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. On the other hand, if it is outside the US, declining the check usage for the favor of debit card and credit card means that the merchant rarely accepts the checks and for that, using checking account validation wasn’t necessary anymore. 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 have comprehensive list of people who are either paying bills using check that was returned or otherwise called as bouncing check or has written a bad check at a 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 – enhanced checking account validation by offering database with the historical data of account holder itself and not restricted to the people who is writing the check. This kind of system uses real-time checking account verification to record the account number for all the checks that do not clear and could tell if that checking account has 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. echeck verification services is way more valuable when taking business or even company checks since the identity of the person who is writing the check has 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.