In order to store a Bank Account for use in CommunityPass, the account must be verified by the owner of the account via the public site. CommunityPass uses Stripe to securely link and verify a bank account. There are 2 methods of verification that can used by a public user to verify their account, Instant and Micro Deposit. Instant verification is the preferred method as it allows the public user to use their bank account for a transaction immediately by allowing them to log into their banking site to verify ownership. In the event that instant verification is not possible (e.g. non-supported bank) then the user will be given the option to verify using micro-deposits, a series of small deposits made into the users account that need to be verified in CommunityPass over the few day period. NOTE: Accounts added by an administrator on behalf of a consumer will not require verification.
Instant Verification
To use instant verification the public user will select the "Link with Stripe" button on the Add Bank Account page located in the My Account section or on the Checkout page during the registration process. Users will be able to select their financial institution, securely log into that institution, and then select which of their bank accounts they would like to link to CommunityPass. At that point the Bank Account will be verified and can be used for current or future transactions.
Verification by Micro Deposits
Bank Accounts can also be verified using Microdeposits. These are small amounts, usually less than a dollar, deposited by Stripe and later removed from the bank account. To use Micro Deposit verification the public user will need to do the following:
- On the Add Bank Account page, close the Link with Stripe option and then enter their banking information and click the Verify with Microdeposits button.
- Within the next 1-3 business days, either one or two microdeposits will be deposited into their account. The microdeposits will be removed a few days later, but they will still be able to view the deposit information in their account.
- When they have identified the microdeposits, they should log back into CommunityPass, go to My Account > Payment Methods, and select this Bank Account.
- Enter the requested information regarding the microdeposits, and then the account will be verified and ready for use in CommunityPass. NOTE: Administrators may also verify micro-deposits on behalf of public users via the admin-add bank account page if the public user provides the micro deposit information to the admin.
Microdeposits need to be verified within 10 days of deposit. If the user can no longer verify the microdeposit information, they can remove the payment method and then add it again.