Do you plan to allow PULL ACH transfer from a user's accounts?
Solved!Posted in General by Scott LiMon Feb 23 2015 18:52:52 GMT+0000 (UTC)·3·Viewed 780 times
e.g. Like what Plaid/Yodlee/KnoxPayments does
Brian Merritt
May 13, 2015
Yes, providing that the account owner authorizes the debits beforehand.
Brian Merritt marked this as solved
Joshua Bechard
Jan 6, 2016
Scott, Plaid doesn't do ACH "Pull" (withdraw) or "Push" (deposit).
Brian, can you elaborate on what you mean by, "providing that the account owner authorizes the debits beforehand". Is this simply your way of saying that we must have formal permission from the account owner, or is there some kind of micro-deposit verification, or something else completely.
Thanks
Brian Merritt
Jan 8, 2016
Right, by law we must have the account owner authorize any debits. This can be done through challenge deposits, legal agreements, or live account auth like Plaid Auth. We're exploring how we can use any/all of these methods to provide the best possible ux while ensuring security and compliance.
Yes, providing that the account owner authorizes the debits beforehand.
Brian Merritt marked this as solved
Scott, Plaid doesn't do ACH "Pull" (withdraw) or "Push" (deposit).
Brian, can you elaborate on what you mean by, "providing that the account owner authorizes the debits beforehand". Is this simply your way of saying that we must have formal permission from the account owner, or is there some kind of micro-deposit verification, or something else completely.
Thanks
Right, by law we must have the account owner authorize any debits. This can be done through challenge deposits, legal agreements, or live account auth like Plaid Auth. We're exploring how we can use any/all of these methods to provide the best possible ux while ensuring security and compliance.