What are micro-deposits when making an ACH payment

Stripe micro-deposit verification is a process Stripe uses to verify ownership of a user's bank account by sending small amounts (micro-deposits) into that account. It’s typically used when setting up bank accounts for ACH payments or payouts. Here’s how it works:

1. Initiation:

   • When you add your bank account details to Stripe, Stripe initiates two small deposits (usually less than $1 each) into your account.

2. Deposit Arrival:

   • The micro-deposits typically arrive within 1–3 business days. They appear as small credit transactions labeled "Stripe" on your bank statement.

3. Verification:

   • You check your bank account statement for the exact amounts deposited by Stripe.

   • Then, you enter these exact deposit amounts back into Stripe’s verification interface.

4. Completion:

   • Once you've correctly entered these amounts, Stripe confirms that you have control of the bank account, and the account becomes verified.

   • Once the account is verified, the corresponding transaction status is updated in BetterUnite automatically.

Purpose:

• Ensures you have legitimate access to the bank account you're linking.

• Prevents fraud by verifying actual ownership of the bank account.

This process is secure, straightforward, and widely used for financial verification.