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How Does ZimpleMoney Support 401k, IRA, and Trustee-Managed Loans?

Understand how ZimpleMoney supports self-directed 401k and IRA lending, including how to use the addenda field to route payments correctly.

ZimpleMoney is widely used by 401k and self-directed IRA lenders and borrowers to manage loans to beneficiaries or third parties, helping generate a higher yield on retirement account assets.
 
If you are sending money to a self directed 401k, self directed IRA or a trustee managed account or other account managed by a trustee or administrator, you can now use ZimpleMoney's addendum feature to enable the administrator, trustee or account manager to move your funds to your account.
 
Addendums are an added reference for your bank or trustee to use to add a further credit reference number to the ACH credit. You can add an addendum to your bank account, as explained below.

 

 

Table of Contents

Part I: How To Manually Add a New Bank Account


1.) Start by accessing your profile from the navigation menu.


2.) Next, select the Linked Accounts tab to manage your connected financial accounts.



3.) Click the Add Bank Account button to start linking a new bank account.


4.) Select Enter Info Manually

Because this is an IRA account, we'll need to submit the details manually to ensure funds are properly processed.

Part II: How To Add Your Account Information To Addenda

Select the IRA custodian for their specific instructions:

 

 

For Directed Trust Company, enter the information as follows:

1.) Enter the bank account information as follows:

  • Account Name: Directed Trust Company
  • Account Number: 8450721009
  • Routing Number: 124002971
  • Addenda: FBO [Client Name] [Account Type], [Asset ID / Description]



2.) Upload requested documentation:

  • Upload a copy of your bank statement and name the file in the Description field.
  • Upload a copy of your photo ID and name the file.

3.) Click Add to submit your bank account details and uploaded documents for review.

 

For Fortis Bank, enter the information as follows:

1.) Enter the bank account information as follows:

  • Account Name: Fortis Bank
  • Account Number: 1010054813
  • Routing Number: 107006428
  • Addenda: FBO [Client Name] [Account #]



2.) Upload requested documentation:

  • Upload a copy of your bank statement and name the file in the Description field.
  • Upload a copy of your photo ID and name the file.

3.) Click Add to submit your bank account details and uploaded documents for review.

 

 

 

For Madison Trust Company, enter the information as follows:

1.) Enter the bank account information as follows:

  • Account Name: Madison Trust Company Inc.
  • Account Number: 2233435813
  • Routing Number: 121000248
  • Addenda: FBO: [Client Name] [Account #]

 

2.) Upload requested documentation:

  • Upload a copy of your bank statement and name the file in the Description field.
  • Upload a copy of your photo ID and name the file.

3.) Click Add to submit your bank account details and uploaded documents for review.