AngelList is now partnering with Plaid to make it easier and more secure for AngelList users to connect their US bank accounts. This change does not affect existing bank accounts.
You can add your US bank account from your AngelList Funding Account page.
- Open your Lead App.
- Navigate to Settings > Carry Recipients > Select Recipient OR Add Recipient.
- Under Banking Information, select Add Bank Account.
- Enter your credentials to log in to your bank portal through Plaid.
- Select the bank account you wish to add.
AngelList will now be able to distribute Carry to this recipient's AngelList Funding Account to be withdrawn to an external Bank Account.
Why are we using Plaid?
Previously, AngelList users could add a Bank Account to use for ACH deposits and withdrawals by providing their account details directly to AngelList.
In 2021 the governing body for the ACH network, Nacha (National Automated Clearing House), implemented the WEB Debit Account Validation Rule. For AngelList, this will come into effect in March 2022. Under this rule, ACH originators are required to use “commercially reasonable” means to determine that the account number being used for debit is a legitimate open account that accepts ACH entries.
To ensure compliance with this new rule, AngelList has partnered with Plaid to implement a more secure way to link ACH accounts on the platform. As we gradually roll this out to our users, investors on AngelList will be prompted by a Plaid modal to log into their bank account to authorize access when linking new ACH accounts to funding accounts.