Do I need to open multiple bank accounts with my current bank?
No, you can keep your existing bank account. Clearing partners with Evolve Bank & Trust to let you open virtual bank accounts.
Can I collect funds through Clearing?
Within Clearing, you can maintain a main balance of funds for each business that you own. This balance is stored with our banking partner Evolve Bank & Trust, Member FDIC and is insured up to $250,000. You can provide the account number to any third party to send funds to you. Funds will flow directly into your main balance. Clearing is a Financial Technology Company and not a bank. Deposit Accounts are issued by Evolve Bank & Trust, Member FDIC.
Do I need to change my current bank?
Absolutely not. You can keep your existing bank account(s).
Can I set aside a portion of the main balance for future use?
Yes, you can create sub-ledgers to set aside a portion of the funds from your main balance. You can always add & remove funds from a sub-ledger. Coming soon: rules to automatically populate sub-ledgers.
How can I fund the main balance?
There are 2 ways to funds the main balance:1. You can send funds from your current bank account to your main balance account number via ACH. (bank to bank transfer)2. You can link your existing bank account in Clearing and initiate a transfer in Clearing from this account to your main balance.
How many balances can I have?
You will have a main balance for each business (i.e. legal entity) that you manage in Clearing.
What is a main balance?
Within Clearing, you can maintain a main balance of funds for each business that you own. This balance is stored with our banking partner Evolve Bank & Trust, Member FDIC and is insured up to $250,000. You can receive funds into this balance or use it to make payments to external bank accounts.Clearing is a Financial Technology Company and not a bank. Deposit Accounts are issued by Evolve Bank & Trust, Member FDIC.
How can I use Clearing to collect funds?
Within Clearing, you can maintain a main balance of funds for each business that you own. This balance is stored with our banking partner Evolve Bank & Trust, Member FDIC and is insured up to $250,000. You can provide the account number to any third party to send funds to you. Funds will flow directly into your main balance.Clearing is a Financial Technology Company and not a bank. Deposit Accounts are issued by Evolve Bank & Trust, Member FDIC.
Are my funds insured?
Within Clearing, you can maintain a main balance of funds for each business that you own. This balance is stored with our banking partner Evolve Bank & Trust, Member FDIC and is insured up to $250,000.
Where are my funds stored with Clearing?
Clearing is a Financial Technology Company and not a bank. Deposit Accounts are issued by Evolve Bank & Trust, Member FDIC.
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