There are two ways you can connect your payment method to Outlet:
(1) via Bank Account (ACH Transfer). (2) via Wire Transfer.
Here are the differences between an ACH and a Wire Transfer:
An Automated Clearing House (ACH) transfer is an electronic funds transfer system that moves payments between bank accounts in the United States.
*We highly suggest everyone uses this route to transfer funds of $25,000 or less.
ACH Transfers within the Outlet App:
We connect your Outlet account with ACH safely and securely by using Plaid. Scroll through or type in your financial institution's name.
Sign in and verify security questions to connect to your Online Bank Account. Then select the saving or checking account you want to add to Outlet as a transfer method.
Make deposits or withdraws to this bank account directly from the Outlet app. Select recurring deposits or a single transfer with one simple click.
No fees from your bank to make an ACH transfer.
Transfer any amount up to $25,000 per week into your Outlet Account.
Transfers take up to 5 business days going into or out of Outlet.
If you do not see your bank listed, click here.
A wire transfer is a transfer of funds done electronically across a network of banks or transfer agencies around the world. Senders pay for the transaction at the remitting bank and provide the recipient's name, bank account number, and the amount transferred.
*We highly suggest everyone uses this route to transfer funds of $25,000 or more.
Wire Transfers within the Outlet App:
Type in your bank's account and routing number to connect via Wire Transfer.
Upload a Bank statement to verify ownership.
Make deposits in two (2) steps:
(1) Initiate your wire transfer from the Outlet App.
(2) Follow the instructions to initiate the transfer from your bank as well.
You will need to complete these two steps every time you initiate a wire transfer. If you miss the 2nd step, your transfer into Outlet will fail.
Your bank may charge you a fee for initiating a wire transfer. Fees vary per financial institution.
If you wire transfer more than $10k into Outlet, we will cover the fee from your bank. Simply send us your wire transfer fee receipt and we will credit your Outlet account the amount of the fee.
Transfer any amount up to $100,000 per day and is used when transferring large amounts.
Wire transfers usually post to your Outlet account within 48 hours.
Outlet's payment processer is SendWyre. When making transfers to and from your Outlet Account, you will see a debt or credit from SendWyre.com. This relationship is detailed in our terms and conditions.