Instant Account Verification

About Instant Account Verification In order to link your PEX account to an account at a third-party bank, PEX must verify that you own the bank account in question. Historically, PEX has done this verification via “microdeposits”, where PEX makes 2 small deposits and corresponding withdrawals to the other account. You then prove you have access to the account by viewing the amounts of the deposits and providing that information to PEX. This process often takes 2-3 days, but can take longer. Instant account verification for ACH deposits and debits replaces external account verification via microdeposits. It provides an easy and immediate way to connect an external bank account to your PEX account. This verification takes place using the same secure process you use to log in to your bank online. Instant account verification:

uses bank-level 256-bit end-to-end encryption and anonymized encrypted databases, with very strict access controls, to ensure your data is protected at all times
protects your credentials and account numbers from being seen. No person at PEX nor Open Bank Providers can see your username or password
provides read-only access. Neither PEX nor our Open Banking Providers can change any settings on your account

Supported Financial Institutions Instant Account Verification via Open Banking Providers’s technology can be used to connect bank accounts in seconds for 3,800+ financial institutions in the U.S.—covering the majority of deposit accounts. They support all leading financial organizations including:

Bank of America
BBVA
Charles Schwab
Chase
Citibank
Fidelity
PNC
Regions Bank
SunTrust
USAA
US Bank
Wells Fargo

About Instant Account Verification via Open Banking Provider Technology Instant Account Verification via Open Banking Providers is used by Fortune 500 companies, financial organizations and fintech companies to provide seamless access to bank data for tens of millions of people. Instant Account Verification via Open Banking Providers maintains multiple levels of information security controls which are regularly evaluated for effectiveness against industry standards internally and by independent security auditors. Please see their security documentation for details about their practices. For questions about instant account verification, Instant Account Verification via Open Banking Providers Technology or PEX’s security practices, please contact our support team.