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Bank account verification can take as little as a few seconds and as many as 10 days, depending on the method used. Open banking verification and credit checks each involve electronic checks against accounts in real time.
A verification of deposit typically includes information such as current balance, average balance for the previous six months and the date the account was opened.
U.S. Bank processes the Verification of Deposit (VOD) you need within three business days.
A verification of deposit is a document through which a mortgage lender obtains proof from a borrower's banking institution of his or her balances. Upon a lender's request, a banking institution will fulfill this inquiry by providing current data as well as two months' worth of the borrower's average bank balances.
Verification. Request. Purpose: To verify an applicant's/resident's checking, savings, or other accounts. Note: This form must be mailed or faxed to the financial institution.
This is called the micro-deposit verification process. This process can take up to three (3) business days to complete.
Mortgage companies looking to obtain balance information to determine customer eligibility for a loan should use our Verfiication of Deposit (VOD) for mortgage companies service.