Microdeposits

What are microdeposits?

Microdeposits are small amounts of money, usually a few cents or dollars, that a financial institution deposits into a customer's bank account to verify account ownership. This process is commonly used during account verification for online banking, payment systems, or other financial services.

The typical procedure involves:

1. Sending Microdeposits: The financial institution sends one or more small deposits to the customer's bank account.
2. Customer Verification: The customer checks their account, notes the exact amounts of the microdeposits, and then provides this information back to the financial institution.
3. Confirmation: The financial institution confirms that the customer has access to the account, completing the verification process.

This method ensures that the user is indeed the owner of the bank account they're trying to link and that the receiving account is active.

 

How do I find the amounts of the microdeposits in my account?

Microdeposits are labeled through your Transactions tab.

This shows the amount needed to confirm the microdeposit.

How long do I have to wait for microdeposits to arrive?

Depending on the sending platform, microdeposits can reflect on your account as fast as one day or up to a couple of days.

What do I do with the microdeposit?

If you've received microdeposits as part of an account verification process, here's what you should do:

1. Check Your Parallax Account: Log in to your Parallax account and look for the small deposits from the company or financial institution. These deposits usually appear within a few days.

2. Note the Exact Amounts: Write down the exact amounts of the microdeposits. They are typically very small, often just a few cents. Sometimes negative in value.

3. Return to the Platform: Go back to the website or app of the service that initiated the microdeposits.

4. Enter the Amounts: Follow the instructions to enter the amounts of the microdeposits into the verification field. This step confirms that you have access to the account.

5. Complete the Verification: Once the correct amounts are entered, the service will confirm that your bank account is verified, and you'll be able to proceed with using their services.

After verification, the microdeposits are usually yours to keep, though some services may withdraw them later.

💡 Alternatively, you can simply take a screenshot of the microdeposits and share it with your employer or client as confirmation that linking your account was successful!

Plaid is asking for a 3-letter code. Where can I find this code?

The 3-letter code can be found in the description of the microdeposit as part of the verification process.