As part of our bank verification process, we use the well-established "micro-deposit" method. Currently, we verify bank accounts via wire transfers (Q1 2025), rather than other money movement mechanisms. While we plan to introduce additional verification methods (such as RTP and ACH), they are not yet available.
Why We Chose Wire Transfers for Verification
We use wire-based micro-deposits for several key reasons:
Security and Reliability – This method has been used since the early 2000s and is widely recognized as a secure way to verify bank accounts.
Alignment with Customer Transactions – Most of our customers move funds via wire transfers, yet most bank verification services do not use wires for account verification.
Finality of Wires – Capital transactions primarily operate on wire rails. Unlike ACH transfers, wires are one-directional and cannot be reversed, ensuring finality.
Consistency in Money Movement – ACH and wire details can sometimes differ. We verify accounts using the same method customers will use to move funds in the future. If another transfer method is needed, we will verify it accordingly.
Clarifying ACH vs. Wires – Many customers are unfamiliar with the differences between ACH and wire transfers, so our process helps establish a clear understanding.
What Happens to the MicroDeposit?
The small deposit we send as part of the verification process does not need to be returned. We consider this a cost of onboarding customers and ensuring secure transactions.