FUNDS VERIFICATION Q&A:
How many banks are covered?
Retrieve can attain results from over 8,000 banks. This number is constantly growing as banks consolidate and as we create new banking relationships.
What percent of my accounts can you verify?
Retrieve typically monitors 50 - 60% of the accounts sent. This depends upon the client and the accounts that make up their clientele.
When do I get the results?
Results are sent daily prior to 4:00 PM CST
Will accounts marked "sufficient funds" always clear?
No. A result of "Sufficient Funds" means that the account in question has sufficient funds today. When you post an ACH, it will not hit the account until the next day. Before your ACH clears, the customer could withdraw money from their account or have other payments hit their account. Historically, 90% + of accounts noted as having "Sufficient Funds" have their next-day ACHs clear.
How do you attain this information?
Information is gathered in numerous ways directly from financial institutions.
Is this legal?
Yes. Financial Institutions make this information available to protect customers from unnecessary overdraft fees as defined in the Bank Privacy Rule in the Grahamm-Leach-Bliley Act and in Part 332 of the FDIC's Rules and Regulations.
What information do you need from us and how easy is it to utilize Retrieve's services?
Retrieve requires Customer Name, ABA Routing Number, Bank Account Number, and the Amount of the Transaction. Minimal technical integration is required.
Is my data secure?
Yes. All data is encrypted and sent via SFTP. Retrieve practices the highest industry data security practices.
Will my customers have to opt in?
No. The information Retrieve utilizes is publicly available and unobtrusive. Your customer is not bothered nor notified by the monitoring process. Retrieve and the client are acting upon the existing authorization with the end customer.
What are the possible results?
Sufficient Funds, Insufficient Funds, Invalid Account, Closed Account, Non-Participating Bank