What is a VaultKey?
VaultKey is a term Elevault uses for account number. VaultKeys (account numbers) attach to a Vault and can be used to pay and get paid! Just like a traditional routing and account number, these can be used for transfers, direct deposit, bill pay, and much more.
š”What makes VaultKeys different?
Traditional account numbers are limited to your account and canāt be changed unless you close the account and open a new one. With VaultKeys, account numbers are unlimited and can even be attached all to the same Vault. They are easy to manage such as switching Vaults, enabling/disabling, and even naming it for organizational purposes.
Create a VaultKey (Account Number)
Open Elevault and select the ā° icon at the top right
Click Manage VaultKeys
Select +New VaultKey
Create a name of your choice for the new VaultKey to help distinguish itās use in the future
Ensure the Vault you want connected is selected. For transfers, do note this Vault is where the funds will be deposited/withdrawn from when using this account number.
Click Create VaultKey
Once created, it will automatically display the routing and account number for that VaultKey. Just return to the Manage VaultKeys menu option to view this information in the future.
Use a VaultKey for Large Transfers
After following the Create a VaultKey steps above, contact your bank on how you can utilize an ACH routing and account number to make an external transfer. Typically, this is completed through your mobile banking app.
š”Whatās the difference between the linked account method and the VaultKey method?
The linked account method is inside of Elevault, making us the originator. The VaultKey (account number) method is provided for you to link Elevault to your external bank and originate it from their end, making them the originator. The originator is whoās ACH limits will be applied. If your bankās ACH limits are higher than Elevaultās, originating the transfer through them allows you to make larger transfers.
Manage VaultKeys- Enable/Disable & More
Open Elevault and tap the ā° icon in the top right
Tap Manage VaultKeys.
Tap the VaultKey you would like to edit (enable/disable, rename, change connected Vault)
Toggle your VaultKey status on or off to enable or disable that VaultKey
When the toggle is green, that VaultKey is active.
When the toggle is grey, that VaultKey is inactive.
āDisabling a VaultKey also disables any transactions from being made with it, but it can be enabled again at any time.