Overview
If you are adding a new Bank Account as a Payment Method on your Tenant Portal, you will need to verify your bank account to be able to use it. The process is pretty straightforward, though depending on the method you choose, will require that you verify your account with micro-deposits to your bank account.
The Steps
When adding a new Payment Method, specifically a Bank Account, you'll be presented with two options on how to add your account. There's the Instant Verification method and the Manual Verification method.
(Method 1 - Instant) Enter your email, full name, and address, and then search for your bank. Once you find your bank account, click it. You will need to log into your online banking portal to verify your account with Stripe. Read the instructions here on how to instantly verify your bank account.
If you are having issues connecting to your bank portal with this method, we recommend method 2 and manually verify your bank account.
(Method 2 - Manual Verification) You can alternatively click "Enter bank details manually instead" to enter your bank's routing number and account number. If you choose this option, follow the manual verification instructions here. You will need to do this before you can complete your payment. You will need to verify your bank account by confirming small deposits in your account (this can take 1-2 days).
With the manual verification process, you will not be able to complete your payment until your bank account finishes the verification process.
Why do I need to verify my bank account?
Merchant processors are required by law to verify a person's ACH information (bank account) as part of their antifraud efforts and initiatives. This is a rule from the National Automated Clearing House (Nacha), which requires ACH originators of web debit entries to use a "commercially reasonable fraudulent transaction detection system" to screen web debits for fraud. The new rule supplements that screening requirement, making it explicit that "account validation" be part of that detection system.