We use VersaPay to set up the pre-authorized debit agreement for a loan and for processing all the payments on your loan. You will be provided an instructions page that advises the steps to verify bank information. A small amount (micro-deposit) will be deposited and withdrawn from your account. You confirm the amount so we know we’re putting money into the right account
It will take approximately 24 hours for the verification micro-deposit to appear in your bank account. An email will be sent for you to check your bank account. You will log back into your VersaPay account to enter the deposit info and confirm your identity once you’ve checked for the deposit.
You’re done! If the amount you enter accurately matches the micro-deposit amount, your bank account is verified. You are on your way to getting your loan.