Plaid integration/transfer ID?

Hi -

We’re trying to complete money transfers using Dwolla and Plaid to investment accounts. We’re able to complete transfers to Checking/Savings accounts at one bank, but not investment accounts at other banks we’ve tested. Dwolla is asking for a TransferID. Which I cant seem to figure out.

We’re using Plaid to identify and confirm the accounts, which we’re able to authenticate from the bank’s text code - but the investment accounts will not appear on our site allowing a customer to select and initiate a money transfer.
“error_message”: “the following products are not supported by this institution: [“auth”]”,
“error_type”: “ITEM_ERROR”,

Thanks for your help

Hi @josef! Thanks for posting!

That seems like a Plaid error. It sounds like their Auth product may not support authenticating investment accounts.

Additionally, Dwolla doesn’t support adding investment accounts either. The only account types that are supported are as follows -

  • checking
  • savings
  • loan (needs additional Dwolla approval)
  • general ledger (needs additional Dwolla approval)

Hope that helps! Let us know if you come across any questions!

Thank you for your response.

Looks like Plaid does support investment accounts, (we are able to see them and authenticate on the bank side)

And I’ve found an example of a non checking/savings/loan/ledger that’s using Dwolla (with 529 accounts for example)

Hi @josef – Ah yes, the 529 accounts that we support are created as type savings. Typically there are 529 programs at a state-level, so the laws may vary as to how they’re structured: as either a savings or investment account type.

As for Investment accounts, at most financial institutions those type of accounts have routing and account numbers. However, at some banks they can receive credits+debits, some only allow credits, and some block all activity all together. It’s up to the discretion of the FI. Dwolla can’t really make a determination, but if you’re sure that the account can transact over the ACH network, then you should be able to add it to Dwolla via the API.

Additionally, adding these accounts would have to be done using the account // routing number via the API since we do not have an integration with Plaid’s Investment product. Only the banks supported by Plaid’s Auth Product can be added to Dwolla using a Processor token.

Please let me know if you have any questions!