WHAT IT IS

Manual Bank Verification (MBV) helps confirm banking information before initiating an ACH debit or when a lender is trying to determine the credit limit for an individual.


  • Improve successful deposit rates.
  • Reduce overall return rates.
  • Assures compliance with NACHA return thresholds.
  • Does not incur additional bank charges for the customer.


WHAT IT DOES

Manual Bank Verification uses proprietary data from a vast network of financial institutions, small and community banks and credit unions. When requested, manual calls are added to provide the highest available level of verification of funds.

MBV offers unlimited validation attempts without harming the consumer’s credit and is available at two levels of verification.

MBV

Basic verification is available for batch processing or via a flexible API and does not require consumer authorization of participation with the bank. Data is usually returned within 24 hours of submission. Often sooner. Basic verification returns the following information:

  • Validates that a bank account is open, active and has a positive balance.
  • If possible, confirms account type (checking, savings, money market, etc.).
  • If possible, validates if a specific debit amount will clear.

MBV Advantage

MBV Advantage evaluates the same data as MBV and then adds a direct, 3-way call between consumer, their financial institution and an MBV representative. Advantage verification returns the following information:

  • Validates that a bank account is open, active and has a positive balance.
  • Confirms the account type (checking, savings, money market, etc.).
  • Confirms the account is eligible for ACH debits.
  • Provides the date the account was opened.
  • Confirms if the account is jointly owned.
  • Confirms if there are other linked accounts at the financial institution.


WHAT IT IS USED FOR

Manual Bank Verification is a powerful tool for short-term and installment lenders, casinos and other entities looking to establish a line of credit or loan. Specifically, MBV can be used to:

  • Verify account validation and balance information.
  • Evaluate the ability to pay.
  • Improve ACH success rates.
  • Reduce returns and overdraft fees.
  • Eliminate administration, account not found, and account closed returns.
  • Meet compliance requirements with NACHA thresholds for fatal returns.

Customized Solution

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