MEXEM FAQ Tags

deposit

Funds & Banking

What is the credit hold period for ACH deposits?

ACH deposits, like checks, aren't guaranteed and have a 4-day hold period. MEXEM enforces the hold to protect against potential unauthorized transfers. Wire transfers are recommended for instant access. MEXEM doesn't charge for incoming wires, except for Mexican Peso. Check our website for more details.

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Funds & Banking

How does the Insured Bank Deposit Sweep Program help maximize my FDIC insurance eligibility?

The Insured Bank Deposit Sweep Program allocates your cash across multiple FDIC-insured banks for full protection. A $750,000 deposit is split: $250,000 held at MEXEM, $500,000 spread across three banks. This system allows coverage up to $2,750,000 ($5,250,000 joint accounts). More details on MEXEM's website.

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Funds & Banking

How do I transfer funds to MEXEM?

To deposit funds into your MEXEM account, log in to Client Portal/Account Management and go to Transfer & Pay > Transfer Funds > Deposit Funds. Choose the currency and follow the provided instructions to initiate the transfer with your bank. After finalizing the deposit notification, you may need to contact the transferring establishment with the necessary details. For more information, refer to the available resources on transferring positions, available methods for fund transfer, and third-party deposits.

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Funds & Banking

Can I set up direct deposit from payroll?

US residents can set up direct deposit for payroll, Social Security, pension, etc. in USD. Contact your paying institution to start or modify direct deposit. For Social Security benefits, visit www.ssa.gov/deposit/howtosign.htm or call 1-800-772-1213. For IRS tax refunds, use Form 1040 or Form 1040A for one account, or Form 8888 for multiple accounts. Provide the following to your payer: Account Holder Name, MEXEM's ABA Routing Number, Account Number, and Account Type. It may take several payment cycles to activate direct deposits. More information is available in Client Portal/Account Management under Transfer & Pay, Direct Deposit menu.

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General Questions

Can I deposit from joint bank accounts?

Clients can deposit from joint bank accounts using methods in the "Transfer & Pay, Transfer Funds" menu in Client Portal/Account Management. Specific payment instructions will appear during the process. Confirm any restrictions with your bank.

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Funds & Banking

Can I deposit by credit card?

MEXEM doesn't accept deposits via credit or debit card, only transfers from a same-name bank or broker account. For routing details, create a deposit notification in Client Portal/Account Management by choosing "Transfer & Pay" then "Transfer Funds". Further instructions are in our Users' Guide.

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