What type of banking accounts does Ampla offer?

Ampla’s Banking offering has multiple different account types which function in different ways. This article will outline all the different account types, as well as the functional differences of each account type.

Checking Account:

The standard checking account is our default banking offering, and is automatically opened for each client when they are approved for our banking offering. Your Ampla checking account will be your primary account when working with us, which will allow you to seamlessly access and move your money while benefiting from a competitive interest rate.

Capabilities:

• Free wires and ACHs from the Ampla checking account
• Competitive interest rates for money in your account accrued monthly
• Debit Cards, both physical and digital, available for checking accounts

Limitations:

• Only a single Ample checking account is available for each Ampla account
• International wires and payments are not currently supported

Reserve Account:

The Ampla reserve account exists to allow you to organize and segment your funds in an account without having it included in your primary checking account. This allows you to save funds without concerns that they will be actively transferred out of your account as you do not need to share the account ID or routing information with any of your partners.

Capabilities:

• Free wires and ACHs from the Ampla checking account
• Competitive interest rates for money in your account accrued monthly
• Separate account ID from your Ampla checking account

Limitations:

• No debit cards allowed with this account type
• Only a single Ampla reserve account is available for each Ampla account
• International wires and payments are not currently supported

Reconciliation Account:

Reconciliation accounts exist to better track and control incoming payments and chargebacks through your vendors. These accounts will automatically transfer all funds in them at the end of every day to your primary checking account, and return to a zero balance every evening.

You can create as many reconciliation accounts as you would like in your account, allowing you to create separate routing and account numbers for your payments sources. This will also group all payments to a single reconciliation account into a single line item for your primary checking account, so that you can more easily sort your payments for your accounting team.

Reconciliation accounts will also give you more control over how much money can be withdrawn by your vendors for any potential returns or chargebacks. As the accounts maintain by default a zero dollar balance (unless payments came in during the same day), chargebacks will fail by default. However, we can set a ‘negative balance’ for each reconciliation account to allow charges up to a set amount (ie $500) which will then pull directly from your checking account to pay down your balance.

Capabilities:

• Create multiple accounts to segment your payments between different accounts
• Automatically sweep account funds to your primary checking account to access next day
• Create negative balance limits to limit withdrawal capabilities to your account

Limitations:

• Reconciliation accounts cannot wire or ACH funds, and can only transfer money to your primary checking account
• No debit cards allowed with this account type
• International wires and payments are not currently supported

FAQs:

What is the difference between Blue Ridge Bank and Thread?

Blue Ridge Bank and Thread Bank are two banking partners who work with Ampla that provide the banking services; Members FDIC. Both bank accounts offer different features and levels of FDIC insurance. If you want to know more about your specific bank account, please feel free to reach out to the Ampla support team.

How do I set up a new Account?

Your Ampla checking account will be created automatically when you are approved for Ampla banking. Reserve and reconciliation accounts are able to be created from your Ampla dashboard. In the banking tab you will have the option to create a new account by selecting the plus sign link for each account type:

If you already have a reconciliation account and would like to create a new one, simply select the ‘+ New reconciliation account’ option from the account breakdown drop down:

How do I set a negative balance for my reconciliation account?

To set a negative balance for a reconciliation account simply reach out to the Ampla support team (support@getampla.com) with the account name, and the limit you would like to place on the account. Please note that large limits may be limited for accounts.

When will my Reconciliation account sweep funds to my checking account?

Reconciliation accounts sweep funds at the end of every business day ET (10:00 pm ET). If you are in the process of transitioning from Blue Ridge Bank to Thread, sweeps will occur earlier in the day, more information on this page LINK. However if you would like more regular sweeps, or have an urgent need to sweep funds immediately, please contact our support team (support@getampla.com) to assist.