How to set up micro-deposits?

When is it useful to enable micro-deposits?

If you're experiencing frequent issues connecting your external bank through Plaid or Finicity to transfer funds into your Rho account, our team can enable the microdeposits feature as an alternative.

To enable this feature, please email our support team at clientservice@rho.co with your request, and we will activate it.

How do I finalize the setup once the feature is enabled?

Navigate to your Organization Settings section by clicking on your business name in the upper-left corner, then navigate to External bank accounts:

Next to Linked Accounts, click "link account" and choose the micro-deposit option:

Follow the on-screen instructions to go through the flow and complete the process:

  1. Choose how you’ll link your bank account (instant or manual connection)
  2. If you choose the manual connection, you will be prompted to enter your account and routing number, account name, and account type.
  3. Authorize the deposit as the last step, and verify it later via text message.

You will receive a $0.00 deposit into your external account, which starts with a short verification code. Plaid will send the next steps via SMS to the number you previously entered.

Microdeposit verification takes 1-2 business days. Once the transaction code is copied and pasted into the account verification step for micro-deposits in your Rho Organization Settings, the connection will be activated, and the account will be successfully linked.

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Rho is a fintech company, not a bank or an FDIC-insured depository institution. Checking account and card services provided by Webster Bank N.A., member FDIC. Savings account services provided by American Deposit Management Co. and its partner banks. International and foreign currency payments services are provided by Wise US Inc. FDIC deposit insurance coverage is available only to protect you against the failure of an FDIC-insured bank that holds your deposits and subject to FDIC limitations and requirements. It does not protect you against the failure of Rho or other third party.
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Investment management and advisory services provided by RBB Treasury LLC dba Rho Treasury, an SEC-registered investment adviser and subsidiary of Rho. RBB Treasury LLC facilitates investments in securities: investments are not deposits and are not FDIC-insured. Investments are not bank guaranteed, and may lose value. Investment products involve risk, including the possible loss of the principal invested, and past performance does not future results. Registration with the SEC does not imply a certain level of skill or training. Treasury and custodial services provided through Apex Clearing Corp. ("Apex") and Interactive Brokers LLC ("Interactive"), registered broker dealers and members FINRA/SIPC. Interactive rates may vary from Apex rate shown above. For additional information about investment management and advisory services provided by Rho Treasury, please refer to Rho Treasury’s ADV-2A Wrap Fee Brochure.
             
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*This reflects the sought net yield based on 90-day Treasury Bill rates as of [DATE] and an annual fee which ranges from 0.15% for deposits of $20M or more to 0.6% (the maximum annual fee) for deposits under $2M. Individual results may vary depending on the actual investment date and investment products selected. Past performance is not a guarantee of future performance results. The yield is variable and fluctuates without prior notice. The rate shown is net of fees. The amount of Treasury Bills available at a particular yield will depend upon the sellers’ offer size; any remaining cash balance after the purchase may not earn the same yield.
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Rho is a fintech company, not a bank. Checking and card services provided by Webster Bank, N.A., member FDIC; savings account services provided by American Deposit Management Co. and its partner banks.