What is a Funding Account & How to Register
A Funding Account is the Tidal Money equivalent of a Trust Account. Tidal Money requires the banking information to be entered into the platform so that the banking transactions associated with Earnest Money payments or Closing disbursements can be completed.
Not every user will have access to the Funding Account. Which users have access to Funding Accounts is determined by the user permissions assigned when the user is created. This helps to ensure your information is protected and not shared outside of your trusted parties.
Below are the steps for creating a Funding Account:
- Click New
- Enter your name for the Funding Account
- Enter the name of the financial institution
- Enter the name on the account
- Enter the routing number
- Enter the account number and confirm it. If the account number does not match and error will occur
- Enter any payment instructions that a earnest money payee may need in the Secure Payment Instructions
- Click Save
Repeat the steps above for any additional Funding Accounts that need to be created.
You can also edit a Funding Account if needed in the future.
To edit a Funding Account, either click on the row or select the Edit option in the Actions column. Change the information that is needed and then save those changes. Any changes that are made will not affect any closed Property Files or paid Request for Funds.
Please note, that if the Funding Account is associated with an active payment or disbursement, you will not be able to edit that Funding Account until the banking transactions have completed.