How To Verify a Valid Bank Account

At this time of age, most people consider it an imperative to have their own bank accounts. Even parents set up bank accounts for their children. This is because of their multifarious uses. For example, a person would usually be required to have a bank account in order to rent homes or apartments. Another instance would be when an individual is about to acquire a loan. However, it is also important that such back accounts be valid before one can transact businesses or enter into a contract. If you are a lessor, you would no doubt check if a potential tenant has enough money in his accounts to pay the rent. Or if you are engaged in a money lending business, checking the creditworthiness of an applicant is definitely part of the evaluation process. This is the reason why people take time to verify such accounts for them to have security. And if you find yourself in the same position, consider the tips below on how to verify whether a bank account is valid or not.

  • Acquire the needed information. Before you can verify if the bank account is valid, you would of course need to get the information of the account from the account holder. This data would include the bank name and contact information and the number of the bank account itself. If you are provided with a check instead, it would be helpful if you familiarize yourself with the details provided in it. Typically, the bank name is printed in the check. You can find the account number at the bottom of the check. It is usually indicated after the first set of numbers called the routing number. The only information you need to find out is the contact information of the bank like the phone number.
  • Contact the bank. Most banks set up contact numbers that are toll-free. The very purpose of such is for the individuals who are checking the available balance of an account, verifying its validity. This number is also provided to the account holders for them to be able to inquire about the balance of their accounts.
  • Follow the instructions. Most of the time, toll-free numbers are connected to automated systems. You would need to carefully listen to the prompts provided by the system for you to know what number to press. You need to be careful when you input information like the account number. If in case an option for inquiries on the account is not available, choose the one that would connect you to an operator instead.
  • Carefully listen to the system or the operator. After inputting the information needed by the system, it will tell you whether the bank account that corresponds to the number is valid or not. Some systems will even provide you with the balance of such account but this depends on the policies of the bank where the account is enrolled. If no such option is available but if you would still want to know the balance, one option would be to send a formal letter to the bank branch stating a request for such information. You can directly call the branch of the bank and acquire the information from the manager.

Ensuring security is very important nowadays especially if money is involved. It would not be harmful for anyone involved to take extra measures of caution. This is for you to make sure that every transaction or contract that you enter would be beneficial to you.


Share this article!

Follow us!

Find more helpful articles: