Account Current Status Verification
There is also a checking account validation network that can poll the results of the actual bank account to get the current status from the bank. Newer systems provide a result that is based on the bank account's actual status provided by the bank as of that business banking day are increasing in popularity for companies that take checks by phone, manage monthly check payments, or automatic billing with bank drafts, or who process ACH transactions received by phone or for monthly billing.
Account status verification systems give you the status of the account as of the beginning of the business banking day. They tell you if there is an open active account at that bank and if the check is likely to clear. Status messages such as closed account, NSF, stop payment or invalid account can help determine if a check or ACH transaction will be good.
The results are based on account validity, so there is no way to know if the check will actually clear when it is presented, or if the exact dollar amount is going to be available.
This type of system is used less at retail establishments, and more for companies that do checks by phone sales, monthly check drafting, monthly billing via ACH and online sales. It reduces the number of bad payments that are deposited due to human error, fraud or account status.
Read more about this topic: Check Verification Service
Famous quotes containing the words account, current, status and/or verification:
“How shall we account for our pursuits, if they are original? We get the language with which to describe our various lives out of a common mint.”
—Henry David Thoreau (1817–1862)
“We set up a certain aim, and put ourselves of our own will into the power of a certain current. Once having done that, we find ourselves committed to usages and customs which we had not before fully known, but from which we cannot depart without giving up the end which we have chosen. But we have no right, therefore, to claim that we are under the yoke of necessity. We might as well say that the man whom we see struggling vainly in the current of Niagara could not have helped jumping in.”
—Anna C. Brackett (1836–1911)
“A genuine Left doesn’t consider anyone’s suffering irrelevant or titillating; nor does it function as a microcosm of capitalist economy, with men competing for power and status at the top, and women doing all the work at the bottom.... Goodbye to all that.”
—Robin Morgan (b. 1941)
“A fact is a proposition of which the verification by an appeal to the primary sources of our knowledge or to experience is direct and simple. A theory, on the other hand, if true, has all the characteristics of a fact except that its verification is possible only by indirect, remote, and difficult means.”
—Chauncey Wright (1830–1875)