When setting up a bank account in your employer portal to draft your plan’s contributions, it is important to make sure payroll can be properly processed.
We, or one of our service providers, will commonly send a test deposit to the bank to make sure it is accessible.
Because of the ongoing custody transition, the code you should use for whitelisting will be the one below:
Matrix/Vestwell - ACH Authorized Code: 2133439945.
The ACH whitelist allows rules to be set up for ACH debits. When the system looks at the ACH items that have been posted to your account, it will match those items against the whitelist. If the posted items meet the whitelist criteria, no ACH exception will be created and your contributions will be processed on time. If the whitelist criteria are not met, a contribution submission may be delayed or rejected for processing.
Note: Checking accounts are preferred. Using a savings account may lead to issues in processing deposits which can cause ACH rejects and potential delays.
Known financial institutions that require this action:
- Chase
- Bank of America
Note: If your financial institution is not mentioned above, it does not mean whitelisting is not required. Please check with your financial institution for further details.