Bank Verification and Document SubmissionFrequently Asked Questions (2024)

FAQs

What is the verification of bank documents? ›

The first step in verifying a bank statement is to confirm ownership by the named account holder. Cross check that key details – the account holder's full name, account number, address, contact information – match across the statement and other financial documents provided.

Here, the account holder furnishes their account particulars to the service provider or financial institution. Subsequently, the provider initiates two nominal deposits into the account, typically less than a dollar each. The account holder then verifies the precise amounts of these deposits to confirm ownership.

Bank statements. Deposit tickets, deposit forms, or account agreements that are signed or stamped by the bank. Screenshots of the online banking environment. Letters from the bank.

Yes, it is generally safe to submit your statement for credit and other financial purposes. However, keep these points in mind: Check if the lender or financial institution is legitimate. Submit the statements only for loan, rental and legal purposes.

Most banks require address proof, identity proof, income proof documents, a duly filled loan application form along with passport-size photographs to process a personal loan.

Document verification services use a series of protocols and processes to determine whether a document is genuine. Aspects such as photo ID, contact details, stamps, watermarks, QR codes, and fonts are checked for their veracity.

KYC operations start with identifying the customer. When a customer opens an account with a financial institution, the business must obtain identifying information such as the customer's name, physical address, date of birth, and an identification number such as a social security number.

Merchants can cross-check the customer's information with credit bureau. How long does it take for a bank account verification? It can take a few seconds to a few working days, depending on the process chosen.

When you log into your bank or credit card account, you might get a text message or email with a verification code. You then enter it at the login screen to confirm it's really you. That's a form of two-factor authentication that adds a layer of security to your account — and keeps would-be scammers and hackers out.

For example, identity verification processes can review a government ID or passport. Other types of documents that often require verification include utility bills, bank statements, inheritance letters, tax returns, and articles of incorporation.

How can I check my bank verification? ›

You can check your BVN by simply dialing the code *565*0# using the phone number you used to register your BVN. By following the prompts displayed after you dial the code, your BVN will be displayed on your mobile device for a service fee of N20.

Benefits of Bank Account Verification

By ensuring that account information is accurate and legitimate, businesses can significantly mitigate the risk of financial fraud and protect both themselves and their customers from potential losses.

In short, bank account verification is a way to check that a customer using your service is the same person named on the bank account they're paying from. It usually involves the customer providing credible information that proves their account ownership, such as a bank statement.

Ensure that all confidential information, including account numbers, transaction details, residential addresses, etc., is redacted. Do not forget to redact any third-party information, such as a joint account holder's name or account number.

A copy of a cheque for your bank account. A copy of a bank account statement. A verification letter or other document of confirmation provided by your bank. A printed version of your bank account details from your online banking.

A bank verification form is a document used by an entity or individual to confirm the bank account details of another individual (or individuals with joint accounts). The form asks the account holder to sign a release so their bank can provide account information to the requesting party.

This means that your BVN is the number attached to your financial accounts that your bank can use to identify you as a customer. Like your National Identification Number (NIN), your BVN is linked to your biometric information, including date of birth, full name, and contact details.