You need to log-in through a web browser to add a bank account. You can't add one through the mobile app.
Any existing deposits or withdrawals have to be cancelled and then set up again with the new bank account.
Step 1: Navigate to your Profile to Add the Bank Account
Click your name in the top right corner of the dashboard, then Profile.
Click Banking and Finances.
Click on the tab 'Add a bank account'.
Step 2: Enter Bank Account Details, Upload Void Cheque
Enter the account information and select the option to upload your void cheque.
The void cheque or direct deposit form must be:
In your name, exactly as your ModernAdvisor accounts are named.
Clear, legible, no corners cut off.
Not handwritten.
Once you do that you hit the green Submit button
Step 3: Confirm the Request
Confirm the request by entering your Two Factor Authentication.
You may be required to sign a form for accounts with Aviso, This will be automatically emailed to you to sign.
FAQ
My advisor added a bank account for me, is that possible?
Clients will receive an email with the subject "Confirm New Bank Account Linking Request". The email comes from support@modernadvisor.ca. Click Confirm Banking Request in the email. Confirm the request in a new webpage that will open. Go through mandatory Two Factor Authentication.
Can I ad a bank account through the mobile app?
No.
Bank account setup must be completed through a web browser.
What documents are accepted?
Void cheque
Direct deposit form
Does the name have to match?
Yes.
The bank account ownership should match the ownership of the investment account.
What happens if I change bank accounts?
Existing recurring deposits and withdrawals may need to be cancelled and recreated.
Troubleshooting
My Bank Account Was Rejected
Common causes:
Unclear image
Missing information
Name mismatch
Handwritten banking details
I Didn't Receive the Confirmation Request
Check:
Spam folder
Promotions folder
You may also need to complete Two-Factor Authentication.
Concepts & Definitions
Bank Verification
The process used to confirm ownership and banking details before transfers can occur.
Void Cheque
A banking document containing your account and routing information.
Compliance Notes
Bank account ownership must match account ownership.
Banking information may require verification before transfers are permitted.
Additional approval requirements may apply depending on the custodian.