3. Funding the security deposit account

How you can deposit funds into your security deposit account.

You can deposit funds to a security deposit account either via an ACH transfer or via a direct deposit.

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Note

To be able to make purchases on a secured charge card you need to fund the security deposit account. This can be done before or after the card is issued. Until there are funds in the secured deposit account, the credit limit on the card is zero.

Funding via an ACH transfer

When funding a security deposit account through ACH, the first step is to link an external bank account. Linking an external account can be done either via Bond's SDK or via Bond's APIs directly.

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Underwriting via external bank accounts

After linking the account, you can use the Get external account history endpoint to view recent transactions on the external account. This information can also be used to make an underwriting assessment as to whether or not you would like to offer your user a card.

Funding a security deposit account through ACH can be done through the Create transfer endpoint. Note that to initiate an ACH transfer, an external account must be linked to the customer. After an external account has been linked, there is a linked_account_id that identifies the linked account. For our purposes, we'll assume that the linked_account_id is f64eadeb-5398-46f7-b1a1-9a0a709039a9.

An example of an ACH transfer request for Eline is shown below.

curl --request POST \
     --url https://api.bond.tech/api/v0.1/transfers \
     --header 'Accept: application/json' \
     --header 'Authorization: YOUR-AUTHORIZATION' \
     --header 'Content-Type: application/json' \
     --header 'Identity: YOUR-IDENTITY' \
     --data '
{
     "ach": {
          "class_code": "WEB",
          "same_day": false
     },
     "origination_account_id": "f64eadeb-5398-46f7-b1a1-9a0a709039a9",
     "destination_account_id": "173121d8-f05e-4bb6-b280-b5b761d2214f",
     "amount": 25000,
     "description": "eline funding"
}
'

Note that we supplied the linked_account_id as the origination_account_id and the security_deposit_account_id as the destination_account_id because we want the funds to flow from the linked account to the security deposit account.

An example of a successful response is shown below.

{
  "date_created": "2022-05-16T17:14:09.686688",
  "date_updated": "2022-05-16T17:14:09.686688",
  "date_settled": null,
  "transfer_id": "4ead6cdc-77eb-45fa-9959-3f166385a60a",
  "transaction_id": "0fec1e58-b197-4052-99cf-2218496c5482",
  "origination_account_id": "f64eadeb-5398-46f7-b1a1-9a0a709039a9",
  "destination_account_id": "173121d8-f05e-4bb6-b280-b5b761d2214f",
  "description": "eline funding",
  "amount": "25000",
  "ach": {
    "ach_class_code": "WEB",
    "same_day": false,
    "ach_return_code": "R73",
    "failure_reason": null
  }
}

Note that ACH timelines typically include time both for transactions to be processed and to be considered settled before the funds are made available.

For more information, see ACH transfers.

Funding via a direct deposit

Information on the security deposit account can be retrieved using the Get account endpoint.

An example of such a request for Eline is shown below.

curl --request GET \
     --url https://api.bond.tech/api/v0.1/accounts/173121d8-f05e-4bb6-b280-b5b761d2214f \
     --header 'Accept: application/json' \
     --header 'Authorization: YOUR-AUTHORIZATION' \
     --header 'Identity: YOUR-IDENTITY'

An example of a successful response to a security deposit account information request is shown below.

{
  "account_id": "173121d8-f05e-4bb6-b280-b5b761d2214f",
  "date_updated": "2022-05-16T19:39:34Z",
  "date_created": "2022-05-16T19:39:34Z",
  "program_id": "YOUR-PROGRAM-ID",
  "customer_id": "3a43b612-825c-48d4-b025-47083ab10755",
  "type": "security_deposit",
  "status": "active",
  "description": "string",
  "routing_number": 547897762,
  "account_number": 574771265,
  "balance": {
    "current_balance": 25600,
    "ledger_balance": 21300,
    "currency": "USD"
  },
  "security_deposit": {
    "credit_account": "e913d434-bda9-494e-b6df-adf46a52c1cc"
  }
}

We use the routing_number value 547897762 and account_number value 574771265 to receive ACH transfers originated from other financial institutions, such as from payroll via direct deposit.

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Sandbox limitations

Note that in the sandbox, the routing_number and account_number values are not real and will not be accessible via direct deposit.

Note again that ACH timelines typically include time both for transactions to be processed and to be considered settled before the funds are made available.

For more information, see ACH transfers.


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