mobile banking network. business people using mobile phone with icon application online payment. Concept: PLAID
Betsy Wise
By: betsy_wise
Read in 9 minutes

PLAID Bank Verification: How To Link It With Your Bank Account

It’s common to do a PLAID bank verification when you are applying for a business loan.

But if you are concerned about your safety, we’re here to tell you and explain that PLAID is 100% safe.

This easy-to-understand guide about PLAID tells you how it works and its security features. You can also review step-by-step instructions on how to link PLAID to your bank accounts.

What Is PLAID?

PLAID is a technology platform that allows borrowers and lenders to reliably connect, co-founded in May 2013 by William Hockney and Zach Perrit. In addition, important financial apps and financial institutions use it.

According to CNBC, PLAID reported that its customer base doubled from 2017 to 2018, averaging roughly 20 million consumer accounts.

What is PLAID bank verification?

PLAID is used by Financial institutions to view your financial data through your bank accounts.

In a bank verification, these institutions will be able to see only information related to:

  • Account balances and retrieve up to 24 months of transactions. PLAID bank verification is easy and secure.
  • Financial services are simplified, resulting in improved customer experiences.

This technology allows you to save time because there’s no need to gather financial data, send documents, or call your bank representative to authorize them to share your financial information.

If you are contemplating applying for a loan at this time, Camino Financial is your best ally.

Get Approved For A Loan Today

How safe is PLAID?

The PLAID verification uses really high safety measures when handling private information are high.

So, PLAID is 100% safe. You can rest assured that at Camino Financial, we only use bank technology when processing loans.

How Secure is PLAID? How It Does Work:

The PLAID bank verifications remain secure due to the platform hiring third-party code reviewers and independent auditors.

API key authorization is required to verify the authenticity of financial institutions. Cryptology is embedded to further validate authenticity.

PLAID adheres to strict protocols and uses encrypted tunnel technology. Routine tests are conducted to make sure their operations remain effective.

Additionally, a bug bounty program is in place to follow up and solve any security issues that may arise.

Just like Camino Financial, PLAID takes your security seriously.

6 Steps To Understand How To Set Up Plaid Account and Link Bank Account

In the following steps, you will be able to understand how to use PLAID:

1. Open the Camino Financial Link You’ll Receive

To start the PLAID bank verification, click the “Continue” button.

steps to do a plaid bank verification

2. Closely Review Your Terms

If you like your terms, click the “Verify my bank account” button.

screenshot of second step for plaid bank verification

3. Select From the List of Financial Institutions

Select the financial institution in which your primary business accounts are held. If you cannot see it on the list, type your Bank Name in the “Search” field, and your financial institution should appear.

step 3 how to do a plaid bank verification with supported banks

4. Log Into Your Bank

You’ll be redirected to your financial institution’s website. To continue the PLAID bank verification, enter your online banking credentials. PLAID offers a secure connection. Please ensure you are using a personal computer/mobile.

screenshot of a plaid bank account connecting screen

If you are asked to input a token, this is initiated by your financial institution and sent to you in an SMS directly to the phone number you have provided at your financial institution. This will usually occur if you have multi-factor authentication set up with your financial institution.

step 4 in the plaid bank account verification

Click the blue “Submit” button.

Camino Financial does not have access to your personal information, bank account information, or your credentials, nor do we store them.

5. You’re Linked

Once your account is linked, you will receive the below confirmation. Next, you must click the “Continue” button. Do not click the “x” in the top right and/or close the window.

plaid banking connection successful screen

6. Confirm and Wait for the Loan Decision

To confirm your account has been correctly linked, you will be redirected to the “Complete” page below. Please confirm you have reached this page before you close your window. If so, you’ve completed your PLAID bank verification!

screenshot of the plaid bank verification completed

Your account is now successfully linked. Congratulations!

Your file is now in Underwriting. We will have a final decision within 48-72 hours. A credit agent may call you to have a 5-minute conversation about your business. Feel free to call us should you have any questions or face any technical difficulties.

PLAID Supported Institutions List:

Here are some PLAID supported institutions list in case you need to link your bank account:

“Plaid supports over 11,500 institutions across North America and Europe”.

Plaid Supported Institution List

Camino Financial

Coast Capital Savings


Assante – InvestorOnline

Bayview Credit Union

Cambrian Credit Union – Cambrian Online

Newfoundland & Labrador Credit Union

Prospera Credit Union – Prospera Credit Union

Access Credit Union – Online Banking


Choice Savings and Credit Union – Personal Online Banking

Assiniboine Credit Union – Online Banking

BlueShore Financial – Online Banking

Canaccord Capital

North Pea Union

Qtrade Investor

Quinte First Credit Union – Online Banking

Capital One – Credit Cards Canada

RBC Royal Bank

Alterna Bank – Online Banking

Bay Credit Union – Online Banking

BMO – Fund Account Access

Nelson & District Credit Union – Nelson & District Credit Union

President’s Choice Financial

QuesTrade – Client Portal

Camino uses PLAID Bank Accounts Verification To Ensure Your Data Stays Safe

Along with helping your business prosper by gaining access to needed funds, we can guarantee that your personal and business information is never compromised.

Using PLAID as part of our loan process ensures that your data stays secure and confidential.

By using the PLAID, we can offer competitive loan terms and rates. We can examine your business’s cash flows to help determine your best course of action to achieve financial health.

We use other bank technology to keep your information secure and protect you from identity fraud throughout the loan process. That’s because you are our top priority from beginning to end.

We take extreme measures to access sensitive information securely and privately. For that reason, we can confidently recommend using PLAID.

Now that you know how secure our process is, you know that we have your best interests at heart.

Apply For A Business Loan!

PLAID Frequently Asked Questions

What do I do if I can’t find my bank?

PLAID works with over 10,000 banking institutions such as Wells Fargo, Chase, and Citi, amongst many others. If you’re having trouble locating your financial institution, contact us or your bank directly. We can troubleshoot any problems you may encounter and assist you if necessary.

What types of information can PLAID provide lenders?

Since we need to verify your identity, PLAID confirms your name, phone number, email, and physical address.

By gaining digital access to bank transactions, we can verify your income, assets, balances, and a history of transactions.

Furthermore, we can review credit and loan accounts, balances owed, transaction history, and interest rates. Should you have investment accounts such as retirement and brokerage, we can identify asset details, quantity, and cost basis.

Does PLAID need an account and routing numbers?

PLAID doesn’t process transactions. Instead, its authorization process uses ACH authentication to protect a customer’s account and routing numbers.

This eliminates the need to make micro deposits which involve waiting for small trial deposits to post. That way, we can transfer the money immediately.

How does PLAID work?

PLAID works as an intermediate between banks and financial institutions or apps that need access to bank information. It offers a standardized API that allows banks to integrate their platforms without the need to build custom apps. PLAID uses end-to-end encryption to share personal and banking information in a secure way.

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