This article describes Consumer Bank Account Checker and its features, within Lawyer Checker
What is Consumer Bank Account Checker?
Consumer Bank Account Checker is an enhanced due diligence tool for a firm to check a consumer’s bank account details. This service allows you to check the personal bank account details of a client you are either sending funds to or receiving funds from.
You can use Consumer Bank Account Checker to verify that the bank account details you have been sent by a client are correct before transferring funds to them. You can also use this service to validate source of funds by checking who owns the bank account from which you received the funds.
How is Consumer Bank Account Checker different to the Account & Entity Screen?
Account & Entity Screen is a tool to check the details of a law firm before you send funds to them whereas Consumer Bank Account Checker is a tool for checking the account details of your consumer clients.
Why use Consumer Bank Account Checker?
How do you know that you are sending funds to the correct bank account for your client? There is a huge and growing opportunity for criminals to hijack transactions and hack into personal systems such as email, Consumer Bank Account Checker allows you to check that the bank account details you have been given are correct.
This product compliments and adds protection to your existing Anti-Money Laundering procedures by evidencing that your client is the owner of the account that you are remitting funds to or receiving funds from.
How much does Consumer Bank Account Checker cost?
The current pay as you go price is £3.75 +VAT.
From 1st September 2018, a Minimum Usage Policy was be introduced for all Lawyer Checker account holders which is be £20 + VAT for months where less than this amount is charged in searches. More information on this policy can be found in the Terms and Conditions.
How do I pay for Consumer Bank Account Checker?
All payments for Lawyer Checker searches are taken by direct debit which is set up on registration of your account. We invoice at the start of the month for any searches carried out in the previous month.
If you have a subscription, payment will be taken by direct debit and your schedule will show the equal monthly instalment for this.
What details do I need to enter to perform a search on Consumer Bank Account Checker?
All you need is your client’s First Name, Surname, Date of Birth, Full Address, Bank Account Number and Sort Code.