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  1. #1
    Senior Member Reputation points: 50566 ADiamond's Avatar
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    3rd Party Bank Verifications done without Online Banking - Bank VOD?

    Have a merchant, 2nd pos behind IOU - no idea how IOU possibly funded this guy without a bank verification - do they even do them?

    Merchant doesn't use online banking.

    I try to accommodate new iso and client through a 3rd-party bank verification phone call, which we don't like doing but it's an absolute last option.

    US Bank says they don't accept 3rd-party verification calls over the phone, all verifications must be done through 3rd party Bank VOD

    Has anyone experienced this? What exactly does it entail?
    Anthony Diamond
    Underwriter

  2. #2
    Senior Member Reputation points: 12878
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    I was under the impression IOU usually does a screen share, similar to how QS likes to do things. You obviously know the deal better than I do, but my first thought is the merchant stopped payment to them and doesn't want you to see that. US bank can get online banking set up within a business day worst case scenario

  3. #3
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    ....
    Last edited by swiftcloser; 01-28-2020 at 10:08 AM.

  4. #4
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    ....
    Last edited by swiftcloser; 01-28-2020 at 10:08 AM.

  5. #5
    Karen37a
    Guest
    They will give info like

    Account Type
    Account Holders
    Current Account Balance
    Account Open Date
    Two Months Average Balance*** that can be the gotcha they don't want to go back 3 or more month
    and Balance at Close( I did this with mortgages)

    a you said They use a 3rd party vendor www.bankvod.com
    They need
    The account owner's full Social Security Number.
    A signed and dated authorization from the account owner.
    Complete, all numeric, account numbers.
    A return fax number or mailing address.

    Its a fairly quick process
    Last edited by Karen37a; 10-31-2017 at 08:18 AM.

  6. #6
    Senior Member Reputation points: 50566 ADiamond's Avatar
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    Karen,

    They do have a verification line for Mortgages, however deposit accounts they do not and will not do over the phone.

    We ended up sufficing with Sept 1st - Oct 30th back transaction history faxed directly to us from the bank.

    Won't do this normally but the deal was super clean.
    Anthony Diamond
    Underwriter

  7. #7
    Karen37a
    Guest
    Ok.

    I think they called the other a business credit, business audit verification ( never used it though)

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