What is Check Verification? 
What is a Check Verification Service?
Who can use a Check Verification System?
Do Banks offer Check Verification?
 

Check Verification is a service made available to merchants through third party links with information providers. Banks do not offer check verification in most cases, citing customer privacy and the Fair Credit Reporting Act (FCRA), most banks stopped verifying funds and providing check verification services around the year 2000.

There are many different types of check verification systems, some address the account holder's check writing history, others use positive or negative information on open accounts to determine if a check is likely to clear, and others can verify the actual account status, but not the balance.

Check verification systems that use the account holder's past check writing history, can prevent you from accepting a good check from someone who does actually have money in their account today, but perhaps made a mistake months, or many years ago at a major department store.  Check verification systems that rely on this type of historical check writing data can be valuable when you are assessing the overall risk of an account holder, but may prevent you from accepting a good check in many cases. 

This type of system is often used in a "check guarantee" situation, where a third party has agreed to guarantee the funds, so use of this type of system will prevent a much more broad base of account holders from writing valid checks, but will significantly pinpoint habitual and occasional bad check issuers.

Check Guarantee is another service and entirely different from check verification.

Check verification systems that use real-time account data are more accurate, and relevant.  When you can determine the actual status of an account, you can better judge if a check is likely to clear based on real-time information rather than historical information.

BetterCheck is a check verification system that validates the actual account number as of the beginning of the business banking day.  The BetterCheck network can determine in real-time, if an account is open and active, if it has a positive or negative balance, if there are any status codes like stop payment, closed account, or otherwise.

The BetterCheck system is designed to drastically reduce the number of bad checks a business deposits using check verification and checking account number validation.
 

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Who provides this service?
BetterCheck™ is a product from yourfavorite.com. Yourfavorite.com has been providing software to the payment industry since 1996. Yourfavorite.com publishes CheckWriter™ brand check by phone software, as well as RoutingTool™, the routing number verification software, and 123ACH, the electronic fund transfer virtual terminal for ACH.  Software published by yourfavorite.com is used by all 100 of the Fortune 100 companies.

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