LoanStreet requires you have at least one bank account registered with LoanStreet prior to purchasing or publishing any loan. LoanStreet also allows you to have a different account linked to any particular loan so that you can manage which accounts receive or distribute funds associated with that loan.
To register and verify a bank account with LoanStreet, navigate to Account -> Bank Accounts.
In the upper right hand corner, you can select “Add New Bank Account,” where you will be prompted to provide an account name, type, routing number and account number and whether you would like to set up an automated reverse wire agreement for that account with LoanStreet.
Before you can use a new account, it must be verified. LoanStreet will make deposits into your account at which time you can return to LoanStreet and the Bank Accounts page and select “Verify” next to the account. Enter in the amounts deposited by LoanStreet and, if properly entered, the account will be verified.
To establish a reverse wire agreement, at any time, you can click on “+” under the Automated Reverse Wires column for that bank account. Download the reverse wire agreement, deliver an executed copy to your wire facilities and upload a copy to LoanStreet. From then on LoanStreet can automate reverse wires for that account. Downloading and uploading the reverse wire agreement is easy. Simply select the down or up arrows under Automated Reverse Wires column for that account. (If your wire facilities require a different reverse wire agreement, please feel free to use their preferred form – please notify LoanStreet of the different form by sending an email to email@example.com when you upload the alternative form.)
You can revoke the reverse wire agreement at any time by returning to the Bank Accounts page and clicking the “x” under Automated Reverse Wires column for that bank account. To delete a bank account, you must first provide an alternative account for each loan that uses that bank account. Once you have provided a new bank account for each such loan, you can return to the Bank Accounts page and click the delete icon (the trash bin) to delete that bank account.
Incomplete items, such verifying an account or uploading the reverse wire agreement will be highlighted in orange.