ACH transfer to brokerage


(Eric Rubio) #1

I am trying to make an ACH transfer from a customer’s bank account to his brokerage account. The brokerage (Interactive Brokers) has its own account and routing number, and each customer account has his own account number.

How can I make an ACH transfer to this account? I could create an unverified funding source with the brokerage account and routing numbers and then put the customer name and account number in the “name” field, but would Dwolla handle this correctly?


(Spencer Hunter) #2

Hi @Eric_Rubio, For facilitating transactions to/from your users are you looking to leverage white label Customer accounts or existing Dwolla Accounts? Depending on which solution you are looking to integrate with will change the steps involved leading up to initiating a transfer from a customer’s bank account to his brokerage account. Are you looking to send money from a user(Investor?) to your own Dwolla account(which represents the brokerage)?

It is important to note that accounts(either Dwolla accounts or white label Customer accounts) and funding sources are two different resources. In short, each customer account has a funding source and this funding source(bank account) his it’s own account and routing number. The funding source(bank account) belongs to the account.


(Eric Rubio) #3

Hi @spencer, thanks for your reply. I am trying send money from a White Label customer account to another White Label customer account. The issue I was having is that the receiving funding source had to include an account number and routing number, in addition to some extra data (another account number). I was told that I could do this by adding metadata to the Transfer, so I think that will work for me.


(Mohammad Mithani) #4

I’m trying to do the same, was this resolved, if so, I would love to know how to do this.

Thanks
Mohammad


(Spencer Hunter) #5

Hi @Mohammad_Mithani, It looks like Eric’s use case involved sending bank to bank transfers between two different users. The receiving Customer’s funding source(bank account) needed extra data that could be tied to that resource to be used by his application. Eric was able to add additional data to the Transfer itself instead of to the bank funding source attached to the receiving Customer with the use of metadata.

Metadata can be attached to a transfer between two different Customer accounts and be used by your app for various reasons. For example, additional information that can be used by your app to correlate it to something your app knows/uses separate of the Dwolla API.

POST https://api-sandbox.dwolla.com/transfers 
Accept: application/vnd.dwolla.v1.hal+json
Authorization: Bearer P0zAsEF0ksmg8p6l9lQrd3Ab0H5H13pLIwtK2A690si0oU94Cm
Content-Type: application/json

{
    "_links": {
        "source": {
            "href": "https://api-sandbox.dwolla.com/funding-sources/707177c3-bf15-4e7e-b37c-55c3898d9bf4"
        },
        "destination": {
            "href": "https://api-sandbox.dwolla.com/funding-sources/4a4f7380-c91c-4757-932b-cb44a8a396ec"
        }
    },
    "amount": {
        "currency": "USD",
        "value": "142.00"
    },
    "metadata": {
        "receivingAccountId": "98347578965"
    }
}