Streamlined Account and Depositor Creation and Association

Account Creation

To add a new account, click the "Manage Program" button and select "Add Single Account" from the dropdown. Enter the required account details, including the account title, signer's primary name, account type, account dividend rate, and upload the account agreement.

After submitting the account information, you'll be prompted to add depositor information to complete the onboarding flow. The depositor represents the individual(s) or entity that is the beneficial owner of the funds in the account. At this step, you can either select an existing depositor or add a new one.

To select an existing ModernFi depositor, choose the "Existing Depositor" option and search for members by name or Institution Depositor ID. Once selected, all depositor fields will auto-populate with their saved information.

To add a new depositor, enter their details including type, name, contact information, and address. For financial institutions using SSO integration, you must also provide the depositor's digital banking ID, which maps to the Institution Depositor ID in ModernFi's system. This ID is required for SSO authentication and should correspond to the depositor entity, not individual signers. You can optionally send the depositor a portal invitation to access their account information.

Once submitted, both the account and depositor are automatically created on ModernFi's side and will immediately appear in the Accounts and Depositors tabs.

Managing Depositor Associations

There are three ways to add or update depositor associations on an existing account:

• Add Depositor(s) During Account Creation: As described above, you can select one or more existing depositors or create a new depositor as part of the account opening flow. Note that you can only add one new depositor during account creation; you can associate additional depositors to the account after it is created following the instructions below.
• Add or Remove an Existing Depositor to an Existing Account: In the Accounts table, select the "Edit Account" icon on any account row to add or update depositor associations using the "Add or Remove Existing Depositor" field.
• Add a New Depositor to an Existing Account: In the Accounts table, select the Add Depositor icon on any account row to create a net-new depositor to associate with an existing account.

Note on ModernFi’s Treatment of Depositors

The Depositor field on ModernFi’s system refers to the beneficial owner(s) of funds held in Extended Insurance Accounts, meaning the members or beneficiaries associated with a given account, depending on its nature. Further, the depositors associated with a given account drive the account’s allocation treatment (e.g., up to $250K can be placed per institution for accounts with single depositors, whereas up to $500K can be placed per institution for accounts with two depositors).

Please note that for Extended Insurance Accounts with multiple depositors, ModernFi conservatively caps the allocation of account funds at a single institution to up to $500K, even in cases of 3-5 depositors.