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How to Add a Bank Account for Payment Method

Note: If you are trying to add or select a debit card as your payment method, see this help center article.

Typically, our deposits and payments are processed automatically through direct deposit via your primary account. If you want your current primary account to be your payment account, there's nothing extra you need to do here! If you are looking to select a new primary account from the accounts already linked in app, see this help center article.

If you need to update your payment account to something other than your primary account, you can add the new account in app then reach out to customer service using the contact us form. Our customer service team will help you select your new payment account for your loan. If you run into any difficulties with this process we encourage you to reach out to our customer success team for assistance.

Please note, for security purposes, you will be required to verify the last 4 digits of your SSN, Date of Birth and to confirm your banking details when contacting customer support for assistance.

Note: The payment account will apply to the individual loan. Each new loan will default to the primary account as the payment method.

Adding a New Linked Bank Account in App

1. Go to the "Account Management" page in your Possible App
2. Tap “Add a New Account” at the bottom of the screen
3. Tap “Link Bank with Plaid" and follow the prompts to link your account

Adding a New Manually Added Bank Account in App

1. Go to the "Account Management" page in your Possible App
2. Tap “Add a New Account” at the bottom of the screen
3. Tap “Routing & Account Number”

Important: You'll need to select a new payment account before your payment begins processing. Once a payment begins processing it can't be redirected to a different bank account. If your payment is already processed or being processed, our customer service team can still help you change your payment account for future payments. You'll just need to update your payment date(s) if any payment(s) comes back as unsuccessful from the previous account.

Notes:

• If your payment is due before your new account is eligible, please update your payment dates in the app for a later date
• *We are not able to accept personal checks at this time. We apologize for the inconvenience!

 

How to Add a Debit Card for Payment Method

You can a debit card to a linked bank account in the app or manually add a debit card that is not linked to any account. Once you have added your new debit card, reach out to customer service using the contact us form. Our customer service team will help you select your new payment account for your loan. If you run into any difficulties with this process we encourage you to reach out to our customer success team for assistance.

Note: The payment account will apply to the individual loan. Each new loan will default to the primary account as the payment method.

Please note, for security purposes, you will be required to verify the last 4 digits of your SSN, Date of Birth and to confirm your banking details when contacting customer support for assistance.

Adding a debit card is something you do in the app for yourself. All you have to do is follow these steps:

Adding a New Linked Debit Card in App

1. Go to the "Account Management" page in your Possible App
2. Tap the pencil icon next to the bank account the debit card is associated with
3. Tap the “Add Debit Card” option
4. Follow the prompts to add your debit card

Adding a New Manually Added Debit Card in App

1. Go to the "Account Management" page in your Possible App
2. Tap “Add a New Account” at the bottom of the screen
3. Tap “Debit Card”
4. Enter the debit card details

What are the benefits of paying with a debit card?

• All payments will finish processing within 24 hours
• If you miss a payment, you can get caught up faster
• Your loan will be marked as paid off faster and you’ll be eligible to reapply sooner
• There’s no extra cost to you

Things to keep in mind

• This is still a relatively new feature, so some Visa and Mastercard debit cards (typically credit cards and prepaid cards) are still not able to be supported.
• If your payment is due before your new account is eligible, please update your payment dates in the app for a later date
• *We are not able to accept personal checks at this time. We apologize for the inconvenience!

Important: You'll need to select a new payment account before your payment begins processing. Once a payment begins processing it can't be redirected to a different bank account. If your payment is already processed or being processed, our customer service team can still help you change your payment account for future payments. You'll just need to update your payment date(s) if any payment(s) comes back as unsuccessful from the previous account.

 

What is the Difference Between Linked and Manually Added Accounts?

Linked accounts are linked in the app through one of our aggregators like Plaid. Linked accounts can be used as primary accounts, for applications, for disbursements, and for payments. Linked debit cards are linked to a linked account and can be used for disbursements and payments.

Manually added accounts are accounts that are not linked through an aggregator. These accounts cannot be used as a primary account, for applications, or for disbursements. Manually added accounts and debit cards can only be used for payments.

**To learn more about primary accounts, see this help center article.

 

How Do I Select a New Primary Account?

You can switch your primary account right in the Possible app. Here’s how:

1. Open the Possible App
2. Go to the "Account Management" page
3. Tap the pencil icon next to the account you want to update
4. Select “Set as Primary” in the pop-up

That’s it. Your new account is now set as primary. Learn more about primary accounts. 

 

What to Know Before You Change It

• If your primary account is also your payment method, changing it will also update your payment method.
• If your payment method is different from your primary account, changing the primary account won’t change your payment method.

Important:

If you haven’t picked a separate payment account, make sure to change your primary account before your payment begins processing. Once processing starts, it can’t be redirected.

You can still update your primary account while a payment is processing — just know that it won’t apply to the payment already in motion. If the payment fails, you’ll be able to reschedule it and use your new account then.

Which Accounts Are Eligible?

Not every bank account can be set as primary. To use an account as a primary, here’s what’s required:

• Must be linkable through one of our banking partners in the app
• Must be a traditional checking account (Debit cards can’t be used as a primary account)