Negative Verification
 |
Definition of 'Negative Verification'A system of confirming that a bank's records agree with a customer's records. The bank contacts the customer to provide specific information about the account. The customer is asked to respond only if the information is incorrect; otherwise, it is assumed to be correct. |
 |
Investopedia explains 'Negative Verification'Negative verification is the opposite of positive verification, whereby the customer must contact the bank to verify that the information is correct. If a customer believes his or her bank has made an error and the bank disagrees, he or she can contact the Office of the Comptroller of the Currency to try to resolve the problem after trying to have the bank resolve it directly. |
Related Definitions
Articles Of Interest
-
The Evolution Of Banking
Banks are a part of ancient history. Find out how this system of money management developed into what we know today. -
The Rise Of The Modern Investment Bank
Get to know a little bit about the institutions whose actions help to guide free markets. -
Identity Theft: How To Avoid It
Don't be a victim of this disturbing crime. Get insight into how perpetrators commit this form of fraud. -
Identity Theft: Who To Call For Help
If your identity is stolen, it's critical to act fast. Find out what to do if it happens. -
If I want to have some cash in a liquid account for unexpected emergencies, what is best? A savings account or another type?
It's always a good idea to keep some money set aside in a liquid form, but it's a double-edged sword, because the more liquid your money, the less it's earning. If you never have an emergency, ... -
3 Banking Moves You Should Make Before Traveling
Putting your finances in order should be one of your top priorities before traveling out of the country. -
Clearing Up Tax Confusion For College Savings Accounts
Put your kids through school without being hounded by the tax man. -
Besides a savings account, where is the safest place to keep my money?
Savings accounts are safe because investors' deposits are guaranteed by the Federal Deposit Insurance Corporation (FDIC) for bank accounts or the National Credit Union Administration (NCUA) for ... -
Changes To Your Checking Account
Checking accounts have evolved a lot over the years. Here are the five biggest changes that can affect your wallet. -
The Most Costly Banking Mistakes You Can Make
With changing and increasing fees, it can be difficult to avoid bank charges, but investing time in finding out what your bank charges, and when, can help you save money.
Free Annual Reports
