Why do you need to verify my bank account?

We verify your bank account to make sure the loan is paid into an account that belongs to you and is open, and that your repayments are collected from that same account. Verification does not give anyone access to move your money.

What account verification checks

When you enter your banking details on the application service, a verification check asks your bank to confirm a few facts. It doesn’t show your balance or your transactions.

• The account exists and is open
• It is held in your name and matches your ID number
• It is a South African account that can receive payments and run debit orders

If any of these don’t match, the loan can’t be paid out to that account. That protects you if someone tries to apply in your name with their own bank details.

Sharing bank statements with your consent

During the application you may be offered the option to share your bank statements directly from your bank, through a provider named on the screen. It saves you downloading and uploading files.

What it is

A copy of your transactions for a set period, shared once with your consent, so income and expenses can be confirmed for the affordability assessment.

What it is not

It is not an approval. It doesn’t let RandLeaf or the provider make payments from your account, and it doesn’t create a debit order.

Your choice

The consent screen says who receives the information, what is shared and for how long. If the application service offers another way, such as uploading statements, you can choose that instead.

Some providers ask you to sign in to your bank on their secure screen. Only do this inside the application service, on the address you checked yourself. Never do it because someone asked you on the phone or in a chat.

How it works during your application

1. Enter your account details. Your bank, account number and account type, exactly as they appear in your banking app.
2. We run the verification check. The result comes back from your bank. You don’t need to do anything else for this part.
3. Share statements if asked. Read the consent screen first. Check the provider’s name and the period you are sharing.
4. Continue with the assessment. The verified account is the one used for the payout and the DebiCheck request later.

If verification fails

The most common reasons are simple to fix:

• A typing mistake in the account number or a wrong account type.
• The account is a joint, business or savings account that can’t run debit orders.
• The name on the account is different from your ID, for example after a surname change.
• The account is new and not active yet, or it has been dormant.

Check the details and try again, or contact us. We can’t pay a loan into someone else’s account, even a partner’s or a parent’s.

Who to contact

Our phone, email and support hours are not yet published. You can also see every official channel on the contact page. If a message claiming to be from us looks wrong, check it against that page before you reply.