Folio Bank Link Authorization - Simple Process Explained

Stephen L Gerritz, CFP

When you log into your Folio Client  account page you will see the following screen with one item for your attention.

Please verify that all info is correct. If it is correct, click on the dot by the [I Agree] button. Then click submit.

I strongly encourage all Folio clients to do this now.  This is required by Folio to continue electronic funds deposits to your bank account when you request money.

Steve

(Click on the image below for easier viewing.)

Folio Bank Link Approval

Additional Folio Bank Link Clarification

All existing regular monthly Folio deposits to your checking account will continue just as they have in the past, no interupsions.

We will have to follow-up with re-authorization of Bank Links within a reasonable amount of time however.  The Folio Bank Link Authorization section of your Folio Client website should be available tomorrow.

I might add that this re-authorization is a one time task. Just as in the past you will call me to request money and it is deposited in your account a couple days later.

Folio Bank Link Clarification

Stephen L Gerritz, CFP

Folio Bank Link Clarification -

Folio now tells me that the Folio site online Bank Link authorization will not be available until some time on Wednesday.  I will make a new post when it is available.

I will guide you through the process.

Because of all this RMDs will be delayed just a bit.

Steve

Important Notice : Folio has changed their Bank Link Policy.

Stephen L Gerritz, CFP

Folio has changed their Bank Link Policy. Folio posted the following recently:

"New Bank Link Verification Policies Take Effect October 24, 2015.  The security of our customer accounts is very important. To help safeguard accounts, we are making changes, effective Saturday, October 24, 2015.

All bank links now require owner approval.  Existing bank links without a scheduled transfer will be deactivated until owner approval is received. To provide owner approval, you may submit an EFT Authorization Form signed by your client, or your client can log into Folioclient.com and authorize the bank link. 

All new bank links must be approved by account owners before they can be used for money transfers.

In addition, new EFT bank links will now require micro-deposit validation, in which two small test deposits will be made to the linked bank account, and then withdrawn. Either you or your client must then enter those amounts on the Folio site before you will be able to use the bank link to transfer money.

Note: Existing bank links with scheduled withdrawals will remain active but must be authorized by the client as soon as possible."

We must comply with this notice before we request 2015 RMDs. 
 
You can log into Folioclient.com and authorize the bank link on the Folio site. This is the easiest way to handle this.

If you prefer, I will email forms that will require signatures of those listed on your bank checking account. When you receive the forms please print them out and sign them. You will also have to attach a voided check from your bank.

If you have that ability to scan the signed forms and voided check go ahead and email them to me. My email address is stephen.gerritz@gerritz.com. If not, you will have to regular mail them to me at 2401 Meadow Creek Drive  Medford, OR 97504.

Steve