FAQ
What is an asset report?
Section titled “What is an asset report?”An asset report is a snapshot of the financial information available directly from the applicant’s connected bank accounts. Giving you improved insight into the applicant’s current financial situation and verification of identity.
How many banks do you support for applicant bank linking?
Section titled “How many banks do you support for applicant bank linking?”Over 11,500 banks, credit unions, and other financial institutions in the U.S. support asset reports.
New users linking their U.S. Bank accounts will go through the U.S. Bank API. Users will see the same Plaid Link experience. After they successfully complete their connection with Plaid, they will receive an email notification from U.S. Bank to inform them of the newly established connection.
How many asset reports do I need for my monthly plan?
Section titled “How many asset reports do I need for my monthly plan?”It depends on your target audience and where you plan to use Approve Owl in your workflow. Expect to need a package with about a fourth of your normal lead volume per month.
So if your sales staff works through 400 leads a month, expect to pull around 100 asset reports.
What happens if I pull more asset reports than my plan limit?
Section titled “What happens if I pull more asset reports than my plan limit?”We have soft-caps on the number of asset reports that can be pulled. However, if you are consistently over your plan’s limit, you will be required to upgrade your plan.
How secure is my data?
Section titled “How secure is my data?”We know security is important to you, which is why all traffic runs over SSL, and all sensitive information and uploaded documents are encrypted. Also, sensitive bank account connection details such as username and password are never stored on our servers.
How does Approve Owl data compare to a credit report?
Section titled “How does Approve Owl data compare to a credit report?”A credit report is focused on liabilities. Approve Owl analyzes banking data for not just liabilities the applicant is paying for, but also their present income sources and current spending habits.
How is financial data pulled in to the customer’s/applicant’s profile?
Section titled “How is financial data pulled in to the customer’s/applicant’s profile?”Approve Owl uses an integration with Plaid to securely verify, link and share financial information.
Is the customer’s/applicant’s information secure once linked?
Section titled “Is the customer’s/applicant’s information secure once linked?”All Plaid security practices are designed to meet or exceed industry standards. The combination of the Advanced Encryption Standard (AES-256) and Transport Layer Security (TLS) help keep personal information safe. Plaid uses secure cloud infrastructure technologies to help enable customers to connect quickly and securely. Multi-factor authentication also provides added security to help protect customer data. And independent security researchers and financial institutions regularly audit Plaid’s API and security controls.
What if a bank connection fails?
Section titled “What if a bank connection fails?”Sometimes you may not be able to connect a customer’s bank account. The problem could be taking place anywhere along the chain between Plaid and the financial institution. Plaid will work to restore the connection once experienced.
Are the customer’s/applicant’s user credentials shared with Approve Owl?
Section titled “Are the customer’s/applicant’s user credentials shared with Approve Owl?”User credentials will never be made accessible to Approve Owl. Once a customer provides permission to share financial data with Approve Owl, it is securely transferred from the financial institution to Approve Owl through the Plaid application programming interface (API).
Can I merge applicants?
Section titled “Can I merge applicants?”There is no merging functionality in Approve Owl. Since data is available from outside of your organization (by your applicants), we do not allow details from two different primary phone numbers to be merged to prevent the possibility of unauthorized access of information should the profiles you want to merge not actually belong to the same applicant. You should archive the oldest profile and continue with the latest version.
Can I change an applicant’s primary phone number?
Section titled “Can I change an applicant’s primary phone number?”No. An applicant is unable to create a profile with a wrong phone number due to the way we verify access with a one-time password. If an employee entered the wrong phone number when inviting an applicant, just create a new invite with the correct phone number. You can optionally delete the incorrect profile.
What is a one-time passcode?
Section titled “What is a one-time passcode?”A one-time passcode, also called a verification code, is a 6-digit code sent to your applicant’s phone via text or a phone call. This will verify their ability to be contacted with the number they provided you as well as reduce the friction when creating an account. There is no need for your applicant to re-use an insecure password or fiddle with a password manager.
Can a customer start an application, then go back to finish it later?
Section titled “Can a customer start an application, then go back to finish it later?”Yes. You can re-enter your application by entering your contact phone number associated with your profile.
The financial institution for the application isn’t among the list.
Section titled “The financial institution for the application isn’t among the list.”While there are over 11,000 banks and financial institutions that can be linked with, from time to time, there are some that are not yet on the list.
What do I use the location data for?
Section titled “What do I use the location data for?”It can be used to verify an applicants area of residence. Typically, an applicant lives near where they spend money and conduct their transactions.
What if there is no location data in the applicant’s profile?
Section titled “What if there is no location data in the applicant’s profile?”Some banks and financial institutions don’t provide location data with the transactions.
Why are there a small amount of transactions in far away cities and states?
Section titled “Why are there a small amount of transactions in far away cities and states?”Sometimes the transaction is an online company or a company with a corporate office that is located far away from the applicant’s place of residence. It is normal to have 5%-10% of transactions that appear out of the area.
Why does the customer’s direct deposit not show up on the finance call out, but I see it on the transactions?
Section titled “Why does the customer’s direct deposit not show up on the finance call out, but I see it on the transactions?”Some transactions are not coded correctly by the company or the financial institution. If a direct deposit or something that looks like income from an employer appears on the transactions, it is a legitimate source of income.
How can an applicant upload a pdf document to their Approve Owl profile from their mobile device?
Section titled “How can an applicant upload a pdf document to their Approve Owl profile from their mobile device?”If the applicant is using an iOS device, please reference this article from Apple.
If the applicant is using an Android device, please reference this article.
How can an applicant find saved passwords in their cell phone to aid in providing their bank account transaction data snapshot?
Section titled “How can an applicant find saved passwords in their cell phone to aid in providing their bank account transaction data snapshot?”Learn how to find and edit your saved passwords on your iPhone, iPad, or iPod touch in this Apple article.
Android device passwords are generally stored in the Chrome browser. Open the Chrome browser on your phone, click on the 3 dots at the bottom right of the window to open the menu listing. Click on Settings then click on Passwords. Any passwords that you’ve saved will be within the Saved Passwords view.