password if needed.

I Can’t Find My Bank or Financial Institution

If your bank is not listed, you can skip this step to proceed with your application.

What to do:

• Skip the Add Financials step by selecting the 'X' in the corner of the 'Select your bank' pop-up window

• Select the purple CONTINUE button at the bottom of the screen to proceed to the next step.

I Don't Want to Connect my Bank Account(s)

If you don't want to connect your bank account, have already fully verified your income using a direct link to your Employer, Payroll, or Benefits provider, or are unable to resolve errors when connecting your bank account, you can skip the Add Financials step by following the steps below:

1. Start the Add Financials step by clicking the purple CONNECT button. This will load the bank connection pop-up.

2. Click the 'X' in the upper right corner of the Plaid pop-up window.

   1. If you cannot see the 'X' on mobile, try rotating your device or zooming out

3. Click the black "Yes, exit" button to fully close the pop-up.

   

4. Click the purple CONTINUE button once you return to the VERO application to continue to the next step of your application.

How is my verified income calculated using my connected Bank Account?

Successfully connected bank accounts provide VERO with income data that will show up under your Application's Income & Balances tab as Verified Income as a projected annual amount. This will produce a snapshot of your account at the time you make the connection. If your income has recently changed, you may need to go back and disconnect and reconnect your bank account for an updated snapshot.

Once Plaid shares recurring streams data with VERO from your connected bank account, VERO will verify the projected annual income of the stream by reviewing the pay frequencies and amounts and the most recent transactions.

The most recent transaction must fall within the frequency of payments from the date of connection (for example, if your deposits are every 2 weeks, and it has been 17 days since a transaction, it will not be able to be considered an active income stream in VERO).

The Income Amount From My Connected Bank Account Is Incorrect Or Blank

Because Plaid identifies the streams to then share with VERO, if the income amount is incorrect or missing, it may be because of one of the following:

• You receive your income deposits from your employment across different bank accounts. Be sure to link all bank accounts that your paycheck is deposited into.

• You receive your income in cash with no identifiable source on the deposits, or you receive your income deposits from a cash transfer app like CashApp or Venmo. VERO cannot currently verify cash-based income.

• You haven't received any income deposits in a recent period of time

• The name of the transaction has changed (i.e., your company's name changed), and thus, they are being identified as different streams. There is no way to override the stream grouping from Plaid at this time due to name differences.

Connecting Bank Accounts for Retired, Unemployed, Disability, or other Benefits recipients

If you are retired and receive retirement income from a 401 (k) or IRA or similar retirement or investment fund, or through regular disbursements from a disability, benefits, or other income source; directly linking the bank account(s) where you receive these deposits allows VERO to identify regular retirement income deposits into a bank account just as we would employer deposits.

Follow the steps to Link Your Bank Account in order to verify this income source.

Connecting to your financial accounts directly will also enable you to demonstrate additional non-income assets available to you, like investment or savings accounts, or the balances in your retirement accounts, as part of the income verification portion of your application. Use the search bar to search for your bank, search for retirement account providers like Empower Retirement, Vanguard, or investment account providers.