Add your bank account

By the end of this guide you'll have a bank account added to one of your investing entities in Covercy One, linked to your holdings, and submitted for your fund manager's approval, so your next distribution can be paid out to the right account.

Note

You need at least one investing entity before you can add a bank account. If you don't have one yet, the Banking page prompts you to create one. You can also go to Settings and add an investing entity first. Bank accounts are organized by investing entity, so each entity keeps its own accounts.

Warning

Where you'll be prompted to add an account

Covercy One reminds you when a holding still needs a bank account. You can follow any of these prompts to the Banking page:

Your investor dashboard shows a banking reminder with a Set up now link.
Your investing entities list (under Settings) shows a warning on an entity's row saying how many positions need a bank account. Select it to open the Banking page.
An investing entity's own page shows the same warning in its Used In panel, with a Set up on Banking page link.

Open the Banking page

Sign in to your Covercy One investor portal.
Select Banking from the navigation menu.
The Banking page opens with one tab per investing entity. Each tab label shows the entity name and how many holdings it has.
Select the tab for the entity you want to work in. Each tab shows a Bank Accounts panel first and a My Holdings panel below it.

Note

If any holding in the selected tab still has no bank account, a warning banner at the top of the tab tells you how many holdings need one. The banner disappears once every holding in that tab has an account linked or a request in progress.

Add a bank account

In the Bank Accounts panel for the selected entity, select Add Account.
The Add Bank Account drawer opens, with the investing entity's name shown below the title.
Choose how to add the account. The option at the top of the drawer connects your bank directly and fills in the account for you. To type the details yourself, use the manual section below the divider (see Enter your account details manually below).
If you're asked to accept terms, review them and accept them. Your acceptance is recorded.
Leave Make default checked if you want this account proposed automatically for new holdings. With it checked, Covercy One requests your fund manager's approval for you. Clear it to keep the account available without making it the default.
Complete the flow. The drawer closes and your new account appears in the Bank Accounts panel. It shows badges for the payment methods it supports, and a Default badge if it's the entity default.

Tip

Connecting your bank directly is the quickest path. The account details come straight from your bank, so there's nothing to type or double-check. Either way, your fund manager still approves the account before it can receive payouts.

Warning

If something goes wrong while the account is being added, the drawer stays open and shows the reason. Nothing is saved in that case. Correct the problem and try again rather than assuming the account was created.

Note

If a tab has no Add Account button, that investing entity isn't linked to any of your fund managers' holdings yet. Existing accounts for the entity still appear, and your fund manager can tell you when the entity is ready.

Enter your account details manually

The manual form starts with the country your bank is in. Choose it first, because it decides which details the form asks for. Once you've chosen a country you can change it, but you can't leave it empty.

A bank in the US: enter an account name, the routing number and account number (twice, to confirm), the account type (Checking or Savings), and at least one payment method (ACH or Wire).
Memo / Special Instruction (optional, US accounts only): if your bank needs an extra instruction to credit a payment to you, such as a For Further Credit line, enter it here. A character counter below the field shows how much room you have. The instruction is sent with distributions paid to this account.
A bank outside the US: the form shows the fields that country's banks use. In some countries you can choose between IBAN + SWIFT and Local bank details. Fill in whichever set matches the details your bank gave you. Either one is enough.
Receive currency: choose the currency the account receives. The form presets it from the bank country when it can, and you can always change it.
A bank in Israel, using local bank details: pick your bank from the Bank code list instead of typing its name. You can search the list by bank name or by code.

Note

The form's labels appear in your portal language. Bank names in the Israeli bank list always appear in English. If a field shows an error, it's describing the set of details you're currently filling in. Use the details exactly as your bank provides them.

Link an account to your holdings

Adding an account and linking it to a holding are two separate steps. Look at the My Holdings panel below the accounts list. Each row shows one holding, the account currently assigned to it, and its status. To link your new account, select the holding row and choose the account. This sends a request to the fund manager for that holding, and the change takes effect once they approve it.

