While you may be able to verify an applicant’s income by contacting their employer, this won’t reveal whether they have an appropriate amount of savings in their bank account. Tenants with a solid bank account balance have a much lower risk of defaulting on rent. Likewise, tenants with overdraft fees, late credit card payment fees, and large withdrawals may pose a higher risk of default.
TenantAlert’s bank verification system is unlike any other in the rental industry. It provides a comprehensive 60 to 90 day banking history showing account balance, overdraft fees, direct deposits made by employers, and late credit card fees.
To access bank verification we need the bank name and tenant’s email. They are sent an email request to authorize the release of banking information. Once the bank verification is complete, you’ll receive an email notifying you the report is available online. The process usually takes 1-3 business days depending on how quickly your applicant approves the release of banking information.
Bank Reference Verifications include:
- Total account balance
- Large withdrawals
- Large direct deposits (income)
- Late fee charges
- Overdraft fees
- Pie chart with spending categories
