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Adding A Bank Account & Verifying With Micro-deposits
Adding A Bank Account & Verifying With Micro-deposits

Learn how to connect your bank account and verify with micro-deposits in DragonFly

David Sikes avatar
Written by David Sikes
Updated over a week ago

At DragonFly, your bank account security is a top priority. To ensure your money and financial information are accurate and safe, we have a simple, three-step process for adding and verifying a bank account for use with DragonFly.

We’ll break down each step below, and have a helpful FAQ at the bottom.

Step 1. Enter your bank account details into DragonFly

Navigate to 'My Money' on the navigation bar on the left side of your screen. Select 'Add New Account'.

Here you will be prompted to add the details for your checking or savings account.

At the end of this process you will see a banner letting you know your micro-deposits are processing. This banner will prevent you from entering the amounts for 1-2 business days.

Step 2. Look for two small deposits in your bank account.

Within 1-2 business days two small transactions will appear in your bank account.

These deposits will be from 'Dragonfly Athlet Amts' and will be for under $1 each. In the below example, the two deposits are for $0.13 and $0.24. Your deposits will likely be different than the example — the amounts are unique to you for the verification process.

Please note that these transactions will be reversed for the same total amount, so you will eventually see three transactions: two deposits of less than $1 and one withdrawals for the total amount. Below is an example of a withdrawal for the total amount of the two micro-deposits, $0.37.

After you have seen the two deposits and the processing window you saw in Step 1 is complete, make note of the two amounts and head back to DragonFly.

Step 3. Enter the amounts of those transactions in DragonFly

Back in DragonFly, return to My Payments. If the date and time window created for you in Step 1 has passed, you will now be able to enter the amounts of the micro-deposits. If you still see the banner, please wait until the date and time specified on the banner.

In the below example, the amounts are $0.13 and $0.24. Please note: your amounts will be different than these and will be unique to you for the verification process.

Enter both amounts and click 'Submit Verification'. If the amounts match what was deposited, you will see that your account is now verified and ready for use in DragonFly.

Frequently Asked Questions

What is a micro-deposit?

A micro-deposit is a small amount of money (less that $1) that is deposited into your bank account then later withdrawn. There will be two micro-deposits and a single withdrawal. We use the unique amount deposited into your account to verify that the bank account information entered is correct and that no one is trying to use your bank account without your knowledge.

Why do I have to wait two days to enter the verification amounts?

The wait period is to prevent users from accidentally requesting multiple requests for micro-deposits. Placing multiple verification requests results in confusion of which amounts to enter. We recognize that this can be an inconvenience, but it’s a step we have in place to help keep your account secure and to smooth out the process of adding bank accounts to DragonFly.

How much will the micro-deposits be?

The amounts of the two micro-deposits will be less than $1 each and unique to you. These numbers will likely differ from the amounts others see and from the examples in this article. Keeping these numbers unique is part of of the verification process to make sure your information is secure and no one is using your account without permission.

Why is there a withdrawal after the deposits?

Following the micro-deposits there will be a third transaction - a withdrawal for the total amount deposited as part of the verification process. This is normal and not a cause for concern.

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