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Deposit Switch

Deposit Switch provides clients with a seamless way to enable automated direct deposit switching in their application. By connecting to their payroll account via Pinwheel, users can make updates to their direct deposit settings without needing to rely on manual processes, paper forms, and other friction-filled methods.

Pinwheel can help increase profitability, engagement, and customer LTV via greater direct deposit penetration.

Use Cases

Direct Deposit Switch

Direct Deposit Switch enables users to update their direct deposit settings directly in your native experience. In just a few clicks, users can change where they receive part or all of their paycheck. To take advantage of this flow, you will use our direct_deposit_switch job.

There are several direct deposit actions that users can choose from:

  1. Full Switch: Replaces all existing allocation accounts with the account specified in the Link token.
  2. Partial Switch: Allows users to add or switch one account using any of the following allocation types:
    • Fixed amount: allows users to specify a specific dollar amount from each paycheck to be sent to the account specified (e.g. $500).
    • Percentage: allows users to allocate a proportion of each paycheck to be sent to the account specified (e.g. 20%).
    • Remainder: allows users to switch the "main" direct deposit account (also referred to as the "balance" or "remainder" account) to the account specified, leaving existing fixed or percentage deposits unchanged.

The partial switch options can be disabled when creating a Link Token using the optional disable_direct_deposit_splitting parameter. This parameter is specific to direct_deposit_switch job.

Paycheck-linked Loans

Paycheck-linked Loans allows your application to create a fixed amount direct deposit allocation to the account specified in the Link token. With Paycheck-linked Loans, borrowers can opt to have lenders collect payment directly from their paycheck. Here you will leverage our direct_deposit_switch job and pass in the amount parameter when creating a Link Token. When this parameter is passed in, users will not be able to edit the amount and is great for scenarios with a fixed payment amount.

The direct_deposit_switch job will set up a recurring payment to the specified account. In order to stop a payment, have the user go through the Link flow again with amount: 0.

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Note

If an allocation already exists for the account specified in the Link token, the allocation will be updated to the new amount. For example if the existing allocation is $500, and you run a direct_deposit_switch job with amount set to $400, the final allocation will be $400, not $900.

Direct Deposit Allocations

Direct Deposit Allocations allows your application to retrieve the existing allocations of a user's payroll account. The direct_deposit_allocations job retrieves direct deposit configuration details including bank routing numbers, masked account numbers, amount, and priority of the existing allocations. See the full API reference here.

This job gives visibility into a user's account, but does not edit the direct deposit settings. Use this to understand how the user is distributing their paycheck and what your share of wallet is.


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