Verifying External Accounts Using Deposit Challenge Method

Regardless of whether a financial institution employee or a customer creates an external account record, the deposit challenge process is the same.

Each day when the financial institution does its nightly ACH processing for Digital Banking, all external accounts with a status of "Pending" which also have Deposit Challenge as the preferred verification method will appear in the ACH Batches grid of the Approve ACH tab.

Each external account will be displayed as a separate batch and will display a status of Approved. Each batch will have 3 items, 2 credits and 1 debit.

The amounts listed in the Debits and Credits columns are randomly generated when the page is loaded; this means that these amounts will change with each page load. The total amount for the three items will never exceed $1.00 for either the debit or the credits.

An employee can choose to unapprove an account verification batch in the same way they can unapprove other ACH batches. However, unapproving an account verification batch will reject the external account.

An employee can approve an account verification batch by selecting the batch they wish to approve and then clicking the Approve Selected button. Once the batch is approved, the external account will display a status of "In Process" and the batch will no longer be listed on the Approve ACH tab. Instead, the batch will now be listed on the Cash Extracts tab.

Once the account verification batch is approved and displayed on the Cash Extracts tab, it can be included in an ACH file and sent off to FED.

Accounts marked as "In Process" can then be verified by customers by clicking on the Verify button.

Upon clicking the Verify button, a popup box will appear asking the customer to enter the transaction amounts that were sent to their external account.

If the customer enters an invalid amount a message will appear alerting them of the invalid amount and they are asked to try again. If they continue to enter invalid amounts and surpass the number of invalid attempts as set in the "Reject External Account After Invalid Verification Attempts" field, the account will be rejected.

If the amounts they enter match the amounts that were sent in the ACH file, the system verifies the accounts and the account can then be used in transfers and payments.

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