How do I add a new bank account and what should I do if it is declined?

• How to add the bank account?
• What information do you need to provide?
• What if the bank account gets declined?
• Request of re-approval of your bank account

It's necessary that you add your bank account information to the My Rentals web app so that we can forward you the rental money paid by your tenants. At Flatio, you can add numerous bank accounts and connect each one to a different property listing.

Please note that since we have to respect the Anti-Money Laundering laws through force majeure, we always need to verify the holder of each inserted bank account. The process of adding a bank account is therefore designed so we would have all the necessary details.

How to add the bank account?

You can add a new bank account from your profile in the My Rentals app:

1. Log in to the My Rentals web app and click on your name in the top right corner.
2. In the newly shown left menu, select the Bank accounts section.
3. Click the "Add a bank account" button to start the process.

What information do you need to provide?

For a successful submission of your bank account details, you'll need to:

• Choose the listings from which the rentals should be sent to that account:
  • The "from all my properties" option means that the bank account will become the default one for all rental payments you receive via Flatio.
  • The "only from selected properties" option means that the bank account will only receive rental payments from the listings that you manually select below. All others that are not connected with a specific bank account will be sent to the default bank account (read more about rent routing here).
• Enter the bank account number
• Select the currency in which the account is maintained
• Fill out the full name and the address of the bank account holder
• Upload a document for the bank account holder's verification which contains the name of the account holder and the bank account number
  • Between the documents that can be accepted belong for example a copy of the contract concluded with the bank from the moment of creating the bank account, or an unedited screenshot from internet banking.
• Upload a copy of the bank account holder's identity card, i.e. your ID/driver's license/passport (unless you are entering a business bank account owned by a company)

After you submit the bank account details, we will review all the data and approve/decline the bank account.

What if the bank account gets declined?

There can be several reasons for bank account rejection, the most common is a discrepancy between the information on the uploaded ID card and the document we require for the account holder's verification, or uploading a wrong document for the verification.

Our team will always inform you of the exact reason, after which you'll be able to correct the mistake.

Request of re-approval of your bank account

If your bank account is declined, you'll need to fix what was wrong and request approval again. You can do everything conveniently again from the My Rentals app:

1. Log in to the My Rentals web app and click on your name in the top right corner.
2. In the newly shown left menu, select the Bank accounts section.
3. Click the "Edit" button next to the account that was declined.
4. Correct your previous mistake and click the "Save" button.
5. Press the "Apply again" button to submit a new request for account approval.

Afterward, you will see the "Waiting for approval" icon in the bank account details again and our team will be notified to review your adjustments.