Micro-Deposits with Plaid

micro deposits, verify bank account with plaid, microdeposits, pay rent without logging into bank

Crystal Abing avatar
Written by Crystal Abing
Updated over a week ago

When trying to pay rent via the RentRedi tenant app, if you are unable to find locate your bank within the Plaid system, you will see an option to allow you to connect your bank account using micro-deposits.

(Note: You do NOT need to download the Plaid app. You will just need to update your payment method & verify using the Plaid integration within the RentRedi tenant app.)

Follow the instructions below to authorize your bank account using micro-deposits

  1. Open your RentRedi tenant app and tap "Rent"

  2. Tap the charge to pay

  3. Select "New bank account"

  4. Tap "Continue" when the Plaid screen appears

  5. You will see a list of banks appear

  6. Scroll down from that screen until you see the option for "Link with Account numbers"

  7. Input the bank account number you'd like to connect

  8. Authorize the micro-deposits

    1. Plaid will send 1 micro-deposit of $0.01 into the account you confirmed in the next few days. Then, Plaid will withdraw what they deposited. To avoid bank fees, make sure you have at least $2.00 in your bank account.

  9. When you receive the micro-deposit, return to the RentRedi app, and go to Rent

  10. Tap a charge to pay

  11. You should see a saved payment method Bank Account ending in XXXX

    1. Select your bank account and enter the 3-letter code that you see in your bank next to the deposit amount

Done! Your bank account will be verified! πŸŽ‰

IMPORTANT

  1. DO NOT GUESS THE CODE: Please wait until the deposits show up in your bank account and then verify. Do not attempt to guess the code or you will be unable to verify your account.

  2. SAVE YOUR PAYMENT METHOD: Be sure to save this payment method after verification so you do not have to verify the amount again.

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