North Capital Escrow Account (North Capital, ACH, Issuer Account)

WealthBlock is a pure tech vendor. We do not touch any money/payment directly.  North Capital is one option you can use as an escrow service provider and to initiate the transfer of funds.  

TABLE OF CONTENTS

• How do I set up a North Capital account?
• Will North Capital work with any issuer?
• What are North Capital's escrow service fees? 
• Once the North Capital is open, how do I link an offer in the platform?
• How can I edit the Issuer account in the platform?
• When/how often does the escrow account disburse funds to our internal account?
• Do we have view access to escrow account for our internal audit team/fund admin?
• How are refunds processed?

How do I set up a North Capital account?

To use North Capital as your escrow provider, you first need to set up an account for your offer. 

• Please contact Nikki Gilbreth (ngilbreth@northcapital.com) and mention that you use the WB platform to access this escrow account

Will North Capital work with any issuer?

There are certain instances where North Capital may decline escrow services.  Please feel free to review the PDF attached for more details. 

What are North Capital's escrow service fees? 

The following fees are charged by North Capital directly (WealthBlock does not see these charges):

• Setup Fee: $500 
• Bad Actor Check: $75 per check (required for control persons of a company/offering) 
• Check Handling: $10 per check 
• Transactional Costs: $100 per additional escrow break 
• Wire Handling: $25 per domestic wire / $45 per international wire 
• Amendment Fee: $100 per amendment

Once the North Capital is open, how do I link an offer in the platform?

1. Select Offers from the left menu
2. Click into the offer the escrow account should be tied to
3. Choose Investor Flow on the left
4. Click the gear icon on the Payment Method step
   
   

   
   

5. Check the box to Enable ACH 
   
   
   
   
6. Select North Capital
7. Enter the exact name of the escrow account as it appears in your North Capital Escrow account admin interface
   
   

   
   

8. Click Save Changes
9. Once the escrow account has been linked, you will be able to accept ACH
   • You can repeat this process and select Enable Credit Card to accept credit card payments directly to escrow

How can I edit the Issuer account in the platform?

When linking escrow account, the Issuer account will also be created in North Capital. In your CRM, please make sure you have completely filled out the Issuer contact information and address. You will see an error message when linking your offer if any of these pieces of information are missing for the Issuer.

1. Select Accounts from the left menu
2. Search for the account name
   • You can use the Account Type filter to view only Issuer accounts
3. Click into the account
4. Adjust any incorrect information on the Account tab
   • Name
   • Company Name
   • Address
5. Click Save Account

When/how often does the escrow account disburse funds to our internal account?

Please feel free to reach out to your escrow provider for these details.

• You can contact Nikki Gilbreth via email at ngilbreth@northcapital.com.

Do we have view access to escrow account for our internal audit team/fund admin?

North Capital will provide you with a login and interface where you can view all transactions in your escrow account. 

**If a subscription name does not match the name on the funding account, it is your responsibility to decide whether or not to release escrow for that account.

How are refunds processed?

North Capital will handle payment refunds upon request.  

Beginning Monday, April 17, 2023, refunds for ACH transactions will be processed only after the return window for ACH chargebacks has expired. In the context of a return requested by an investor, this means that the earliest date such investor would receive a payment refund is 60 days following the date the funds are first posted to the escrow account.