ATM Verification is a verification process that is intended to determine if a bank account is, as of opening of that business day, an open, valid account with positive funds or if the account is currently NSF, closed or cannot be located. ATM Verification may be able to verify in real-time, through a direct electronic query to the check writer’s financial institution, However, it is no guarantee that there is enough to cover the debit.
ATM Verification maintains a common platform and safeguards the National Shared Database to allow financial services organizations to contribute and share information for the purposes of detecting, preventing and deterring fraud. Unlike other fraud prevention services, ATM Verification serves in a Trusted Custodian role. In this capacity, the database is governed by a set of strict Operating Rules, created and adopted by financial institutions, which clearly define acceptable criteria for contributed data.
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