Micro-deposits
We highly recommended that you verify ownership of every linked bank account. To add a bank account in Moov, you’ll need to provide:
- Bank account holder’s name
- Bank account number
- Routing number
What are micro-deposits?
Micro-deposits are small temporary deposits that land in a customer’s bank account for verification purposes. Once the customer correctly verifies the micro-deposit amounts, they are considered the valid owner of that bank account.
Verification
When you initiate the micro-deposit verification process through the API, Moov simultaneously initiates a debit to recoup the micro-deposits. You can find information in the status section below about how micro-deposits could impact the overall verification process.
Once micro-deposits have been initiated, customers will see the 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.
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.
Once the bank account is verified, Moov will automatically generate new payment methods that allow the bank account to be debited.
If Moov receives an ACH return from the financial institution after sending micro-deposits, the bank account’s status will change to verificationFailed or errored based on the return code.
See our bank account status guide for more information on accounts that have been verified through micro-deposits.