In this step of the Account setup process, you'll complete and submit account verification using one of the following methods:
- Instant verification: Instantly verify your bank account information using Plaid. You will need online banking access to complete this step.
- Manual verification: A Wagepoint Risk Ops agent will review your bank account information. You will need to both complete the micro-deposit verification and send the account validation request form to your bank.
If you are able, we recommend that you use instant verification to fast-track your set up!
If you need to use manual verification, you can skip to the steps for Option B.
Option A: Submit account verification using instant verification
1. In the Account setup widget, click Submit account verification.
2. On the Account verification page, click Verify with Plaid.
3. When Plaid opens, click Continue.
4. Select your institution from the list.
5. Enter your card number or username and password, then click Submit.
6. Select the relevant bank account and click Continue. If you have multiple accounts, be sure to select the correct account. If you verify the incorrect account through Plaid, you will be prompted to re-do this step.
7. Review the financial data sharing settings and click Allow.
8. Your information will be instantly verified or rejected by Plaid.
- If rejected by Plaid, an alert will display on your account letting you know the information provided by Plaid does not match what you have entered. You can resolve this by changing your banking information or by trying the Plaid verification again. If this still does not work, try the manual verification method instead.
- If verified by Plaid, you will receive a message that your information has been submitted for review to the Wagepoint Risk & Compliance team. This can take up to 5 business days to complete.
Once successfully verified, you will see both verification steps displayed as “Verified” along with a green check mark.
Option B: Submit account verification using manual verification
This verification option is two-fold:
- first, you'll need to verify your bank account information using a micro-deposit confirmation
- then, you'll need to download, sign, and submit an account validation form to your bank
1. In the Account setup widget, click Submit account verification.
2. On the Account verification page, click Use Manual verification instead.
3. Under Micro-deposit verification, click Send micro-deposit.
4. We'll send a micro-deposit (less than $0.50) to your bank account within 1-2 business days. Click Save & Exit for now, and return to your account when you've received this micro-deposit.
5. After you've received your micro-deposit, log into your Wagepoint account.
In your Account setup widget, click Submit account verification to return to this step.
Then, enter the micro-deposit amount you received in your bank account and click Confirm.
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6. The last step in the Manual verification process is to sign and send the Account validation form to your bank.
IMPORTANT! The account validation form must be signed by you or your authorized signatory and then sent to your bank for them to confirm the info and reply to us directly. Whether you download and sign the form or utilize the e-sign feature, you still must provide the form to your bank.
- If you download the document, sign it and provide it to your bank. Your bank will then confirm the information and send it to Wagepoint directly.
- If you e-sign the document, you will still need to download and provide it to your bank. Your bank will then confirm the information and send it to Wagepoint directly.
7. Click Submit. Your verification status will now be Pending. Your information will be sent to the Risk & Compliance team for review. This step can take 3 to 5 business days.
8. Review the reminder and make a plan to send your signed account validation request form to your bank. Then, click Got it.
9. The Account Verification tab will show Bank account verification and Risk Operations verification as In progress until completed.
10. To check on your status, log into your Wagepoint account. In the navigation menu, select Company Account verification. When your Bank account verification and Risk Operations verification say Verified, you're ready to go!
