min read

Money Movement Controls

At Holdings, we understand that the security of your funds is a top priority. That's why we've implemented a powerful feature called Money Movement Controls, designed to give you peace of mind and an extra layer of protection when it comes to managing your business finances.

With Money Movement Controls, you can enable a dual-approval requirement for any transaction initiated within Holdings. This means that before any money moves in or out of your account, a second set of eyes will review and approve the transaction. It's like having a trusted partner watching your back, ensuring that every financial decision is made with care and confidence.

How do I enable or disable Money Movement Controls?

Note: You must be a SuperAdmin to enable or disable this control.

1. After logging into Holdings, navigate to the Team tab.

2. Select "Add money movement controls."

3. Toggle "Money Movement Admin Approvals."

4. When enabling, the bar will now show "Controls Active on your account."

How do I approve or decline a pending transaction?

Note: Only an Admin or SuperAdmin can approve a transaction, and it cannot be the same user who created the transaction.

1. After logging into Holdings, navigate to the Activity tab.

2. Select the transaction with the "Pending Approval" tag.

3. Select "Review."

4. Select "Approve Money Movement" or "Decline Money Movement."

How do I send money with Money Movement Controls enabled?

Note: Members, Admins, and SuperAdmins can initiate transactions; however, a second approval from an Admin or SuperAdmin is required to complete the transaction.

1. After logging into Holdings, navigate to the Activity tab.

2. Select "Move Money."

3. Select the direction, enter the amount, select the bank account destination/source, and type of money movement.

4. Select "Request Approval."

5. The screen will confirm that the request has been sent via email for approval!

6. You can see the "Pending Approval" state of the transaction on the Activity tab.

Should we enable Money Movement Controls?

It is best practice to ensure that the same person cannot create and authorize a transaction. Some smaller companies, like single proprietorships, may not have that issue.

Security and controls around financial processes are critical for any company to pass financial and security audits or reviews.

We recommend implementing Money Movement Controls, but we recognize that situations vary. Please discuss this with your executive team and any outside finance or accounting services.

At Holdings, we're more than just a banking partner; we're a community of entrepreneurs, innovators, and dreamers. We're here to provide you with the tools, support, and peace of mind you need to succeed. Enable Money Movement Controls today and experience the difference of banking with a partner who truly has your back.

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