Approve investor bank account requests

By the end of this guide you'll know how to find the investor bank account requests waiting for your review, approve or reject each one, and confirm the affected holdings are linked and ready for your next distribution.

Note

Reviewing investor bank account requests is a GP task. You need access to the investing entity whose holdings are affected. Investors manage their own bank accounts from their side of Covercy One, but their change only takes effect on your side — and only becomes usable for a payout — after you approve it.

Why investor bank requests need your approval

When an investor changes their banking, Covercy One creates a request for each affected holding and routes it to the GP who owns that holding. The request stays pending until you act — the proposed change does not appear on your side on its own, and the details you last approved remain the ones used for payouts while the request waits. This gives you a governance step before any payout details change.

Requests reach you when an investor does any of the following:

Sets an account on a holding that doesn't have one yet.
Updates the details of an account that is already linked to a holding.
Removes an account that is linked to a holding.
Chooses a different account as their default.

Find pending requests

Open the investing entity in Covercy One and go to its Banking tab. The Holding bank account assignments panel lists each holding with the account it is linked to, whether that link was made by you or by the investor, and its status — Linked, Pending approval, or Not set. Holdings waiting on you show Pending approval and display the requested account, with sensitive details masked. Approve and Reject appear as buttons on the holding row itself, so you can act without opening a drawer.

Approve a request

In the Holding bank account assignments panel, find a holding showing Pending approval.
Review the requested account shown on the row and confirm it matches what you expect for that investor.
Select Approve.
The proposed details become the approved account for that holding, and the row moves to Linked once the action completes. The investor's holding shows Linked too.

Tip

If an investor submits another change for the same holding before you review the first one, only their latest request stays active for your review. The earlier request is superseded and kept for audit history, so there is nothing extra for you to clear — and the investor is never blocked from submitting a revision while a request is pending.

Reject a request

Find the holding showing Pending approval in the Holding bank account assignments panel.
Select Reject.
The investor is notified in Covercy One and by email that the request was not approved.
If you had already approved an account for that holding, the holding stays linked to those approved details, and that account becomes one you maintain on your side rather than one the investor can change. If no account had been approved before, the holding returns to Not set and the investor sees No account set.

Note

Rejecting a request doesn't stop an investor from trying again. They can submit a revised request for the same holding or account at any time, and the rejected request stays in the history for reference without needing to be cleared by you.

Requests to remove an account

When an investor deletes an account that is linked to one of your holdings, the account disappears from their own list right away and a removal request comes to you for each affected holding. The pending row identifies it as a removal request and keeps enough context to show which linked account it affects, so you can review it even though the investor no longer has that account listed. Approve and Reject both stay available. If the investor sets a different account on the same holding before you act, that newer request replaces the removal request as the only one waiting for you.

What investors see while a request is pending

On the investor's side, a holding with no linked account and a submitted request shows Pending approval next to the account they chose. A holding that already has a linked account and a submitted change shows Change requested, and the account you last approved stays in force until you act. Investors can withdraw a pending request before you review it, and a holding that is waiting on your review is not counted in the reminder that tells them which holdings still need a bank account. Once you approve, their holding shows Linked. If the linked account is one you maintain, they see only that the holding is linked to an account set by their GP, not its details.

Pending requests and distribution finalization

Covercy One blocks finalizing a distribution when a payable allocation uses a holding whose selected account has an unresolved investor request, and identifies the investor or holding that needs your review. Approve or reject that request, then finalize again — finalization proceeds once every affected request is resolved and the distribution's other payment requirements are met. It's worth clearing the queue ahead of a distribution run.

Warning

Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone. Always navigate to Covercy directly rather than following links in unexpected messages, and review and act on investor bank account requests only inside Covercy One. Treat any message asking you to approve a banking change somewhere else as suspicious.

Verify it worked

You don't need to refresh the page. When the action completes, the holding row repaints on its own: an approved holding shows Linked, and a rejected request's pending indicator clears. If the action fails, Covercy One surfaces the failure instead of leaving the row showing an out-of-date status, so you can retry rather than wonder whether it went through. Before your next distribution run, check that no holding in the Holding bank account assignments panel still shows Pending approval. If a request doesn't resolve as expected, contact our team for help.

Where do I find investor bank account requests?: Open the investing entity in Covercy One, go to its Banking tab, and look at the Holding bank account assignments panel. Holdings with a pending investor request show Pending approval, and the Approve and Reject buttons sit on the holding row.
What happens to the holding if I reject a request?: The investor is notified in Covercy One and by email. If you had already approved an account for that holding, the holding stays linked to those approved details and that account becomes one you maintain on your side, so distributions can still be paid. If no account had been approved before, the holding returns to Not set and the investor will need to submit a new request.
Can an investor resubmit after a rejection?: Yes. The investor can submit a new request for the same account or holding straight away. The rejected request remains in the history for audit purposes but doesn't need to be cleared by you first.
Why is my Finalize button blocked?: A distribution can't be finalized while a payable allocation uses a holding whose selected account has an unresolved investor request. Covercy One tells you which investor or holding is affected — approve or reject that request, then finalize again.
What if an investor submits more than one request before I review them?: Only their latest request for that scope stays active for your review. Earlier requests are marked superseded and kept for audit history, and they need no separate action from you.
Can I edit a bank account while an investor's request is pending?: Yes. Your edit applies immediately to the account details on your side, and the investor's request stays pending until you explicitly approve or reject it. It does not resolve on its own, even if your details end up matching what the investor proposed.
An investor deleted the account — can I still review the request?: Yes. A removal request is labelled as such and keeps the context needed to show which linked account it affects, so you can approve or reject it even after the investor has removed the account from their own list.
Do I need to refresh after approving or rejecting?: No. The holding row updates once the action completes, and if the action fails Covercy One shows you the failure rather than leaving a stale status on the row.