External Account Verification Clause Samples
The External Account Verification clause establishes the requirement for verifying the identity or ownership of accounts held outside the primary organization or service. Typically, this involves confirming account details through methods such as micro-deposits, authentication codes, or third-party verification services before allowing transactions or linking accounts. This clause is essential for preventing fraud, ensuring compliance with regulatory standards, and safeguarding both parties by confirming that only authorized users can connect or access external accounts.
External Account Verification. We may verify the account(s) you add to the External Transfer Service. You authorize us to validate your account(s) at your other bank, credit union or other institution using one or more of the following methods, subject to availability:
a. Online (Real Time)
External Account Verification. Before you may use Outbound ACH Transfer, we may verify your ownership of your External Bank Account, including by (i) asking you to provide account or other information to verify proof of your ownership, (ii) engaging in test transfers, and/or (iii) accessing your account information at the other institution.
External Account Verification. Before you can transfer funds to or from a Recipient Account you maintain at another financial institution, the account must be set up and verified through our online banking website. Set -up for these accounts may require you to verify one or more microdeposits to or withdrawals from to the account. Depending on the transfer type and your actions, it may take several days for an account to be set up and verified. Each time you instruct us to transfer funds to or from an account you maintain at another financial institution, you warrant to us that you are an owner of that account, that you are authorized to use the Service for that transaction, and that no other person's authorization is required. We may charge your account for the transfer amount as early as the transfer process date and credit the funds to an omnibus account our vendor uses to process transactions.