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Feature update: improved funds transfer abilities
Feature update: improved funds transfer abilities
Kent Mori avatar
Written by Kent Mori
Updated over a week ago

What's new:

The first thing you may notice is that we've renamed funding accounts to connected accounts. Connected accounts remain the primary method of funding your Mayfair account and, alongside wires, are the best way to bring money onto the Mayfair platform. This new terminology reflects several new features:

  • An improved transfer modal that allows you to easily send money from your Mayfair cash account to any external account, which is one from which you cannot pull funds into your Mayfair account, but to which you can send money from your Mayfair account. You can do so either via ACH or more quickly via wire for a $10 fee, which covers the cost of the wire

  • Ability to fund a single Mayfair cash account from multiple connected accounts

  • Ability to send money from a single Mayfair cash account to multiple connected accounts

  • Ability to transfer funds among Mayfair cash accounts

How this helps:

Many firms wish to connect multiple existing bank accounts to their Mayfair account as well as send money from their Mayfair account to a variety of destinations.

As a result, a Mayfair account can be used as both a source and destination of funds within your company’s existing infrastructure or cash management practices. Additionally, cash can be moved freely among Mayfair cash accounts to keep them organized or segregated according to your company’s requirements.

All transfers to external accounts must be approved via 2FA, ensuring continued security for your firm's funds.

Who this impacts:

Admin accounts.

How to get started:

To access the transfer modal, click on Transfer funds at the top right of your dashboard.

You'll see that you now have the ability to not only transfer funds to all connected accounts and any other Mayfair cash accounts belonging to that entity (if it has any), but also to add an external account. If you add an external account using this feature, the same account will be saved for you to select for any future transfers.

To add an external account, click on + Add new external account and indicate the amount you wish to transfer and how you wish to transfer it.

You'll then be prompted to enter the external account's information. Click save account when done, then initiate the transfer.

It's important to note: you will need access to your 2FA device or app to confirm the external account transfer. The transfer will not occur without 2FA confirmation.

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