mobile banking network. business people using mobile phone with icon application online payment. Concept: PLAID
Camino Financial
By: camino-financial
Read in 17 minutes

Complete Guide On How Plaid Bank Verification Works And How To Link Your Account

Plaid bank verification can help you securely connect various third-party applications to your bank account.

As the digital landscape evolves, understanding how this tool works and how to use it becomes essential for anyone seeking to harness the power of integrated financial services.

Here you’ll find step-by-step instructions to link Plaid, how it works, why it is safe, its security features, and what banks support it.

Table of Contents
1. What is Plaid?
2. How safe is Plaid?
3. How does Plaid connect to banks?
4. How to use Plaid: Setting up your account and link your bank account
5. Who uses Plaid
6. Plaid-supported banks list
7. Camino uses Plaid bank accounts verification to ensure your data stays safe
8. FAQs

What Is Plaid?

Plaid is a technology platform that allows borrowers and lenders to connect reliably. It was co-founded in May 2013 by William Hockney and Zach Perrit.

In addition, important financial apps and financial institutions use Plaid.

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?

Financial institutions use Plaid to view your financial data through your bank accounts.

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

  • Account balances and retrieve up to 24 months of transactions. Plaid bank linking is easy and secure.
  • You can receive a better customer experience since financial services are simple.

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.

The Financial Industry Regulatory Authority (FINRA) has certified Plaid online banking for its high-security standards.

Camino Financial uses Plaid during the small business loan application process.

How Safe Is Plaid?

PLAID is 100% safe.

They use many safety measures to handle private information.

It remains secure because the platform hires third-party code reviewers and independent auditors.

Plaid requires a key authorization to verify the authenticity of a financial institution and has embedded Cryptology to validate authenticity further.

Plaid adheres to strict protocols and uses encrypted tunnel technology. They conduct routine tests to make sure their operations remain effective.

A bug bounty program is in place to follow up and solve any security issues.

Just like Camino Financial, Plaid takes your security seriously.

How Does Plaid Connect to Banks?

 The tool encrypts the data each time and only shares the specific data the lender requires, not all your information.

With Plaid, you decide who receives your data and for what length of time.

Moreover, Paid doesn’t sell or share your information with anyone unless you authorize them to do so.

Once you sign up to use the Plaid app, select your bank or credit union from over 11,000 institutions. Then, you set up your private login and password information.

The connection between your bank and the Plaid app is secure.

Plaid collects information to verify your identity to safeguard your information further and prevent fraud.

In the following steps, you will be able to make a Plaid banking verification:

Open The Camino Financial Link You’ll Receive

Click the link you’ll receive through a Camino Financial email or SMS to start your bank verification.

Login To The Member’s Portal

Remember that to enter the Member’s Portal, you’ll have to verify your identity through a verification code we’ll send to your registered phone number.

Simply enter the code provided and click on the “Verify” button.

Review The Terms

Once inside your account, please click on the “Review My Terms” button to review the loan terms.

If you like your terms, click the “Accept terms” button.

Link Your Bank Account

This screen will help you understand how Plaid works.

Plaid works with over 6,000 institutions and won’t share any personal information with us or provide access to your funds.

Once you read all the information, just click on “CONNECT ACCOUNT.”

Now it’s time to link your account with Plaid. Simply click on the “Continue” button to get started.

Select the financial institution in which you hold your primary business accounts.

If you cannot see your bank on the list, type the name in the “Search” field.

The platform will redirect to your financial institution’s website.

Enter your online bank credentials, username, and password to continue the Plaid bank verification.

If the process asks you to input a token, your financial institution must send it and send it to you in text messages directly to the phone number you have provided at your bank.

This usually occurs if you have multi-factor authentication set up with your financial institution.

Click the “Submit” button.

You’re Linked!

Once you link your account, you will receive the below confirmation. Next, you must click the “Continue” button.

Do not click the “x” in the top right or close the window.

Wait For A Loan Decision

The platform will redirect you to the “Complete” page to confirm you have linked your account correctly connected.

Please ensure you have reached this page before you close your window. If so, you’ve completed your Plaid manual verification!

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 for a 5-minute conversation about your business. Feel free to contact us should you have any questions or face any technical difficulties.

Who Uses Plaid

Plaid is widely used across various industries and sectors, primarily in financial technology (FinTech).

Here are some common use cases and industries where Plaid is often employed:

Personal Finance Apps

Personal finance management applications frequently utilize Plaid.

These apps allow users to track their spending, create budgets, analyze financial patterns, and gain insights into their financial health by securely accessing and aggregating bank account data.

Payment Apps

Many payment apps leverage Plaid’s services to enable users to link their bank accounts for seamless money transfers, bill payments, peer-to-peer payments, and other transactional activities.

Investment Platforms

Online investment platforms often integrate Plaid to verify and link users’ bank accounts, enabling them to initiate fund transfers, automate investment contributions, and provide a holistic view of their financial portfolios.

Lending and Credit Services

Plaid’s bank verification capabilities are commonly used in lending and credit services.

By accessing users’ bank account information, lenders and credit providers can assess creditworthiness, verify income, and streamline the loan approval process.

