Why Did I Receive $0.01 in My Bank Account?

Last Updated:
April 26, 2017

When you first enter your banking information, Payable automatically triggers a small deposit ($0.01) to your bank account. This is to confirm that you entered your bank account correctly. Due to how the banking system works, if your banking information is wrong, it may take up to a week for Payable to find out.

It's much better for that to happen on a small transaction than a large payment you're expecting.

If it turns out the banking information is wrong, don’t worry! Payable will automatically notify you of this, and any other errors as soon as possible. Your payments will be held until Payable has verified your account, and you’ll receive your payment the next business day.

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