Banking
Manage your assets, fund your brokerage, pay expenses, & more
Banking Page Overview
The Repool platform provides fully integrated banking services in partnership with Blue Ridge Bank. The Banking page enables users to oversee cash management, initiate wire transfers, and access bank statements and historical records.
Balance and Account Statements
Balance and transaction history are available on the landing page of the Bank Account section. Historical bank statements can be found on the 'Statements' tab located at the top of the screen.
Account Details
The 'Account Details' section contains the primary fund bank account information. These wire instructions should be used when transferring funds from brokerage accounts to the fund bank account. However, these details should never be disclosed to investors who are attempting to make investments. All investors receive unique wire instructions upon completing the subscription process, enabling Repool to automatically associate investments with the appropriate investor profiles.
Sending a Wire
Wires can be create by navigating to the 'Send a Wire' screen.
Each time a new wire destination is created, an account nickname is required, and the wire instructions are saved as a template for future use.
The MEMO field is free form and should be leveraged to allow for counterparties to easily identify the wire purpose (e.g. Invoice #3344).
The 'Transaction Purpose' field is intended to make it the wire purpose easily identifiable (e.g. Management Fees).
Wire Workflows
The Repool fund bank account is the only account that should receive investments, send wires to fund brokerage accounts, fulfill redemptions, or cover expenses. Investors should never send wires to the fund without first completing the subscription process. Wires should also never be initiated from brokerage accounts to fulfill redemptions or cover expenses.
Subscriptions: Investor funds arrive at the fund bank account after the investor clears the KYC process. Funds should be wired from the Repool fund bank account to the brokerage accounts.
Redemptions: Funds should be sent from the brokerage account to the Repool fund bank account. The assets will be automatically drawn out of the fund bank account, once the redemption is approved.
Collecting Fees: Funds should be sent directly out of the Repool bank account.
Bank Account Controls
Repool does not have direct access to your bank account for fund transactions and cannot initiate wire transfers. However, Repool does approve all incoming subscriptions, outgoing redemptions, and wire transfers.
Subscriptions: Before granting managers access to approve subscriptions and access investor capital, Repool reviews investor KYC and approves investments.
Redemptions: Before granting managers access to approve redemptions, Repool reviews the investor's wire instructions for AML compliance purposes.
Outgoing Wires: Before approving outgoing wires to fund brokerages or for expense payments, Repool reviews the wires to confirm their intended purpose.
Minimum Required Balance
All fund bank accounts have minimum balance requirements. To avoid bank-related interruptions, all managers should consider their minimum balance requirements before fulfilling redemptions or sending outgoing wires.
Managers can find the specific minimum balance requirement details in the 'Fees and Services' section of their Statement of Work (SOW).
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