Wallet. User perspective #

• Users can access their wallet under the “User Profile -> Funding” tab.
• The wallet can be used for investment payments.
• A bank account linked to the wallet can also be used for investment payments.
• A wallet is created on the background (investors should not complete additional form) once the user passes the KYC (Know Your Customer) process.
• For individual account wallet is created on dwolla end using only personal data (used for KYC verification). For solo401k additional data are sent to dwolla - these data we collect during Solo401k profile creation https://developers.dwolla.com/docs/balance/business-verified-customer/create-a-customer#sole-propreietorship---request-and-response.
• Each investment profile has own dwolla wallet. Exception - sdira does not have wallet.

General Features #

• Link an existing bank account (limited to one every 30 days ???, provided the Sift Payment Score Threshold is higher than the Payment Score). Note: Admins have the ability to unlock the linking of bank accounts or block it, and can also adjust the Sift Payment Score Threshold as needed. !!! TBD (in dev/stage only 1 is allowed using dwolla microdeposit)
• Load funds into the wallet from a linked bank account. TBD
• Withdraw funds from the wallet to a linked bank account (if the Sift Payment Score Threshold is higher than the Payment Score and withdrawals are not blocked). !!! TBD
• Remove a linked bank account.
• View transaction history.

Balance Block #

The balance block displays:

• Current balance: The actual amount of money in the wallet.
• Pending incoming funds = pending deposits (pending load funds transactions) and pending distribution transactions: If there are multiple, the amount is the sum of all pending incoming transactions.
• Pending outcoming funds = pending investments: After making an investment using wallet balance funds are booked for it using Current balance + Pending incoming funds, it results in a Pending Investment.
• Pending balance: If the user has either a Pending incoming funds or a Pending outcoming funds (or both), the balance available for investing will be Pending Balance. The formula for calculating the Pending Balance is: Current balance + Pending incoming funds - Pending outcoming funds.
• Transactions History By default, the transaction table is absent. It appears once the first transaction is initiated. A transaction appears on the list once it’s initiated. Users can check the details of each transaction, which includes:
  • Type (Load Funds / Withdraw / Investment / Distribution)
  • Amount
  • Status (Pending / Processed / Cancelled / Failed)
  • Date (of the transaction)
  • ID number
  • Description
• The transaction status is updated throughout its completion:
  • Pending - transfer created
  • Processed - transfer clearly settled
  • Failed - transfer failed for some reason i.e. insufficient funds, not existing funding source, etc.
  • Cancelled - user, dwolla or api request from 3rd party cancelled the transfer.
• Users can only cancel Load Funds and Withdraw transactions if they have not yet been processed. If a user makes an investment using a linked bank account, two paired transactions will be created: load funds & investment. Once the investment receives a Legally Confirmed status, both will be processed. These transactions do not appear as Pending incoming funds or Pending outcoming funds in the balance block. The load funds transaction disappears once processed. !!!
• Users cannot cancel an pending investment transaction on their own until investment is in Cancelled by manager status. Money can be returned during the refund process to the original funding source.

3rd Party Integrations:

• Dwolla

Testing Notes:

• To process transactions, log in to the Dwolla sandbox dev/staging and click “Process bank transfers”.
• To emulate a failed transaction, use a bank account named R01. See details.