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Verify your Bank Account

What does it mean to verify a bank account?

Before you can transfer money to or from your bank account, you must first verify ownership of that bank account. After you add your bank account, in order for us to verify that you are the owner of your bank account, you are required to verify the account.

Deposit and withdrawal verification

Deposit and withdrawal verification involves having two small transfers made to your bank account. Once the transfers complete and you enter the correct amounts on the IRESE web site, your bank account is verified.

Deposit and withdrawal verification involves the following steps:
  • 1. Enter bank account details: Enter the bank name, account number, and routing number of your account.
  • 2. IRESE makes two small transfers to your bank account: IRESE will make one small deposit to and one small withdrawal from your bank account. The amount of the deposit is always larger than the amount of the withdrawal, so the net result to your account is always positive. It usually takes 1-2 business days for these transactions to appear in your bank statement.
  • 3. Check your statement, and enter the amounts of the two small transfers on IRESE: Once the deposit and withdrawal have appeared in your bank statement (paper or online), you can come back to IRESE, go to "Home > My IRESE > Account > Bank Accounts", and click "Verify" next to the account which you would like to verify. Take me there
  • 4. Account verified! If the deposit and withdrawal amounts you provided match the amounts that were sent to your account by IRESE, your account will be verified and will be available for your use.

How do I enter the two transaction amounts?

To enter the transaction amounts and verify your bank account, go to "Home > My IRESE > Account > Bank Accounts" and click "Verify" next to the account you would like to verify. Take me there

Don't attempt to verify your account unless you have checked your bank account statement by phone or online statement! It will take between 1-2 business days for the verification transactions to reach your bank account, and IRESE will send you an email notification once those transactions should have appeared in your account statement. When you receive that notification, check your online statement or your next paper statement, sign in to IRESE and enter the amounts of the deposit and withdrawal to verify ownership of the account.

I don't see two transactions from IRESE in my bank account. What happened?

This could happen for several reasons:
  • It takes 1-2 business days for the deposit and withdrawal verification transfers to reach your account. If it has been more than 2 business days, one of the reasons below may apply.
  • You may have incorrectly specified your account number and/or routing number when adding it to IRESE. Call your bank and ask for the specific account and routing numbers required for electronic transfers (via ACH). If the account numbers you entered originally don't match the required account numbers, add your account again with the correct account numbers.
  • The withdrawal may take a little longer to appear in your bank statement. Please wait at least one more business day for the withdrawal to appear. If it does not, one of the other reasons (below) may apply.
  • Your bank doesn't have your authorization on file to perform electronic withdrawals (via ACH) involving your account. Call your bank and request that your account be authorized to accept electronic withdrawals via ACH.
  • Your bank might not support electronic withdrawals (via ACH) from your account. In this case, you will need to add a new bank account to IRESE.

Property Owner additional account verification

If you are a Property Owner, Broker will initiate additional account verification for the account you added. Verification may include a phone call to your bank or a request of documents which prove that you are the owner of your account.

Please note: Property Owner account verification is different than investor bank account verification. Do not send bank account documentation unless specifically requested by Broker. Once requested, send documentation as soon as possible to avoid delays.

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