Banks and lending agencies utilize different processes to verify bank accounts, but a common method involves small electronic deposits, as detailed by Scottrade, Lending Club and Square. These financial institutions make a deposit into your bank account, and you must confirm the transaction amount to verify the account.Continue Reading
Scottrade bank makes two electronic deposits into your bank account, reports the Scottrade website. You then have 60 days to confirm the amount. Confirm the amount by visiting the Scottrade website and navigating to the verify deposits section. Scottrade then displays the account on its registered accounts page. Delete any pending accounts that you no longer wish to verify, if necessary.
The Lending Club also deposits an amount less than one dollar into your bank account, reports the Lending Club website. The deposit figure is available four days after the initiation of the transaction. Once deposited, navigate to the verify account link to confirm the amount. As a loaning institution, Lending Tree then uses this same bank account to withdraw monthly loan payments.
Square requires the user to enter all information into the account and then confirm the deposit amounts, reports the Square website. This verification allows Square to deposit and withdraw from the account accordingly. The entire process can take up to five business days to complete.Learn more about Bank Accounts