Nowadays, people deal with theft in many ways including identity theft which often happen to those who share their information with individuals that they do not know fully. This is the reason why businesses, especially those which deal with financial transactions, aim to secure the privacy of the information that they have. This incident can only be avoided if there is a thorough verification process that the organizations mandate, not only for their employees but also their clients to maintain the effectivity of the organization’s safety and security plans.
Bank verification forms are documents which are used for verifying and updating the data entries owned by a bank account holder. With these documents, banks will be able to have an assurance that they are transacting with the right person and that the procedure requested is valid or legally authorized.
When a bank client submits any type of document to claim a data, he will have to complete a bank verification form especially if there is a need for the bank to supply money to the client to fulfill his request. The importance of having a bank verification form are as follows:
The varieties of bank verification forms depend on the type of information to be verified and processed by the bank. Below are some of the example of varieties of bank verification forms that banks and clients can use:
Bank Account Verification Form – If the purpose of a bank client is to obtain an amount from his savings account or borrow from the bank, then he must use a bank account verification form. This document contains two sections which are to be filled out by the client and the bank’s authorized representative. In the first portion of the form, the client is the one who will be completing the required fields which will gather his full legal name along with his signature to authorize the bank and the date of when he was able to use the form and begin the transaction. The second portion of the form, on the other hand, is intended to be completed by the representative of the bank. This is where the general information of the bank such as its name and address are stated with the client’s account number which was registered in the bank’s records as well as the routing number and the account type of the client.
Bank Address Verification Form – The significance of using a bank address verification form is to ensure that a client’s address entries are up to date or current. In the form, the client will be able to disclose his current physical, mailing, and electronic mail addresses. The physical and mailing addresses should have the complete street name of the client’s preferred location, city, country, and zip code. These details are essential for securing that the notice forms and documents that the bank will be sending to the client will be sent to the right address and will be received by the client. The last portion of the form is where the client and the bank’s agents or representatives will be affixing their signatures to certify and authorize the changes.
Bank Company Verification Form – Transacting as an entity or an organization rather than a mere individual who is an account holder of a bank account is demands a lot of documentation for proof that the requestor or the client is indeed the authorized representative of the entity such as a business company or an enterprise. For this situation, a bank company verification form becomes significant to be handed over to the client for him to fill out and show evidence that he is an authorized representative. The company’s relevant details ranging from their name to their contact information are some of the entries required in the form. Moreover, how the company prefers to conduct the process which involves money transfers and other financial matters is also indicated in the form whether through a check or through wire transfer.
Banker’s Verification Form – Bankers are individuals who are employed to conduct bank transactions and operations for the clients and accountholders in a bank. One of the basic training that bankers undergo includes validating a client’s claim which can only be efficiently executed with the aid of a banker’s verification form. In a banker’s verification form, the banker will be able to collect the client’s details including the types of savings that the client has in the bank, the client’s account number, the client’s signature which is used in his bank records, and the client’s latest photograph for face recognition purposes. In the event that the client requires the guidance a translator, his translator will also have to fill in a portion of the form which is intended to declare and certify that the translations used for the client are accurate to the client’s understood language. Once submitted by both the client and his translator, it will be the role of the banker to complete the form by incorporating the policy and account information of the client along with his name, date, and time of when the form was used for the transaction.
Bank Housing Verification of Assets Request Form – There are banks and organizations who offer housing opportunities to people who are in need. With this, a bank housing verification of assets requests form is required to be completed by the housing applicant. In this form, the applicant will be able to prove his eligibility for attaining the housing program. To complete the form, the applicant must state his social security number, account name, account address, account type, and account number. At the bottom of the applicant’s basic information is a release authorization statement which should be signed by the applicant to allow the bank in releasing his relevant financial information and income statements or balance sheets for the process of determining his eligibility.
Bank Identification Verification Form – Opening a mortgage account is not an easy phase that mortgage applicants are required to complete. Within the period of the application, a bank identification verification form is needed to be filled out with the details of the involved parties of the mortgage. The attorney of the applicant, his chosen guarantor, and the provider of the mortgage loan are all required to fulfill the fields of the verification form which will serve as a tool for proving their roles in the mortgage. Some of the information catered in the form are the birth dates of each involved party and the type of documents they will be submitting to prove their identity.
Bank Signature Verification Form – Specimen signatures are collected by banks to ensure that they will be able to recognize the different strokes and lines and elements in an account holder’s legal signature. For this, a bank signature verification form is used for obtaining copies of the account holder’s or the applicant’s signature which will be used for the procedures and bank transactions.
Not only banks can use the aforementioned forms but also other organizations who are in need of the same documents for their clients, members, and associated entities in order to verify claims and information. Nevertheless, the data which will be disclosed and be verified must be kept confidential and must only be used for the requested transaction limitedly unless authorized or permitted by the owner of the information.