When Do Financial Institutions Use Plaid?

There are two cases when a financial institution can ask you to use Plaid’s systems; for example:

  • When applying for a loan or direct deposit, it is essential to ensure that your bank account information is accurate.

Plaid connects you to a bank allowing you to do this quickly and easily.

When you provide your bank account information through the Plaid system, this service will check that the information matches your file with your bank.

Digital Wallets

Plaid facilitates the integration of bank accounts with digital wallets, allowing users to store and manage their payment information securely.

This integration enables seamless and secure transactions using the funds from linked bank accounts.

Accounting Software

Plaid is often integrated into accounting software to simplify expense tracking, bank reconciliation, and financial reporting.

Plaid streamlines the accounting process for businesses and individuals by automatically retrieving and categorizing transaction data.

Neobanks And Challenger Banks

Plaid is vital in enabling neobanks and challenger banks to offer customers a comprehensive and user-friendly banking experience.

By securely connecting users’ bank accounts, these innovative banking institutions can provide services such as real-time transaction updates, spending insights, and personalized financial recommendations.

Plaid Supported Banks List

Here is a list of Plaid-supported banks if you need to link your bank account to allow the platform access to your financial information:

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

Financial Institutions, APIs, and Banks supported by Plaid

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


TD Bank

PNC Bank

SunTrust Bank

US Bank


North Shore Bank

Warren FCU

Pinnacle Bank (CA) – Personal

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

BB&T Bank

Huntington Bank



Acadia Bank



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

Regions Bank

M&T Bank

Regions Bank

Santander Bank



American Express

Merryl Linch

What Happens If My Bank Is Not Listed?

If your bank account is not listed in Plaid, you must manually enter your bank account information into the app.

To do this, open the app, fill out your Plaid bank credentials, and tap on the Menu icon in the top-left corner of the screen.

Then, select Settings and scroll down to the Bank Accounts section.

Tap on Add a Bank Account and enter all of the required information.

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.

You can rest assured that we only use bank technology when processing loans at Camino Financial.

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 secure your information 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 today

Frequently Asked Questions

What do I do if I can’t find my bank on Plaid?

Plaid works with over 10,000 banking institutions. If you’re having trouble locating your financial institution, contact your bank or us directly. We can troubleshoot any problems you may encounter and assist you if necessary.

Should I let Plaid access my bank account?

Yes. Many financial apps and services use Plaid to facilitate secure and convenient account integration.

When you allow Plaid to access your bank account, you must provide your online banking credentials (username and password) or use multi-factor authentication through your bank’s app.

Plaid uses this information to establish a secure connection with financial accounts and retrieve your account data, such as transactions and balances, on behalf of the app or service you are using.

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 history of transactions.

Furthermore, we can review credit and loan accounts, balances owed, transaction history, and interest rates.

We can identify asset details, quantity, and cost basis if you have investment accounts such as retirement and brokerage.

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.

How long does it take Plaid to verify a bank account?

Plaid starts checking your information once it connects to your bank account and routing number information. The system verifies your bank credentials almost instantly.

Why is Plaid asking for my bank password?

Plaid is asking you to log into your bank account, but neither Plaid nor the financial institution that asked you to use it will be able to see your login details.

By logging in, you enable Plaid to obtain information from your financial institution.

How does Plaid work?

Plaid is an app and API that securely connects users’ bank accounts with third-party applications. It verifies bank accounts by securely retrieving financial data from the user’s bank using their login credentials.

It works as an intermediate between banks and financial institutions or apps that need access to bank information.

It employs end-to-end encryption and tokenization for data security.

The tool organizes the retrieved data in a standardized format, making it easier for third-party applications to use. Plaid acts as an intermediary, facilitating the secure transfer of data, but does not control the actions of third-party applications.

What banks work with Plaid?

Plaid works with many banks, including JPMorgan Chase, Bank of America, Wells Fargo, and more. To see a complete list of partners, visit their website.

What should I do if Plaid bank verification doesn’t work?

If you’re having trouble with bank verification through Plaid, you can try a few things.

First, select the bank account you’re trying to verify in Plaid’s settings. Then, try reloading the page. If that doesn’t work, try logging out and back in again.

What is a Plaid Bank Transfer?

It’s a new service offered by Plaid that enables lenders to make bank-to-bank transfers and disburse loan proceeds from one account to another with reduced risk.

It is more flexible than traditional slow bank-to-bank transfers. The system’s integration tools perform in real-time to ensure successful transfers.

Typical transfer types include ACH, same-day ACH, and wire transfers.

A bonus feature called Payment Service allows all parties involved to see, in advance, whether the service will post the transfer.

Is Plaid a safe platform for transfers?

The Plaid system with built-in safety features protects your valuable information.

The following features combine to keep your data safe during transmission:

  • Advanced Encryption Standard
  • Transport Layer Security
  • multi-factor authentication
  • cloud infrastructure technologies
  • continuous security monitoring

How long does Plaid Bank Transfer take to transfer money?

On average, it takes six business days to process an online transfer.

Along with Plaid’s security measures, it uses an authorization engine. This helps reduce delays, promoting quicker settlements and reducing possible transfer holds.

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