Important Info About Checking Account Verification Services
An individual or a business can have the ability to check the validity of draft presented or actual check or perhaps, verify the account holder’s history or both using checking account verification services. As a matter of fact, there are plenty of ways that can be used to provide this service similar to getting in touch with the bank that issued the check to get the information about the account’s status, checking the account numbers and routing and that they’re all valid using algorithms and even check several databases with account or negative history.
Apart from banks, you can also find 3rd party companies that are offering checking account verification systems which you can probably take advantage of.
Verification services are pretty common in US. However, outside the states, decline in check usage in exchange for the debit and credit card’s favor means that the checks are accepted rarely by merchants and therefore, checking account validation was no longer necessary. The check verification service could use multiple methods or perhaps, it can combine a number in an effort to verify the check’s validity.
Negative check database – negative check database does have comprehensive list of people who either paid a bill using a check that was returned or also referred to as bouncing check or wrote a bad check at retail location. The historical data check verification services that are using national network alongside negative check database could be hard for businesses and consumers to remove themselves as soon as they jump on it, even in case of errors.
This verification is linked often to account holder who is writing the check and running verification through their driver’s license number. With this kind of information, it plays a valuable role for preventing loss as it will be able to help identifying habitual or historically check bouncers who have high possibilities of reoffending.
Account history database – this provides database with historical data of the account itself and not only the person who writes the check which allows better checking account validation. This system is using real-time checking account verification for recording the account number for all checks that don’t clear and can tell if that checking account has got returns prior.
Since this system is based on history of all the checks written in the account, it could deliver valuable info, much like negative check database except the fact that the information isn’t based on the person’s identity who is writing the check. The echeck verification services is more valuable when taking company or business checks as oftentimes, the person’s identity who writes the check has got little to do with company check.
With the increasing demands for checking account services, it is not really a surprise that there are also available checking account verification online.