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FAQ: Why is a 3-way validation bank call necessary to validate my business account?

Isabela StisserIsabela Stisser Expensify Team Posts: 180 Expensify Team
edited December 2019 in Advanced Admin Controls

In some cases, when your account is in Verifying status, you may receive an email from our risk team requesting a 3-way validation bank call.

Why we insist on this step:

Reimbursement through Expensify comes at no extra cost and we are committed to keeping it that way. In order to do this we have to be very sharp when it comes to protecting ourselves against fraud. In today’s environment of bank account takeovers and kiting related fraud, that’s easier said than done. Short of charging for each transaction thereby creating a reserve for ourselves for potential losses, this step is necessary.

What are we validating in this step:

The goal of this step is to make sure the bank account given to us is indeed a business bank account and belongs to the company. We try to automate this using not one but two separate validation platforms. Even so, we are forced to resort to manual validation via phone call some of the time. 

On the call we validate one simple thing: Does the bank account supplied belong to the company or not?

How do I set this up most efficiently?

The call with the bank can proceed in 2 ways:

  1. Preferred: You can refer us to your specific bank representative. If you give them the context for the call and authorize them to speak with us ahead of time, we may not even need you on the call. If you decide to do this, you can send your banker the link to our calendar below.
  2. Alternatively: If above isn't available to you, we can call your bank’s general support line, no problem, but you need to be on the line with us since your bank will need to authenticate you first and will need your permission to speak with us. You know your bank’s wait times best, so please block off time accordingly.

The email from our risk team will guide you through the process of setting up this call.

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