posted on October 16, 2000 11:55:31 AM new
Got this email from Yahoo's PayDirect this morning.
Thank you for submitting your bank account information for online verification through Yahoo! PayDirect.
As you know, we make two small deposits between $0.01 and $0.99 to your account and then ask you to confirm the amounts of those deposits. For your proctection, this provides confirmation that you have access to the account for which you submitted ABA routing and account number information via Yahoo! PayDirect.
We have received confirmation that these deposits have been submitted to your financial institution for settlement to your account. You financial institution may require additional time to settle these deposits to your account.
The only reason I hadn't mailed a voided check into Yahoo PayDirect for bank verification was because my checks have an incorrect address on them. Nice to see them offer the easy way to verify your bank accounts. If this panics anyone... I am sorry, but it shouldn't.
posted on October 16, 2000 12:45:45 PM newAs you know, we make two small deposits between $0.01 and $0.99 to your account and then ask you to confirm the amounts of those deposits. For your proctection, this provides confirmation that you have access to the account for which you submitted ABA routing and account number information via Yahoo! PayDirect.
There is a BIG difference between the stated purpose of this verification and PayPal's, even though the processes are the same.
You will notice that Paydirect doesn't try to insult the user's intelligence by saying that this is to verify the user's identity, rather to verify that the user has access to the account and has provided the correct routing numbers and bank account numbers.
posted on October 16, 2000 01:14:09 PM new"You will notice that Paydirect doesn't try to insult the user's intelligence"
So if at some point in the future if PayDirect decides not to do the address verification anymore and just go with the deposit verification you'll feel insulted?
posted on October 16, 2000 01:20:35 PM newSo if at some point in the future if PayDirect decides not to do the address verification anymore and just go with the deposit verification you'll feel insulted?
Not at all. Unlike PlayPal, they are very clear and upfront about the bank account verification process and their reason for doing it. Yahoo has always done business this way, without smoke and mirrors.