Note

If you added the account with Make default checked, Covercy One submits approval requests for the affected holdings for you, so you may not need to set each holding yourself. Check the status on each row to confirm.

Understand holding statuses

Every holding in the My Holdings panel shows one of these statuses:

No account set: no bank account has been requested for this holding yet. Select the row to choose an account.
Pending approval: you've submitted an account for a holding that had none, and your fund manager hasn't acted yet. You can revoke the request while it's pending.
Linked: your fund manager approved the account. This holding is ready to receive distribution payouts.
Change requested: you've asked to switch, edit, or remove the account on a holding that already had one. The previously approved account stays in place until your fund manager approves the change.

Warning

A holding can't receive distribution payouts until it shows Linked. If a holding sits in Pending approval or Change requested and you're expecting a distribution, check in with your fund manager.

Your default account and your fund managers

When you set an account as an entity's default, it becomes your default right away. Each fund manager you invest with through that entity gets their own request to approve it. When a manager approves, the account becomes the default for that manager's current and future holdings only. Your other managers aren't affected until they act.

A fund manager can also use a different default account for your entity than the one you chose. When that happens, a banner on the Banking page lists each manager that will pay new holdings to a different account than your default, and the Default label on your account changes to a warning. Hover over or open the warning to see which account each of those managers will pay new holdings to. If your fund manager set that account up, it reads "an account set by your GP" followed by its last four digits. The banner is about new holdings only: it doesn't change the account an existing holding is paid to, which each holding row shows. The banner and the warning clear once every manager's default matches yours.

Tip

If you see the divergence banner and expected your account to be used, check whether that manager still has your default request waiting for approval, or contact them to align on which account to use.

Accounts your fund manager set up

The Bank Accounts panel lists only the accounts you added for your investing entity. If your fund manager set up the payout account for a holding, that holding's row under My Holdings shows the account masked. Select the account on the row to open its full details, read-only, marked Set by your GP. The name your fund manager uses for the account isn't shown. A holding linked directly to one of your own accounts shows that account's name, and its details read Set by you. You can still ask to switch a holding to one of your own accounts. Select the holding row and choose your account, and the request goes to your fund manager for approval.

Manage an existing account

To work with an account you added, select its row in the Bank Accounts panel. An account you entered manually opens Edit. An account you connected through your bank opens View details, because it can't be edited. The ··· menu on each row offers these actions:

Edit: update an account you entered manually. The form opens with your saved details, including the bank country, the set of details you used, and the receive currency. It also has a Make default switch. Turn it on and select Save, and you're asked "Set as default for distributions?" before it applies. Your account list updates immediately. Any holding linked to that account moves to Change requested until your fund manager approves the update. If the change can't be saved, the drawer tells you why and nothing changes, including your default choice.
View details: review an account you connected through your bank. These accounts are read-only.
Set as default: make this the entity's default account, proposed automatically for new holdings. You'll be asked to confirm.
Delete: remove the account. If it isn't linked to any holding, it's removed straight away. If it is linked, a confirmation lists the affected holdings and explains that any pending requests pointing at the account are cancelled and that future distributions for those holdings won't be sent until a new account is assigned. To confirm, type Delete. This can't be undone.

Note

If your fund manager pays a holding straight to one of your accounts, selecting that account opens it read-only with the note Your GP pays holdings to this account, and Edit isn't offered. To have that holding paid somewhere else, select the holding row, choose a different account, and your fund manager reviews the request.

Tip

You don't have to wait for your fund manager before making another change. If you edit an account or choose a different one while a request is still pending, your latest choice replaces the earlier request. Your fund manager only reviews your most recent choice for that holding.

Revoke a pending request

To cancel a request before your fund manager acts on it, select the holding row showing Pending approval or Change requested and revoke the request. The holding returns to its previous state: No account set if it never had an approved account, or Linked to the account that was already approved.

Keep your banking details secure

Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone. Always go to Covercy One directly rather than following links in unexpected messages. If you receive a message asking you to change payout details or confirm account information outside the portal, don't act on it. Sign in to Covercy One, check the Banking page yourself, and report the message to your fund manager.

Verify it worked

Return to the Banking page and check the tab for your investing entity. The new account should appear in the Bank Accounts panel, and each holding you linked should show Pending approval or Change requested. Once your fund manager approves, the status becomes Linked, and you can select the account on the holding row to check its details. When every holding in the tab has an account, the warning banner at the top of the tab disappears, and so do the reminders on your dashboard and your investing entities list. If a request stays pending longer than you expect, contact your fund manager. If something in the portal looks wrong, contact our team for help.

Why does my holding still show 'No account set' after I added a bank account?: Adding an account to your investing entity and linking it to a holding are separate steps. After adding the account, select the holding row in the My Holdings panel and choose the account to send a request to your fund manager. If you added the account with Make default checked, the requests may already have been submitted. Check whether the holding now shows Pending approval.
Can I add a bank account that's outside the US?: Yes. In the manual section of the Add Bank Account drawer, choose your bank's country first. The form then asks for the details banks in that country use, such as IBAN and SWIFT or local bank details, plus the currency the account receives. Your fund manager approves the account before it can receive payouts, just as with a US account.
What is the Memo / Special Instruction field for?: It's an optional field on US accounts you enter manually. Use it when your bank needs an extra instruction to credit a payment to you, such as a For Further Credit line. The instruction is sent with distributions paid to that account. If your bank hasn't asked for one, leave it empty.
My country offers both IBAN + SWIFT and Local bank details. Which should I use?: Either one is enough. Use whichever set of details your bank has given you. When you edit the account later, the form opens on the set you saved.
What does 'Pending approval' mean?: You've submitted a bank account for that holding and your fund manager hasn't reviewed it yet. You don't need to do anything while it's pending. You can revoke the request, or choose a different account. Your newest choice replaces the pending one.
Why is my Default label showing a warning?: At least one of your fund managers will pay new holdings for that investing entity to a different default account than yours. The banner on the Banking page names each one, and the warning's detail shows which account they'll use. It doesn't change the account an existing holding is paid to. The warning clears once every manager's default matches yours. Each manager approves your default separately, so check in with any manager who hasn't approved it yet.
Can I add more than one bank account?: Yes. Each investing entity can hold several accounts, and each entity keeps its own list. Use Set as default to choose which account is proposed automatically for new holdings.
Can I edit an account that's already linked to a holding?: Usually, yes. Your account list shows the edit immediately, and every holding linked to that account moves to Change requested until your fund manager approves it. The previously approved account stays in effect for payouts until then. Accounts you connected directly through your bank are read-only, and so is an account your fund manager pays a holding to directly, which reads Your GP pays holdings to this account. To change one of those, add or choose a different account and assign it to the holding instead.
What happens if I delete an account that's linked to a holding?: Covercy One shows a confirmation listing the affected holdings and warning that future distributions for them won't be sent until a new account is assigned. You type Delete to confirm. The account is removed from your list, any pending requests that pointed at it are cancelled, and your fund manager is asked to review the change. Assign a different account to those holdings as soon as you can.
How do I see the details of the account a holding is paid to?: On the Banking page, select the account shown on that holding's row under My Holdings. A read-only drawer opens with the account's details. If your fund manager set the account up, it's marked Set by your GP and their name for the account isn't shown. If it's one of your own accounts linked directly to the holding, it's marked Set by you. You can ask to switch the holding to one of your own accounts at any time.
Is it safe to add my bank account in Covercy One?: Yes. Your account details are handled securely and used only so your fund manager can send distribution payouts to the right place. Your sign-in credentials are never shared with them. Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone, so treat any message that does as suspicious.