How to Verify Nedbank Account Number

Nedbank is one of the major banks in South Africa. A lot of times when doing business with someone that has a Nedbank account, you will want to verify their account number. This is done as a security measure. You don’t want to end up depositing money and making payments into the wrong account. The good news is that like all the other banks in the country, Nedbank offers an account verification service. In this post, we show you how to verify a Nedbank account number.

Steps to verify Nedbank accounts

In order to verify Nedbank accounts, you need to sign up for a service that is referred to as Account Verification Service (AVS). This is a service that is used by the majority of banks in South Africa. You can sign up for the service via Nedbank.

To get started, you need to get in touch with your Nedbank transactional or corporate banker. You will be required to fill in the required documentation. Once your profile is activated, you can start verifying accounts online.

Which banks participate in AVS

The following are some of the banks that participate in AVS in South Africa;

  • Nedbank
  • Standard Bank
  • FNB
  • Absa
  • Capitec
  • Mercantile Bank
  • Investec

Why verify accounts?

The good thing about the AVS service is that you can use it to verify up to 50 000 accounts in one go. The service is very useful. Businesses need to make sure that they are dealing with bona-fide individuals with real accounts.

That’s particularly important considering that bank fraud has become rather rampant in South Africa. Verifying your account is a good way of protecting yourself. The service virtually eliminates the risk associated with incorrectly conducted transactions.

Another great thing is that verification happens almost in real time. It means you don’t have to wait before processing as person’s payment, as an example. As soon as verification is done, you can proceed.

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In this article, we showed you how to verify a Nedbank account number. We noted that you can use AVS, an industry wide account verification service that is designed to eliminate the risks that are associated with doing business.

That’s particularly useful in the case of South Africa, where a lot of fraud takes place on a daily basis. When making a payment, you need to make sure that money is going to the correct account and person.

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