What information is “verified” in the verification process?
(A) Verification will ensure that an account is open and does not have a reason for denial. Verification does not guaranty that sufficient funds are available for the transaction. Extensive Negative File. We use pooled data with daily updates and transactions amounting to over 1 million updates a month and work with a consortium of check verification companies to ensure database accuracy and integrity. Positive Data File. This full-featured positive file contains a historical summary of account and recent activity. The positive file provides the basis for identifying new accounts and tracks history to detect unusual check writing patterns.
