Patent ID: 7734542

Claim:
A computer implemented method executed by a computer system for verifying customer supplied financial account information for a customer financial account, comprising: (a) electronically transmitting an electronic debit transaction to the customer financial account, based on the customer supplied financial account information; (b) electronically transmitting an electronic credit transaction to the customer financial account, based on the customer supplied financial account information; (c) electronically transmitting a first statement descriptor, as part of at least one of the electronic debit transaction and the electronic credit transaction, comprising a first verification code; (d) receiving a failed transaction notification in response to the credit transaction, wherein the notification comprises corrected financial account information that the transaction was processed with, and sending a second debit transaction, with a new verification code, using the corrected financial information, wherein the amount of the debit transaction offsets the credit transaction; (e) electronically receiving, from the customer, a second verification code; (f) comparing, by the computer system, the transmitted first verification code with the received second verification code with respect to each other; and (g) verifying, by the computer system, the customer supplied financial account information responsive to said comparing.