What Property Owners Should Know About Claim Wallets

If your insurance check names your contractor or mortgage company, you may be asked to use a claim wallet to receive your share. Here are five things property owners should know before they do.

1. Why does my check have more than one name on it?

Your insurance check names more than one party, so everyone has to sign before it can be deposited. That often includes your mortgage company, and sometimes your contractor, public adjuster or attorney. iink lets you sign from your phone and get your share in your bank account without mailing the check.

2. What is a claim wallet?

A claim wallet is where claim proceeds are distributed. Each party on your claim has a wallet. iink splits the claim payment and transfers funds to each party, and you can then transfer your funds to your bank account.

3. What will it cost me?

Homeowners never pay a subscription or account fee. If your mortgage company referred you to iink, a fee may apply depending on their servicing partner. If a contractor, public adjuster or attorney referred you, they may ask you to pay a share of iink's fee. You will see it before you sign, and you can decline it. Standard transfers to your bank are free, and instant transfers carry a fee.

4. How do I see where my payment is?

Everyone on the claim sees the same status in real time, so you do not have to call your contractor or mortgage company to ask where the check is. iink's team also handles communication and documents with the mortgage company.

5. Is my money safe?

iink is a financial technology company, not a bank. Your claim funds are held at iink's bank partner, Member FDIC, until they are paid out, and iink is SOC 2 compliant. Every account is protected with multi-factor authentication and identity verification, and iink uses Plaid to confirm that a bank account belongs to you before sending funds to it. The check cannot be released until every payee named on it has signed, and everyone on the claim sees the same status in real time.

Frequently asked questions

How fast will I get my money?

For property owners, checks take at least 3 business days to clear. After that, standard ACH transfers to your bank account are free, and instant transfers are available where supported. The mortgage company's own review and release steps still apply.

Do I need a bank account?

You need a bank account to receive transfers from your wallet. Wallet works alongside your existing account, so you do not need to switch banks.

Learn more on the homeowners page.