To cash out payments on RateCard, you’ll first need to verify your bank account. This article can tell you how.

It’s best to verify your bank account before you transfer funds, to avoid any complications.

If you’ve entered the wrong account information, a couple of things could happen:

  1. Your bank will not be able to find your account and your bank transfer will fail. The money may be returned to us after a few business days and put back into your RateCards account, but we cannot guarantee that will happen.
  2. If the bank does not return the transfer, the funds may be lost. RateCards is not responsible for lost transfers as a result of incorrect bank credentials. Your bank will be the best point of contact in this scenario.

How to verify your bank account on RateCards

There are two ways you can verify your bank account on RateCards:

Instant Verification

RateCards uses Stripe to verify your bank account information and, periodically, your bank account balance to check if you have enough funds to cover certain transactions. If your bank is eligible for instant verification, you’ll be prompted to add your online banking username and password (or other identifying information) after selecting your bank.

  • If you’re having trouble with instant bank verification, the best thing to do is contact your bank.

You can alternatively add your bank account manually, using your routing and account number combination. Simply select “Verify bank manually instead” instead of “Next” to continue with manual verification.

Manual Verification (with microtransfers)

When you add your bank account to RateCards manually (using your routing and account number), we’ll send two small deposits and two withdrawals to your bank account to verify ownership (these will be less than $1 each).

These “microtransfer” amounts should offset each other, so there is no net change to your bank account balance. To avoid any overdraft or other bank fees, make sure you have at least $2 in your bank account.

You should see these deposits/debits in your bank account within 1-3 business days as separate items on your bank statement. Once you do, you can return to the RateCards app and follow these steps:

  1. Go to the Profile tab (or from the main menu)
  2. Tap the Wallet button.
  3. Tap the Wallet Setting icon and go to the ‘Bank Information’ section.
  4. Tap on the bank you want to verify (it should say “Unconfirmed”)
  5. Tap “Verify” and enter the microtransfer amounts in the two “Amount” fields
  6. Tap “Verify” again to finish the process

If you don’t see the microtransfer amounts after 3 business days, the bank account information may have been entered incorrectly.