Flipping Deposits to Whale

To move the deposits of current residents to Whale, you'll need to transfer the funds to Whale once the resident creates their account. This only applies to current residents when you first launch as all new tenants will fund their Whale Deposit account directly from their personal bank account.

As current residents open their Whale accounts, we’ll request wire/ACH transfers for their deposits so we can move the funds to their new Whale accounts.

Although the resident can log in to see their balance any time and have immediate access to earned interest, the deposit remains locked until we receive a move-out statement from you at the end of the lease.

How the transfer process works

1. Residents open their Whale accounts

2. Whale requests the deposits for the residents who have opened accounts (we'll send a detailed list of the residents and their deposit amounts).

3. Owner/operator initiates the funds transfer

4. Whale routes the deposits into each resident's own account where it remains locked until a move-out statement is received

5. Whale sends a confirmation to the owner/operator and the resident