BackNine's Micro Deposits for EFT Verification
7/13/2021 · 1 min read
BackNine uses a third party ("Synapse Fi") to process EFT payments to advisors. When a new bank account is added, micro-deposits are sent to verify the bank account.
These micro-deposits are each under $1.00 and may or may not be taken back out of the advisor's account.
Micro-deposits are not commissions, they are simply a verification tool to verify your bank account for future commissions.