Why is my connected bank account not appearing for transactions, and how can I resolve this?
If your connected bank account is not appearing for transactions such as payments or withdrawals, it could be due to several reasons. Below, we outline common issues and their resolutions to help you resolve this problem.
Common Issues and Resolutions
1. Account Not Verified
If your bank account is connected but not verified, it will not appear as an option for transactions. To complete verification:
Submit Required Documents: Provide a recent bank statement showing your account details. If unavailable, upload a void cheque, Direct Deposit form, or PAD (Pre-Authorized Debit) agreement.
Upload Path: Navigate to the app’s document upload section (e.g., Settings > Documents > Upload Document).
Verification Process: Ensure the account details (transit/branch, institution, and account numbers) match exactly with your bank statement. Once verified, the account will appear as a transaction option.
2. Currency Mismatch
If you are trying to perform a transaction in a currency different from your connected account, the account may not appear. For example:
USD Payments: A CAD bank account will not appear as a funding source for USD payments. To resolve: - E-Transfer funds to your Loop CAD account. - Convert the funds to USD within the app. - Send the payment from your Loop USD account.
USD Withdrawals: Linked CAD accounts will not appear for USD withdrawals. To proceed: - Convert your USD balance to CAD and withdraw to a linked CAD account, or - Link a USD-denominated external account for USD withdrawals.
3. Technical Issues
Sometimes, technical issues can prevent your account from appearing. To troubleshoot:
Open the app or website in a private/incognito browser window.
Clear your browser cache and cookies.
Retry the transaction after performing these steps.
Steps for Withdrawing Funds
To withdraw funds from your Loop account to a connected bank account:
Go to the Accounts section in the app.
Select the account holding your balance (e.g., CAD account).
Click on the Withdraw option.
Choose your connected bank account and proceed with the withdrawal.
If you encounter issues, ensure the account is verified and troubleshoot as outlined above.
Special Cases
Bank Verification Pending
If your account is connected but not appearing, verification may still be pending. Ensure you have submitted all required documents, such as a bank statement or void cheque. Once verified, the account will become available for transactions.
Newly Connected Accounts
Newly connected accounts may not appear immediately. Ensure you have uploaded the necessary documents for verification and wait for approval.
By following these steps and troubleshooting tips, you should be able to resolve issues with your connected bank account not appearing for transactions. If problems persist, contact Loop Financial support for further assistance.