Bank accounts
Link bank accounts to Moov accounts and verify bank accounts through micro-deposits, Plaid Link, or MX verification.
Trigger micro-deposit verification for 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.
You’re still able to 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.
Account types
| Account type | Description | Individual account | Business account |
|---|---|---|---|
checking |
Standard checking account | ✓ | ✓ |
savings |
Standard savings account | ✓ | ✓ |
loan |
Loan account for activities such as debt repayment and consumer bill pay | ✓ | ✓ |
general-ledger |
Ledger account for activities such as disbursements and external account funding | X | ✓ |
Payment methods
Moov will automatically create payment methods for every rail a bank account is eligible to be used with.
| Payment method | Use as | Details |
|---|---|---|
ach-debit-fund |
Source | Fund payouts or add funds to a Moov wallet from a verified linked bank account |
ach-debit-collect |
Source | Pull funds from a verified linked bank account for bill payment, direct debit, or e-check type use-cases |
ach-credit-standard |
Destination | Disburse funds to a linked bank account |
ach-credit-same-day |
Destination | Disburse funds to a linked bank account using same-day processing |
rtp-credit (beta) |
Destination | Disburse funds to a linked bank account in near real time. The source for a rtp-credit payment method must be a moov-wallet. |
Use the guides below to learn more about bank account verification options.
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