Results 1 to 7 of 7
-
10-30-2017, 02:29 PM #1
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
-
10-30-2017, 02:37 PM #2
- Join Date
- Jan 2016
- Posts
- 435
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
-
10-30-2017, 06:42 PM #3
- Join Date
- Nov 2016
- Posts
- 166
....
Last edited by swiftcloser; 01-28-2020 at 10:08 AM.
-
10-30-2017, 07:54 PM #4
- Join Date
- Nov 2016
- Posts
- 166
....
Last edited by swiftcloser; 01-28-2020 at 10:08 AM.
-
10-31-2017, 08:13 AM #5Karen37aGuest
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 processLast edited by Karen37a; 10-31-2017 at 08:18 AM.
-
10-31-2017, 12:00 PM #6
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
-
10-31-2017, 12:08 PM #7Karen37aGuest
Ok.
I think they called the other a business credit, business audit verification ( never used it though)
Similar Threads
-
No Online Banking for Merchant-what options are there?
By mikem in forum Merchant Cash AdvanceReplies: 3Last Post: 03-09-2017, 03:59 PM -
Bank Regulators Aim At Online Small Business Lending
By Regium in forum Merchant Cash AdvanceReplies: 0Last Post: 06-22-2016, 02:33 PM -
Bank line of credit and zero balance bank account
By bdshaw in forum Merchant Cash AdvanceReplies: 7Last Post: 07-09-2014, 01:10 PM -
online bank access?
By FCF Fund in forum Merchant Cash AdvanceReplies: 12Last Post: 04-03-2014, 10:01 AM