Pass DecisionLogic Bank Verification: Video

[ city street sounds ] Don’t get declined for failing a [woman says no ] bank account verification or Decisionlogic to get a business loan or a Cash Advance. Will Sanio, SmallBusinessLoansDepot.com. Today’s Video: How to pass a bank account verification to get money for your business.

Start the process anytime by Tapping apply on the Bottom right of this screen, or tapping on the end screen of this Video, or on the Apply Button on the Webpage.

Step 1: Total Deposits:

[ woman counting bills ] Look at the total deposits into your business checking account for the current month. You want the dollar amount to be on track for the current month or not more than about 25% less than the average for the last 4 months.

Step 2: Minimum balance:

Know the minimum amount you need to have in your account at the time of the bank verification or decision logic. Often it’s a multiple of the payment, either daily, weekly, bi-weekly or monthly.

Example: If your payment is $90 per day 5 days a week, then the minimum you should have in your account is about $270 for a cash advance and many other business loans. If the payment is $500 per week, then you should have at least $500 in the business account but better $1,000 or more.

If the payment is $1,000 a month, then you should have at least $1,000 but better $2,000 or more in the account. If you do not have the minimum amount needed to close, [ clock ticking ]it is better to wait a few days or longer until you do, or you may be declined right before closing.

Step 2: Overdrawn:

Your account should not be overdrawn at the time you do the bank account verification or Decisionlogic, your business will be declined if you are. If you are overdrawn, you must wait until the account has a positive balance.

If you’ve recently been overdrawn more than 2 or 3 days in a row, the lender may decline for that reason. If your business account was overdrawn a total of 5 days or more per month during each of the last 4 months, that may trigger a decline.

Step 3: NSF’s:

Also known as insufficient funds are charges that were rejected by your bank or debits that were paid but overdrew the account. The bank account verification looks at the NSF’s since the beginning of the month.

You should not have more than about 5 or 6 average per month NSF’s during the current month. In summary, the lender will look at your current balance, and for the month to date since the beginning of the month, your total deposits, NSF’s and overdrafts and make a pass or fail decision.

Step 4: Complete:

If you pass, this is often the last step. In some cases, final verifications of the business and owners are completed. If it is the last step, [ woman giggling ]you will be funded.

If you fail the bank account verification, [angry woman growling ] try to find out from the lender what the problem was. You may be able to fix it in a few days such as low current balance or too many overdrafts or NSF’s in the current month.

[ vault door opening ] The lender may be able to fund you after a week or two of good balances and cash flow. [ fire hose gushing ] If your cash flow had more problems, the lender may tell you to wait longer and do the bank account verification after that.

Work closely with the lender to find out how long that is. For more details tap on the end screen or go to smallbusinesssloansdepot.com [guitar sound ].