In order to withdraw funds from your digital wallet to your Bank Account, you will first need to verify it.
We also recommend taking the time to verify your Bank Account before you need to withdraw funds from your digital wallet to avoid any delays.
Verifying your Bank Account is important because if you accidentally enter the wrong Bank Account information, the following can happen:
- Your bank will not be able to find your account and your bank transfer will fail. The money may be returned to Verivend after a few days and put back into your digital wallet, but we cannot guarantee that will happen.
- If the bank does not return the transfer, the funds may be lost. Verivend is not responsible for lost transfers as a result of incorrect bank credentials. Your bank will be the best point of contact in this scenario.
Bank Accounts connected to your Organization (entity) are verified with Micro Deposit transactions. This is an industry-standard method of ensuring that the entity or individual owns the bank account that is connected to your Organization. The verification process only needs to be completed once per Bank Account and ensures that funds withdrawn from your digital wallet will be deposited to the intended and correct Bank Account.
When a Bank Account is connected to your Organization, Micro Deposit Verification is required to be completed before funds can be withdrawn from your digital wallet to the Bank Account. This requirement provides greater security to confirm account ownership and accuracy before funds are sent, ensuring that all funds withdrawn from your digital wallet will be received in the expected Bank Account.
After a Bank Account is connected to your Organization it will be shown as Unverified. To begin the Micro Deposit Verification process, click the Start Verification link for the Bank Account.
On the Verify Bank Account screen click the Verify Account button to begin the Micro Deposit Verification process.
After beginning the Micro Deposit Verification process the Bank Account will be shown as Pending Verification.
You will receive an email notification confirming the Micro Deposit Verification process has begun.
When you see the two micro deposits appear in your Bank Account return to the Bank Accounts area and click the Complete Verification link to complete the Micro Deposit Verification process.
Enter the two micro deposit amounts in the Verify Bank Account screen to complete the Micro Deposit Verification process. After completing the verification process your Bank Account will be shown as Verified.