Borrower Bank Account Verification
To verify your bank account, Lending Club will initiate a debit and a credit for the same amount (under a dollar) against your bank account. When you see this activity post to your bank account (usually within 2-4 business days after you provide your bank account information), sign into Lending Club, click on the "Verify your bank account" link in your Account Summary, and confirm the transaction amount.
Authorization for Automatic Payments
If your loan is funded, you hereby authorize LendingClub Corporation, as the loan servicer on your loan from WebBank, to initiate electronic funds transfers from your designated account listed above for monthly repayments on your loan. EACH MONTH, THE DEBIT AMOUNT WILL BE YOUR MONTHLY PAYMENT AMOUNT PLUS FEES, IF ANY. ANY FEES AUTHORIZED TO BE CHARGED ON YOUR LOAN MAY BE COLLECTED USING ELECTRONIC FUNDS TRANSFERS INITIATED BY US FROM YOUR DESIGNATED ACCOUNT.
You understand this authorization will remain in effect until your loan is paid in full or you notify us or your financial institution of its termination, taking into consideration the necessary time required by LendingClub and your financial institution to implement the change. Please check your loan agreement for more details about a termination of this authorization. You agree to print a copy of this authorization for your records.