Yes! Our platform fully supports verification through Microdeposits, which are small deposits (usually under a dollar) that payees sometimes use to confirm account details before initiating the first Pre-Authorized Debit (PAD) withdrawal.
To verify with a Microdeposit, follow these steps:
Share Chexy Wallet Details: Provide your payee with your Chexy Wallet’s unique transit, institutional, and account numbers. They’ll make a small deposit and ask you to confirm the amount.
Wait for the Microdeposit: It may take up to 48 hours for the Microdeposit to appear in your Chexy Wallet after it’s sent. Once it arrives, we’ll notify you by email with the exact amount.
Verify the Amount: Enter the exact amount in the verification field your payee provides.
Activate Payments: Once verified, activate payments on Chexy to start making Pre-Authorized Debit (PAD) payments.