LegFi must verify your organization's bank account information in accordance with certain security compliance measures. To do so, we send two small deposits ("micro-deposits") to your organization's external bank account (e.g. Chase, Truist, etc.). Once the micro-deposits appear in your organization's bank account, we then require you to report the deposit amounts back to LegFi.
Below are the steps for reporting the micro-deposit amounts.
- After you get to the "Verify Account" step during the bank account setup process, log into your organization's bank account and view the micro-deposits. (Note: Depending on your bank's internal processes, the micro-deposits may not be visible immediately.)
- Once the micro-deposits appear in your organization's bank account, input the two deposit amounts in LegFi > Verify Account window.
- Then, click the Verify button to save changes.
*Please note that the micro-deposits can take up to two days to post to your bank account.
*Do not attempt to guess at the micro-deposit amounts and enter incorrect values in the Verify Account box. Use the actual amounts that were deposited by LegFi.com/Stripe in your bank account. Once logged in to your personal bank account (i.e. Chase), look for dollar amounts in your transaction history that resemble cents (e.g. $0.35, $0.17). Enter these two micro-deposit amounts back in our Verify Account box on LegFi.com.
*Once you verify your bank account once, you will not have to do it again.