Security

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ACH Transactions

The Automated Clearing House System (ACH) is a batch processing system that transfers funds between banks and was established by the US Federal Reserve. Do you use direct deposit to receive your paycheck? Have you ever paid a bill online? If yes, then you have used the ACH network. Essentially, funds move from one bank account to another with the help of an intermediary that routes the money to a final destination. We choose to use ACH as the only payment method for our members’ Pool contributions and withdrawals because it’s quick, inexpensive, and extremely secure. Our system uses an API (a set of programming instructions) from our payment facilitator with industry-leading encryption. As a member of EPIMONI, you will participate in a series of ACH transactions to and from your checking account.


Attaching a Checking Account

When creating your EPIMONI profile, you will be asked to attach your bank or credit union checking account using our secure tokenized system. When you log in, your bank will send our software a "Yay" or "Nay" about your account. Because you won't manually enter your routing or account number, your sensitive information or account numbers will never touch our servers. Remember, you cannot join Pools or use Pool Builder until your account is linked and verified.

First, select your bank or credit union. If it doesn't appear in the list of available banks, you can search for it. If your bank does not participate in this service (for example, if you use a small, local bank), you can manually add it.

Next, simply login to your account using the same credentials that you normally use for your bank’s website or mobile app.

Lastly, select your checking account and our system will then instantly verify your account. Your profile is now complete.


Escrow Account

Do you use an ATM? Have you ever sold something on eBay? These are both systems that use escrow accounts. An escrow account is a special type of account maintained by a third party and used to hold funds that are owned by other people.

In the eBay example, eBay holds the funds deposited by the buyer until the buyer confirms he or she has received the item from the seller. eBay is then responsible to disburse the funds to the seller so he or she can be paid for the sale. This escrow account provides security for both parties: The buyer gets protection from paying and not ever receiving the item, and the seller gets protection from giving the item to the buyer and never getting paid.

Our system uses an escrow account to hold the deposited funds in a pool and then disburse them to the member who is scheduled to receive the withdrawal that period. This layer of security ensures no member can withdraw when they aren’t scheduled to. Additionally, it provides security from EPIMONI, as a company, from “running off” with everyone’s deposited money.


On the Forefront of Innovation

EPIMONI is on the cutting edge of financial savings technology by bringing a proven concept to an online platform. Your security and the value we bring to you are top priorities. Our team is working hard to keep our platform on the forefront of innovation, and we will continue to incorporate new features to ensure security for everyone on the platform. Get $10 for free to use in our beta app.  

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