How do I add a new bank account and what should I do if it is declined?

Not sure how to correctly add a new bank account where we should send you the rent, or how to deal with a rejected one? Here we explain it all!

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• What does this mean for you?
• Add a new bank account
• Was your bank account declined?
• Request to re-approve your bank account

In order to pay out money earned from renting your offer(s), it is necessary to add your bank account in the My Rentals web version. At Flatio, you have the possibility to add numerous bank accounts, which is especially advantageous for landlords/managers of multiple properties who need to distribute the money earned in different directions. However, as we are forced to respect the Anti-Money Laundering laws through force majeure, we also need to verify the holder of each inserted bank account.

What does this mean for you?

That in addition to the bank account number and the currency in which the account is maintained, you must also provide a document for the bank account holder's verification account together with a copy of your identity card, ie. ID/driver's license/passport (you do not upload an identity card in the case of a company bank account). Our finance department then manually goes through the filled data and uploaded documents, and approves or declines bank accounts within 24 hours (however, on weekends/holidays, you may have to wait longer, so please be patient).

The document for the bank account holder's verification must contain the name of the account holder and the bank account number. The following documents may be used for this purpose:

• a copy of the contract concluded with the banking institution from the moment of creating the bank account,
• an unedited screenshot from internet banking, on which the required data will be.

The name of the account holder must match the data on the uploaded copy of the identity card and entered in the My Rentals web version. Therefore, if you need to transfer rentals to the account of a specific person/company, you need to provide documents of this person.

Add a new bank account

You simply add a bank account from the My Rentals web version, but we recommend that you pay close attention to all instructions and texts contained in this wizard:

1. Log in to the My Rentals web version and click on your name in the top right corner
2. Go to the Bank accounts under the My Profile section.
3. Click on the Add a bank account button to show the guide for adding a new bank account.
4. In its first step choose offers from which the rentals should be sent to that account:
   • from all my properties - the bank account will become the default for all rental payments you receive via Flatio,
   • only from selected properties -  the bank account will only receive rental payments from those offers that you choose - all others that are not connected with a specific bank account will be sent to the default bank account (read more about rent routing).
5. In the second step of the wizard, select the country and currency in which your account is maintained. Then enter your bank account details (prefix and account number together with the code of the bank where the account is created).
6. In the last step of the wizard, it is necessary to fill in the required data depending on the type of account (individual person or entrepreneur/company), and upload a document for the bank account holder's verification together with a copy of your identity card (if your bank account is a natural person).
7. Once you have completed the wizard, pressing the Save button will save your bank account to the My Rentals application along with a request to approve your account.
8. You will also see the "Waiting for approval" icon in the bank account details.

Was your bank account declined?

There can be several reasons for account rejection, the most common are a discrepancy between the information on the uploaded ID card and the document we require for the account holder's verification, or missing information on the document for the account holder's verification. Therefore, please make sure that the uploaded files meet the Flatio requirements. If the files do not match, upload the correct one, and ask for account verification again.

Request to re-approve your bank account

If your bank account is declined, you'll need to upload the correct documents and request for approval again. You can do everything conveniently again from the My Rentals version:

1. Log in to the My Rentals web version and click on your name in the top right corner.
2. Go to the Bank accounts under the My Profile section.
3. Pressing the Edit button at the account that was declined will bring up a wizard for adding a new account with pre-filled information.
4. Carefully check the pre-filled data in each step of the wizard and upload the correct documents in the required amount (eg. 2 photos for the ID card).
5. Once you have completed the wizard, pressing the Save button will save the corrected information to your My Rentals account and redirect you to the bank account detail.
6. Press the Apply again button in the Bank account information section to submit a new request for account approval. Confirm it.
7. In the bank account details, you will again see the "Waiting for approval" icon.