Bank accounts

Your users can link their bank account to their Moov account to participate in transfers.

To add a bank account in Moov, you’ll need to provide:

Bank account holder’s name
Bank account number
Routing number

You can send funds to a bank account that hasn’t been verified, but in order to collect funds from that account, its ownership must be verified. You can trigger micro-deposit verification of any bank account immediately after you’ve captured that bank account’s details. Alternatively, you can use instant account verification (IAV) with Plaid Link or MX if you have an existing relationship with Plaid or MX.

Micro-deposit verification

tip

If you request micro-deposits before 4:00 PM ET, we process them on the same day. If you request micro-deposits any time after 4:00 PM ET, we process them on the next day. Depending on how your bank posts transactions, micro-deposits will appear in your account between 3-5 business days.

When you initiate the micro-deposit verification process, Moov simultaneously initiates a debit to recoup the micro-deposits. The debit will not impact the status of the verification process.

Once micro-deposits have been initiated, customers will see these values in their bank account within three business days. Each micro-deposit can be up to .49¢, and will appear in accounts with a description of AcctVerify. Before the bank account can be used, the account owner must exactly enter the two unique values in your app. The account owner has 14 days to complete micro-deposit verification. If 14 days transpire, and the account owner hasn’t entered the micro-deposits, you can re-trigger micro-deposit verification.

Once the bank account is verified, Moov will automatically generate new payment methods that allow the bank account to be debited.

The bank account’s status will change to verificationFailed if after sending micro-deposits Moov receives an ACH return from the financial institution. The account status will be errored if there are too many failed micro-deposit attempts.

For security purposes, we cap the number of attempts to enter the values, as well as the number of attempts to link a bank account that have previously resulted in expired or failed verifications.

Verification status

Below we summarize the different bank account verification statuses. If you’re experiencing issues related to a bank account’s verification status, contact support and select submit a support ticket for technical issues.

Status	Description
`new`	Brand new account, has not yet initiated verification but can receive funds
`pending`	Micro-deposit process has kicked off but is not yet complete
`verificationFailed`	The maximum number of micro-deposit attempts has been exceeded or the amounts have expired; or re-verification is necessary due to an event that has occurred (see failure codes). You can initiate micro-deposits again by resubmitting
`errored`	Moov is locking the account for security purposes, or due to a certain event has occurred (see failure codes). You cannot resubmit, but you can add a new bank account. If you’re troubleshooting a bank account with this status, contact support and select submit a support ticket for technical issues.
`verified`	Bank account has been successfully verified

Payment methods

Moov will automatically create payment methods for every rail a bank account is eligible to be used with.

Payment method	Description	Capability	Verification required
`ach-credit-standard`	Can receive credits via standard ACH	`transfers`
`ach-credit-same-day`	Can receive credits via same-day ACH	`transfers`
`ach-debit-fund`	Can debit account for funding a transfer	`send-funds`	✓
`ach-debit-collect`	Can debit account to collect payment	`collect-funds`	✓
`rtp-credit`	Can receive credits via RTP®	`transfers`

RTP® is not yet generally available. Contact Moov for more information.

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Link bank accounts with MX Link bank accounts with Plaid