Ramp Operating Account Overview

Ramp Operating Account is currently available through sales enrollment for eligible businesses. Businesses in New York and Hawaii are not eligible. If you are interested, reach out to your sales point of contact.

Overview

The Ramp Operating Account is Ramp's business account solution powered by JPMorgan Chase, one of the world's largest and most established banks. It offers the same core cash management workflows customers use with Ramp Checking Account Overview, while using a different underlying account structure.

Ramp Operating Account is designed for businesses that want an account backed by a Globally Systemically Important Bank, need higher transaction limits, need to receive inbound international SWIFT wires, or want to fund international Bill Pay from Ramp Banking.

What can I use this for?

You can use Ramp Operating Account for the same core operating cash workflows you already manage in Ramp Banking.

• Funding payroll through providers such as Deel and Justworks, and receiving payments
• Paying card statement payments, domestic and international bill payments, domestic reimbursements, and Ramp service fees
• Sending outbound payments
• Managing day-to-day operational cash flows

How Ramp Operating Account works

Ramp Operating Account is a pooled stored-value wallet program held with JPMorgan Chase. Within Ramp, the account appears alongside your other Banking accounts in Banking > Overview, and you can manage account settings in Account details.

• Account structure: Virtual Transaction Accounts within a Cash Management Account (CMA).
• FDIC insurance: Up to $250,000 in pass-through FDIC coverage per account.
• Ownership: Accounts are owned by Ramp Payments Corp and held on behalf of customers.
• Ledgering: Ramp maintains individual customer ledgers within the pooled structure.
• Yield: Interest is paid monthly by JPMorgan Chase directly into customer accounts.
• Account activation: You can use ACH debit pull transfers immediately in Move money , but the routing and account numbers used for incoming wires and other external payments are generated within 24 to 31 hours.

Unlike Ramp Checking Account, where the customer owns an individual deposit account, Ramp Operating Account uses a pooled wallet structure with customer balances sub-ledgered by Ramp. If your business needs an individual deposit account structure, compare this article with Ramp Checking Account Overview before opening a new account.

What's different from Ramp Checking Account?

Ramp Checking Account and Ramp Operating Account both support Ramp Banking workflows, including funding card payments, Bill Pay, reimbursements, statements, and automations. The main differences are the underlying banking partner, account structure, some payment capabilities, and a few control features.

Banking and account features

Payment capabilities

Security and control features

Ramp Operating Account does not support the Require approval debit setting that is available on Ramp Checking Account. For the current debit settings workflow, see Ramp Banking Approval controls for external debits.

Ramp features

Lender control agreements

How to choose the right account

Open a Ramp Operating Account if your business wants an account backed by JPMorgan Chase, needs higher transaction limits, needs inbound international SWIFT wires, or wants to fund international Bill Pay from Ramp Banking.

Open a Ramp Checking Account if your business needs immediate access to routing and account numbers, check deposits, international reimbursements, advanced debit controls such as Require approval, or an individual deposit account structure.

If your business is based in New York or Hawaii, Ramp Operating Account is not available. In that case, see Ramp Checking Account Overview for the currently supported Banking account option.

Frequently asked questions

General questions

When will Ramp Operating Account be available to customers?

Ramp Operating Account is currently available through sales enrollment. If you are interested, reach out to your sales point of contact.

How do I get started and open a Ramp Operating Account?

Ask your sales point of contact to enable Ramp Operating Account for your business. Once enabled, go to Banking and click New > Ramp Operating Account, or click Open a new account on the Banking > Overview landing page.

Can existing customers with Ramp Checking Account switch to Ramp Operating Account?

You can open a new Ramp Operating Account, but Ramp does not currently support migrating an existing Ramp Checking Account to Ramp Operating Account. You can keep both account types at the same time.

How do I know which business account to use?

Choose Ramp Operating Account if your business prefers an account backed by JPMorgan Chase, needs higher transaction limits, needs inbound international payments, or wants to fund international Bill Pay from Ramp Banking. Choose Ramp Checking Account if you need immediate access to routing and account numbers, check deposits, international reimbursements, more advanced debit controls, or an individual deposit account structure.

Which businesses are not eligible for Ramp Operating Account?

Businesses in New York or Hawaii are not eligible for Ramp Operating Account.

What's the pricing difference between Ramp Checking Account and Ramp Operating Account?

Both accounts currently offer 2% APY, with no account fees or minimum balance requirements.

Banking and account structure

What's the difference between a deposit account and a wallet account?

Ramp Checking Account creates individual deposit accounts where the customer is the direct account holder. Ramp Operating Account uses a pooled wallet structure where Ramp Payments Corp owns the account and maintains a customer-by-customer ledger within that structure.

Why is FDIC insurance different for Ramp Operating Account?

Ramp Checking Account uses IntraFi to extend coverage above the standard FDIC limit. Ramp Operating Account does not use IntraFi, so it offers up to $250,000 in pass-through FDIC coverage per account.

Who owns the customer's funds?

Funds are held by Ramp Payments Corp on behalf of the customer in a pooled account at JPMorgan Chase. Ramp maintains an individual ledger for each customer account within that pooled structure.

Why does it take 24 to 31 hours to get account details?

JPMorgan Chase generates the routing and account numbers used for incoming wires and other external payments overnight as part of the activation process. You can still start funding the account immediately through ACH debit pull transfers in Move money.

Payments and features

Can customers use Ramp Operating Account for payroll if they use Gusto, ADP, or other providers?

Yes. Third-party ACH debits, including payroll debits, are supported, so you can use Ramp Operating Account to fund payroll through providers such as Gusto and ADP.

Are inbound international payments supported?

Yes. Ramp Operating Account supports inbound SWIFT wires.

Can customers receive checks?

No. Check deposits are not currently supported for Ramp Operating Account. If your business needs check deposits, use Ramp Checking Account instead.

What are the outbound domestic payment limits for Ramp Operating Account?

The current outbound domestic limits are:

• Domestic wire: $12M
• Standard ACH: $5 million
• Same-day ACH: $1 million
• RTP: $10 million
• International Bill Pay: Supported for eligible international vendor payments. See International transfers on Ramp Bill Pay .

Technical and operations

How are accounting integrations affected?

Ramp Operating Account integrates with the same accounting systems as Ramp Checking Account. Bank feeds and Banking transaction syncing work the same way.

Does Ramp Operating Account offer bank verification letters for auditors?

Yes. Ramp Operating Account supports bank verification letters generated by Ramp. You can download them from Bank letter.

Related articles

• Ramp Checking Account Overview
• Ramp Banking Payments Overview
• Ramp Banking Approval controls for external debits