Our Verification Process
We currently verify bank accounts using small wire transfers (as of Q1 2025). While we plan to add more verification options (including RTP and ACH) in the future, these aren't yet available.
Why We Use Wire Transfers for Verification
We chose wire-based microdeposits for these reasons:
Proven Security – This verification method has been trusted since the early 2000s.
Matches Your Transactions – Most of our customers use wire transfers, yet most verification services don't verify through wires.
Non-Reversible – Unlike ACH, wire transfers cannot be reversed, providing transaction finality.
Consistent Details – We verify accounts using the same method you'll use for future transfers.
Clear Expectations – Our process helps clarify the important differences between ACH and wire transfers.
What Happens to the Microdeposit?
The small deposit we send is yours to keep. Basefund covers this expense as part of our commitment to secure verification.