Bank of America has introduced the “verify account activity” feature for its corporate and public clients. This is a security feature from Bank of America that allows the account holders to verify their transactions. If you have a Bank of America account then you can set up alerts for account activity and verify that activity once you receive the notification.
What is Verify Account Activity and How does it Work?
The Bank of America is a multination investment bank of America and it is renowned for providing high-security features for its account holders. One of the latest security measurements of Bank of America is the “verify account activity” feature. This is a type of fraud prevention service for both corporate and common account holders of Bank of America. The working procedure of this security feature is very simple. You have to activate the “verify account activity” from your Bank of America account. After that when you want to make an online debit or credit card payment, you will be able to verify the status of an account and authenticate the account owner.
Bank of America has introduced this feature via Early Warning Services, LLC (EWS). EWS is a fintech company and it provides various security solutions including identity, risk, and payment solutions. This company is owned by seven USA financial institutions including Bank of America. David Kretz, head of Global Payments in Global Transaction Services at Bank of America says –
“With fraud on the rise, companies can no longer make assumptions about whether the person or entity on the other end of a payment is who they say they are……, Account Validation and other fraud prevention tools are essential for today’s treasury teams.”
The best part of “verify account activity” is it can verify clients’ inquiries in near real-time. With this feature clients and the bank can easily verify the account holder before making payments to consumers via ACH, wire transfer, or a real-time payment. Moreover, this feature also prevents misdirected payments if the client provides the wrong account information. Stephanie Wolf, head of Financial Institutions Sales and head of Business Banking Sales in Global Transaction Services at Bank of America says –
“Account Validation can help companies prevent fraudulent payments without compromising on speed for valid payments to vendors and contractors……, By reducing misdirected payments, companies will also save a considerable amount of time and money it takes to attempt to retrieve misdirected payments.”
If you have a Bank of America online account then you can easily review your account activity and detect frauds easily. If this feature is activated then you can receive an alert for unusual activity on your account. Then, you can use your Bank of America online account or mobile banking app to check the transaction and confirm whether the transaction is valid or fraudulent.
How to Enable the “Verify Account Activity” Feature on Bank of America
There are two ways you can enable verify account activity feature for your Bank of America account. You can enable this feature from the website using your Bank of America online account or from the mobile app. Let’s check them out.
Enable the “Verify Account Activity” Feature Online
- First, open a browser on your computer
- Visit the Bank of America official website
- Now login to your Bank of America online account using the username and password
- After that click on the Profile icon at the top right corner
- A drop-down menu will appear, from the available options click on the Settings
- In the Settings, from the available options click the Security option
- Then click on the “Verify Account Activity” and enable the feature
- Finally, click on the confirm button to complete the process
Enable the “Verify Account Activity” Feature from Mobile App
- First, open the Bank of America app on your smartphone
- Now login to your Bank of America mobile banking account using the username and password
- After that click on the menu icon at the top right corner
- A drop-down menu will appear, from the available options click on the Settings
- In the Settings, from the available options click the Security option
- Then click on the “Verify Account Activity” and enable the feature
- Finally, click on the confirm button to complete the process
FAQs about How to Verify Account Activity on Bank of America
How to check Bank of America transaction history?
You can easily check the Bank of America transaction history from the online banking account. If you have a Bank of America online banking account then you have to log in to the account first. Then you have to select the Statements & Documents option from the Accounts tab. After that, you have to select the transaction history option and then you will be able to see the previous transactions of your account.
Does Bank of America call for suspicious activity?
No, Bank of America doesn’t call for suspicious activity nor ask for the account password, social security number, credit/debit card PIN, etc. If you receive a suspicious call, text, or email from someone claiming to be Bank of America then immediately send it to [email protected]. Or you can also call at 800.432. 1000 for further assistance.
How long can a bank freeze your account for suspicious activity?
If a bank freezes your account for suspicious activity then it can remain frozen for at least 10 days. But you should keep in mind that there is no fixed limit for how long a freeze may last. Therefore, you should contact the bank for further details.
Who can see my Bank of America account information?
Only, you can see the information of your bank account unless you give other people access to your bank account. You should never share your banking credentials like username, password, or credit card Pin with anyone.
References:
https://www.bankofamerica.com/deposits/access-your-accounts/
https://newsroom.bankofamerica.com/content/newsroom/press-releases/2021/10/bofa-launches-account-validation-to-assist-clients-with-fraud-pr.html
Last Updated on August 7, 2022 by Ana S. Sutterfield
