I'm here to share additional information about the direct deposit security limit.
One of the major requirements when requesting a direct deposit limit increase is the bank statements of the previous six months. It's a monthly or quarterly document that lists all of your banking activity.
Before approving requests, we review the bank statements to verify the income of the business. It will help us determine if an account is capable of handling large amounts of direct deposit. This way, we can lessen the risk and avoid fraud.
After submitting the requirements, the application is reviewed within 2 business days. Then, the primary contact will receive an email notification regarding the result. To learn more about this topic, you can visit this link: Get help if you’re over a direct deposit limit.
I've also included an article that will help you resolve common direct deposit errors and mistakes in QuickBooks: Fix direct deposit issues.
Do you have any other questions in mind? Feel free to leave them below. I'm always here to back you up.
- If the "concern" is to lessen the risk and avoid fraud, why are these being requested to be submitted by unsecure email (besides upload)? There is a reason banks do not email you a copy of your statements for this particular reason.
- Once received by your team, who is reviewing these statements and how do you you ensure the reviewer is competent?
- What is the process if increase is denied based on historical rather than forward looking data of a growing business? In other words, for QB to control how we run our business, do you have a better understanding of our business based on past data and no understanding why the increase is required for future payments?