Direct Deposit

What is Direct Deposit?

Direct deposit is an electronic payment method that transfers funds directly into your account from your employer. To set it up, provide your virtual account number and routing number to your employer. On payday, your employer's bank sends the payment through the Automated Clearing House (ACH) network, and the funds are deposited directly into your account.

How do I initiate a direct deposit into Webull?

App:

1. Tap the Webull logo to select your account.
2. Transfers ➝ Direct Deposit ➝ Set Up Direct Deposit
3. Confirm Employer name and modify if needed
4. Once complete, use account and routing number to follow your employer's instructions to set up direct deposit with payroll provider
5. Select Done

Desktop:

1. Hover over the icons on the left and click Account (if hidden, click on More).
2. Select Deposit. This will guide you to the Transfer Money page on the web browser.
3. Choose Direct Deposit ➝ Set Up Direct Deposit
4. Confirm Employer name and modify if needed
5. Once complete, use account and routing number to follow your employer's instructions to set up direct deposit with payroll provider
6. Select Done

Web:

1. Navigate to My Account (top right).
2. Select Transfer Money.
3. Choose Direct Deposit ➝ Set Up Direct Deposit
4. Confirm Employer name and modify if needed
5. Once complete, use account and routing number to follow your employer's instructions to set up direct deposit with payroll provider
6. Select Done

How long does a direct deposit take to process?

Direct deposits typically settle in your account within 1–2 business days after they are initiated by your payroll provider. It may take 1–2 pay cycles for the direct deposit setup to be completed and for funds to begin appearing in your account. Your buying power will be updated once the deposit has settled.

Direct Deposit Enrollment Verification with Micro-Deposits

Some payroll companies may verify your direct deposit enrollment by sending a small test deposit, commonly referred to as a micro-deposit, to your Webull account.

When do micro deposits happen?

This process typically occurs only once, at the time you first set up your direct deposit. Once the payroll company verifies the account connection, your regular paycheck will be deposited on its scheduled pay date.

Important to know about micro deposits.

Micro-deposits are used for one-time verification only and will not appear with each paycheck. If your first full paycheck does not arrive after the micro-deposit, please reach out to your payroll company directly for an update.

Direct Deposit Returns and Rejections

A direct deposit may be rejected for several reasons. If a deposit is rejected and funds are returned, you will need to contact your payroll provider to help locate them. In most cases, returned funds are received within 5–7 business days from the date the deposit was rejected. Below are some of the most common issues:

Incorrect Account or Routing Number

If the account or routing number your employer submitted is incorrect or doesn’t match an active account, the deposit will be rejected. It’s important to double-check that the information you provided to your employer matches exactly what’s on your bank or Webull account. If errors are found, work with your HR or payroll team to update the details and have the payment resent.

Closed or Inactive Account

If the account designated to receive the deposit is closed or no longer active at the time of processing, the funds will be returned to your employer. In this case, notify your payroll or HR team immediately and provide updated account details or arrange an alternative payment method while your direct deposit is being updated.

Account Holder Name Mismatch

Your Webull account name must match the name your employer has on file. If there is a mismatch such as a nickname, missing middle name, or misspelling, your direct deposit may be rejected. To avoid any disruptions, ensure your employer is using your legal name exactly as it appears on your account. If updates are needed, contact your HR department to make the necessary changes.

Technical or ACH Processing Errors

Sometimes, technical issues within the ACH network or at the bank level can result in failed or delayed deposits. If you suspect this might be the case, contact your employer to confirm if an error occurred on their end. HR or payroll may need to coordinate with their bank to resolve the issue and issue a replacement payment.

IRA Contribution Limits

If your direct deposit is being sent to an IRA, note that the IRS limits how much you can contribute annually ($7,000 in 2024, or $8,000 if you're 50 or older). Deposits that exceed this limit will be rejected by Webull. Check with your employer or financial advisor to ensure your total contributions remain within the allowed limit.

General Recommendation for Webull Accountholders

In any case of a returned or missing direct deposit:

• Promptly notify your HR or payroll department.
• Verify your account details on file and provide corrections if necessary.
• Contact Webull and have the paystub and your photo ID available to review the direct deposit status.
• Request a timeline for when a replacement payment can be issued.

Direct Deposit Restrictions

If you believe your direct deposit link has been restricted, contact Webull Support for assistance and next steps.