1. Test deposit verification:
EXTERNAL TRANSFERS
Checking, savings, and money market accounts* are all possible accounts at the host financial institution that pass from Online Banking to External Transfers. These accounts are automatically available in External Transfers and cannot be removed from the service.
The user adds “external accounts” at other financial institutions and brokerages. The user must verify ownership via online or test deposit verification.
*the financial institution decides which accounts types are eligible
Online verification:
First option presented if Fiserv has a script to perform the login function; otherwise, Test Deposit screen appears (see below).
Enter the credentials used to access online banking for the external account.
If successful, the account is enabled immediately.
If not successful, then the Test Deposit method must be used.
Test deposit verification:
Presented if online verification is not available.
Still an option if online verification is available.
Fiserv makes two small ACH deposits to the account as well as one offsetting withdrawal.
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2. The withdrawal amount equals the sum total of the two deposit amounts.
EXTERNAL TRANSFERS
TEST DEPOSIT RULES
Adding a Bank Account
A trial withdrawal is made along with the two trial deposits. The consumer verifies only the deposit amounts.
The withdrawal amount equals the sum total of the two deposit amounts.
Adding a Brokerage Account
Online verification is not an option.
Not all brokerages allow for withdrawals; in those cases, Fiserv does not include a trial withdrawal.
Alerts –display on the main Transfer Funds screen
Figure 1 displays if the consumer clicks Cancel on the “Activate your Account Using Test Deposits” page (see page 1).
Figure 2 displays immediately after the test deposits are initiated.
Figure 3 displays once the test deposits are ready to be verified.
Figure 1
Figure 2
Figure 3
Troubleshooting Tips:
The consumer MUST click the Start button to initiate the test deposits.
Test deposits do not expire.
The consumer gets two tries to enter the correct amounts. After the second unsuccessful try, the consumer must delete and re-add the account.
If the consumer deletes the account and re-adds it, they can do that only twice. On the third deletion, they are told they cannot add it again (although the FI could reset that option).
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