Check Verification

Why verify checks?

Businesses accepting check payments or processing e-checks, know the risk involved with accepting a transaction that may return unpaid. Each year, bad checks cost businesses, and consumers alike, millions of dollars in lost revenue and bank fees. That is why check verification offers great value.

How to verify checks?

Check verification can be done in seconds using one of the following methods:
Say "YES" to checks:
ALL financial institutions are available for routing number verification and there is 90-95% coverage of financial institutions for account verification:

- Verify a check from SunTrust
- Bank of America check verification
- Verify a check from Wachovia
- Check verification for Wells Fargo
- Verify a check from Chase Bank
- Credit Union draft verification
- Verify a check from Citibank
- Verify a check from Citizens
- Check verification for HSBC Bank
- Fifth Third Bank check verification

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Check verification explained

Check verification allows you to instantly determine the validity of the check or draft being presented by verifying its bank routing number and bank account status.

Check verification is a simple idea but it can have a huge impact on your bottom line. Check verification can help you to:
  • Improve cash flow
  • Support point of sale, web, or phone transactions
  • Reduce processing costs
  • Reduce bank fees
More than 1,000 financial institutions, government agencies, payment processors, check guarantee/check cashing service providers, companies that do monthly check drafting or monthly billing via ACH, and Fortune 500 companies depend on Lyons Commercial Data for routing number verification and bank account verification to reduce return rates.

Some businesses opt to verify only the routing number verification which in itself is an invaluable tool for locating fraudulent checks and for verifying the bank name, address, and phone number. But when combined with account verification, certainty improves tenfold.

How does bank account verification work?
Account verification will provide the status of the account as of the previous bank day’s closing. It will inform whether a check is likely to clear based on an account’s open and active status. Status messages such as "Accept" (open), "Deny" (closed), "Insufficient Info", or "ABA Validated Only" will enable you to make an informed decision about whether to process a check payment.





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