Essentials

Banking Account Setup Guide

This guide walks you through connecting your external bank accounts to Topkey using our secure Plaid integration. Once connected, you can pay bills (Topkey, Vendors, or Owners), and fund Thread <> Topkey bank accounts.

Overview

Connecting your external bank accounts allows you to:

  • Enable ACH payments for bills, owner distributions, and transfers
  • Centralize financial data for comprehensive reporting and reconciliation
  • Set up autopay for credit accounts and recurring bills

Prerequisites

Before connecting your bank accounts:

  • ✅ Ensure you have online banking access with your financial institution
  • ✅ Have your online banking credentials ready (username/password)
  • ✅ Verify you have authority to connect business accounts
  • ✅ Complete Topkey account setup and banking application approval

How Bank Account Connections Work

Plaid Integration Security

Topkey uses Plaid, a trusted financial technology company, to securely connect to your bank accounts:

  • Bank-Level Security: 256-bit encryption for all data transmission
  • Read-Only Access: Plaid can only read account information, never initiate transactions
  • No Credential Storage: Your banking credentials are never stored by Topkey or Plaid
  • Regulated Partner: Plaid is regulated and audited by financial authorities
  • Major Bank Support: Works with 12,000+ financial institutions

Connection Process

  1. Secure Link Token: Topkey generates a secure, temporary token for your session
  2. Plaid Interface: A secure Plaid modal opens for credential entry
  3. Bank Authentication: You authenticate directly with your bank
  4. Account Selection: Choose which accounts to connect
  5. Token Exchange: Plaid provides a secure access token for ongoing data sync
  6. Integration Setup: Topkey configures transaction sync and payment capabilities

Step-by-Step Connection Guide

Step 1: Access External Accounts

  1. Navigate to Connections:
    • Go to Accounts > Connections
  2. Review Current Connections:
    • See any existing connected accounts
    • View connection status and health

Step 2: Connect New Bank Account

  1. Click "Connect with Plaid": This opens the secure Plaid connection interface
  2. Select Your Bank:
    • Search for your bank by name
    • Choose from popular institutions
    • Use "Continue" for smaller or regional banks
  3. Enter Banking Credentials:
    • Enter your online banking username and password
    • Complete any multi-factor authentication required by your bank
    • Note: Credentials are transmitted directly to your bank, not stored by Plaid
  4. Account Selection:
    • Review the list of available accounts
    • Select which accounts you want to connect
    • You can connect checking, savings, and credit accounts
  5. Confirm Connection:
    • Review the permissions Plaid will have
    • Confirm account selection
    • Complete the connection process

Step 3: Verify Connection

After successful connection:

  1. Account Verification Status: Check if your accounts require additional verification
  2. Institution Health: Ensure your bank connection shows as "Healthy"
  3. Account Details: Verify account names, types, and masked account numbers are correct

Account Verification Process

Automatic Verification

Most modern banks support instant verification:

  • Immediate Access: Accounts are verified instantly
  • Status: Shows as "Verified" immediately
  • Ready for Use: Can be used for payments and transfers right away

Manual Verification (Microdeposits)

Some banks require manual verification through microdeposits:

What to Expect

  1. Initial Status: Account shows "Pending Verification"
  2. Microdeposit Process: Two small deposits (typically $0.01-$0.99) are sent to your account
  3. Timeline: Deposits typically appear within 1-2 business days
  4. Confirmation Required: You'll need to confirm the deposit amounts

Completing Manual Verification

  1. Wait for Deposits: Monitor your bank account for two small deposits from "Topkey" or "Unit"
  2. Access Verification:
    • Return to Accounts > Connections
    • Find the account showing "Confirm Deposits" button
    • Click the button to start verification
  3. Enter Deposit Amounts:
    • The Plaid verification interface will open
    • Enter the exact amounts of the two deposits
    • Amounts must match exactly (including cents)
  4. Complete Verification:
    • Submit the deposit amounts
    • Account status will update to "Verified"
    • You can now use the account for payments and transfers

Transaction Synchronization

How Transaction Sync Works

  1. Automatic Sync: Transactions are automatically imported from connected accounts
  2. Real-Time Updates: New transactions typically appear within minutes
  3. Historical Data: Initial connection imports up to 24 months of transaction history
  4. Incremental Updates: Only new/modified transactions are synced going forward

Transaction Processing

Data Enhancement:

  • AI Categorization: Transactions are automatically categorized using AI
  • Merchant Information: Enhanced merchant names and details
  • Receipt Matching: Automatic association with uploaded receipts
  • Property Assignment: Smart assignment to property portfolios

Transaction Details:

  • Amount and Direction: Clearly labeled debits and credits
  • Date and Time: Precise transaction timestamps
  • Merchant Info: Enhanced merchant names and categories
  • Account Assignment: Linked to specific connected accounts

Managing Transaction Sync

Sync Controls:

  • Manual Refresh: Force sync of latest transactions
  • Sync History: View sync success/failure logs
  • Error Resolution: Address any sync errors that occur

Data Quality:

  • Duplicate Prevention: Automatic detection and prevention of duplicate transactions
  • Correction Tools: Edit transaction details when needed
  • Categorization Override: Manually adjust AI categorization when necessary

Using Connected Accounts

Bill Payments

Connected accounts can be used for:

  • Vendor ACH Payments: Pay bills directly from external accounts
  • Owner Distributions: Send payments to property owners
  • Transfer Funding: Move money between accounts

Autopay Setup

Credit Account Autopay:

  1. Set connected account as autopay source during credit account setup
  2. Choose billing cycle (daily, weekly, bi-weekly, monthly)
  3. Payments are automatically processed on due dates

Bill Autopay:

  • Set up recurring vendor payments
  • Choose payment account and schedule
  • Enable automatic approval for trusted vendors

Transfer Capabilities

Supported Transfer Types:

  • External account to Topkey deposit account
  • Topkey deposit account to external account
  • Account-to-account transfers (where supported)

Getting Help

Support Resources

Built-in Help:

  • AI Assistant: Available throughout the platform for real-time help
  • Contextual Help: Click "?" icons for feature-specific guidance
  • Tutorial Wizards: Step-by-step guidance for complex processes

Direct Support:

  • Email: support@topkey.io
  • Help Chat: "Need Help?" button available on all pages
  • Response Time: Most banking-related inquiries resolved within 2 business hours
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