Bank statement underwriting
Overview
Statement underwriting is an alternative way for us to underwrite your account limit if you cannot/choose not to connect your bank account. It involves downloading a statement from your bank and manually uploading it to Brex. We’ll then base your limit off of the account balance reflected in the statement. We allow accounts to move to statement underwriting on a case-by-case basis, often for scenarios such as these:
- Your bank is not supported by Brex.
- You're having persistent issues connecting your bank to Brex.
- You prefer not to connect your bank to Brex.
You can also move to statement underwriting temporarily If you're having issues connecting your bank.
Statements we can accept
Before making the switch to statement underwriting, you’ll want to make sure that your bank issues statements in a format that we can accept. In order to be used for underwriting purposes, these statements should be:
- Complete: Statements with missing pages will not be accepted.
- Unaltered: No redacted info and markups such as highlighting or commenting.
- In PDF format: Screenshots, spreadsheets, scanned copies, or activity reports will only be considered in exceptional cases.
- From business accounts only: Personal bank accounts will not be accepted.
- From domestic bank accounts only and with funds denominated in USD.
Outside of standard bank statements, we also accept these formats:
- Consolidated statements (i.e. one single PDF that contains multiple accounts):
- These will be accepted as long as each account satisfies our general guidelines.
- Certificates of deposits:
- These are also accepted as long as their maturity is <1 year old.
Getting started
If you qualify for a move to statement underwriting, our support team will need to set it up for you. Please reach out with the following documents, depending on your company type:
| Company type | Initial requirements | Ongoing requirements |
|---|---|---|
| Tech | Two most recent monthly bank statements | Most recent monthly bank statement |
| Ecommerce |
|
|
| Life sciences | Two most recent monthly bank statements | Most recent monthly bank statement |
Note: The minimum cash balance requirements and/or monthly sales requirements will also increase with this alternative option.
Submitting statements
Once you're approved for this alternative, we’ll email your account and card admins when we require them to upload statements. You can upload your most recent statements at any time from the Financial documents page in your Brex dashboard.
Moving forward, you’ll use this same page in your dashboard to upload the most recent month’s statements. Please make sure to upload statements at the requested cadence. Since we base your limit on your company’s cash balance, we cannot maintain your credit limit if we don’t receive the required statements for an extended period of time.
Manually upload statements
iIf you’re unable to connect your bank to your Brex account, we may instead ask you to manually submit statements. You can upload your most recent statements at any time from the Bank Statements tab in your Company Settings. Note: If this is your first time uploading statements for this bank account, you’ll be asked to upload the 2 most recent bank statements for your bank account(s). Moving forward, please continue uploading your statements to your dashboard in this location when requested. We’ll also send reminder emails to account or card admins with secure upload links.