Finmo gives your borrowers the option to pull their bank statements from their own banking institutions. This feature takes away some of the pain of trying to obtain, scan and upload those documents.

Watch how easy it is for you client to access their bank statements.

How does it work?

When the borrower receives a request to provide their bank statement, they will have two options:

  • upload the document as usual, or

  • login to their online banking & share the bank statement PDFs with their broker

When the borrower selects "Pull from your bank" they will be immediately taken to a secure page to sign into their own bank.

If a borrower chooses to login to their online banking, the system powered by Flinks, the third party we have partnered up with, will access their bank documents for selected accounts. The documents will be ready for the broker to review in Finmo within 30-45 seconds after receiving the authorization from the borrower.

How borrowers can request statements from more than one banking institution

After borrowers have chosen their first bank and completed that pull, they are shown the following screen with the option to "Add from another bank" or to "Finish".

If they click "Add from another bank, they are given the choice of which institution again and can complete the second request.

NOTE: You will be billed $2 per pull, per account, per person, per institution.

How will I be billed?

At the end of the month, the credit card on account will be charged for bank document pulls that occurred during the previous month. The cost of bank statement pulls is $2 per connection. We retain the right to modify the price per connection and will notify you of any changes in fees applicable to you. You must have a credit card entered in the "Billing" section of Finmo in order for your clients to be able to use this option.

Each account from which the borrower pulls bank statements is considered a separate connection. For example, if a borrower pulls bank statements for two checking accounts at two separate institutions, the team admin will be billed for two connections. Another example is if a borrower pulls bank statements for multiple accounts at one institution, the team admin will be billed for multiple connections.

* Note: You will only be charged for the requests that result in receiving the PDF not for requests that the borrower did not action.

Offering bank document pulling is only available to Finmo Pro teams, and you only pay the retrieval fee for each completed connection. In the "Billing" section of your account, you will be able to see a full report of the bank document pull usage.

How do I enable this feature?

You must be a team administrator to turn on Bank Statement pulls. Here's how:

Click the gear icon on the left menu

  1. Click the gear icon on the left menu

  2. Select "Bank documents"

  3. Move the toggle to "Yes"

  4. Click on "Save changes"

What if my borrower gets a rejection and is unable to pull statements

There are several reasons for this, the client may bank at an institution that is not offered, the client must have online statements enabled on their own banking portal, if requesting 12 months of history, the client must have had an account for at least 12 months.

If the statement is unable to be pulled the borrower and the broker receive a notification.

Below is an example of the notification to a borrower.

Below is an example of the notification to the broker.

This is also documented on the document request in the activity section.

NOTE: You will not be billed for unsuccessful statement pulls

Questions

For questions about the bank document pulling feature or billing, click on the chat bubble or email support@finmo.ca. If you have any questions about the service or specific borrowers, please email help-ca@flinks.com

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