Unlike other payment accounts your organization might use, your Chariot Deposit Account is a Demand Deposit Account (DDA), or bank account, owned by your organization. That means when funds arrive at your Chariot Deposit Account, they have been legally received by your organization and don’t require a transfer to be rendered “received” from an accounting perspective.
In your Chariot Dashboard, you can see as soon as transfers to your Chariot Deposit Account are received. The timing of these transfers are dependent on the Payer, and can vary.
You will periodically want to transfer funds from your Chariot Deposit Account into an External Financial Account (EFA). To add an EFA:
Go to the “Settings” tab.
Select “Organization” at the top.
Under “External Financial Account” click “Add” and answer the questions.
There are three compliance requirements for adding an EFA:
Only Chariot Deposit Account Authorized Users will be able to add or change your organization's EFA.
Authorized Users will have to re-validate Multi-Factor Authentication to add or update an EFA, even if they are already logged into their organization's Chariot Deposit Account.
EFAs need to be legally owned by the same organization associated with the Chariot Deposit Account, or they will require a manual review by Chariot.
Once you have added an EFA, you can initiate an outbound transfer from the “Transfers” tab. Outbound transfers follow the same timeline of typical ACH payments of 3-5 business days.