It is not new that the bank account must be verified to obtain a loan, both at the bank and the financial institution. Before the money, which is to be a new injection of cash for us, goes to the account, the company checks if its data really matches the data we provided in the application.
How do companies verify accounts?
Until now, the only way to verify your account was to make a small refundable fee. So the client transferred a few proverbial pennies and waited for verification. The same applies to one of the largest systems dealing with international transfers, i.e. PayPal. This is a very secure way that guarantees correct verification.
Is it convenient for customers? Probably not. It is worth looking for other solutions, if any.
Other ways to verify your account
Some non-bank institutions use special software that verifies the account itself, without the customer having to transfer a verification commission. The Connect Account application connects to our account and checks its registration details. Do we have to have concerns about the security of the money accumulated there?
Of course not, because the program does not read any other data, such as the amount of the balance, transfers, etc., but only personal data provided during registration. This is definitely a fast and convenient way that does not involve the client himself.
Who already has the Connect Account application?
The circle of financial institutions that use the Account Connect application is slowly expanding. These are, for example, Creditwin24, Bearmoney. They offer different loan amounts and repayment methods. The well-known company Wonga also joined this group.
Among them, you will definitely be able to find a loan that you will be satisfied with and, most importantly, without having to make a verification transfer. It’s faster, cheaper and less engaging, so probably more and more forms will want to use the Connect Account application in the future.