What are Deposit Records?
Deposit records are only needed for beneficiaries that have sub-accounts in a pooled trust.
They serve two purposes:
- They help you maintain a record of deposits made available to the beneficiary.
- They alert our Fund Operations Team to monitor your deposit accounts when deposits are incoming for a beneficiary.
Not submitting a deposit record can delay the availability of funds for pooled trust beneficiaries, so we recommend creating one as soon as you can once you know funds will be deposited soon.
How to create a deposit record
Deposit records are created from the Deposits tab of a beneficiary’s Dashboard. All accounts will have a Deposits tab, but only beneficiaries who are part of a pooled trust will have the option to create a deposit record.
To create a deposit record, click the green button that says “Add deposit record”. You will then be presented with a screen that asks you to confirm the following information:
- Amount - the amount of the deposit you are anticipating for this beneficiary.
- Schedule - you’ll be asked to select if this is a one-time or recurring deposit.
- Delivery date - this is the date that you anticipate that the funds will be deposited in the pooled deposit bank account.
- Payment type - you’ll be asked to select if the deposit is being processed as a check, electronic funds transfer, or wire.
- Payment ID - this should reflect the check number or the wire/electronic funds transfer ID associated with the deposit.
- This section is entered on a best-effort basis, if you do not have this information, please feel free to enter any identifying information you can.
- Description - if there is any relevant information about the funding source that you would like to include, please add it here.
- (Optional) If you would like to include any relevant files with the deposit record you can add them right below the description section.
Once you have filled out the requested information, click “Save”, and your deposit record will be created. You can locate any Pending deposit records on the “Pending” sub-tab of the Deposits tab.
- Our Fund Operations Team will monitor for the deposit and make funds available to the beneficiary sub-account within 2-3 business days after they are received in the pooled deposit account.
If you have any questions about the status of a deposit, please reach out to our team at trustsupport@truelinkfinancial.com, and we’d be happy to assist however we can.
Pending, Cleared, and Canceled Statuses
Deposits will either have a Pending, Cleared, or Canceled status assigned to them.
Pending
- If the deposit is pending that means it has not yet been made available to the beneficiary. Deposits are generally made available 2-3 business days after they are received in the pooled deposit account.
- Pending Deposit records can be edited at any time by clicking the green “Edit” button to the right of the Pending record you’d like to update.
- Additionally, you can also cancel Pending records by clicking “Edit” and then clicking the red “Cancel Deposit” button towards the bottom-left of the window that appears.
Cleared
- If the deposit is cleared, that means the deposit is complete and the funds are available to the beneficiary sub-account. The funds will be included in the sub-account total balance and are available for disbursements.
Canceled
- If the deposit is canceled that means it was once a pending deposit record, but was canceled either by you, your team, or a member of our Fund Operations Team. If it was canceled by a member of our team we’ll be sure to reach out to you via email to let you know.