When applying for a loan with Fortify, you may be asked to provide your bank information as part of the application process. If you’re wondering why this information is necessary and how it benefits you, here are the key reasons why Fortify asks for your bank details.
ID Verification
The primary reason we require your bank account information is for ID verification purposes. By verifying your ID, Fortify helps prevent fraud and make sure that it’s really you requesting a loan in your name.
Remember, when you link your bank account with Fortify, we do not charge your bank account.
Easy autopay enrollment
Another important Fortify benefit to know about is the option to set up automatic payments through autopay for a 0.25% interest rate discount.
We recommend you do select autopay because it can simplify your loan repayment, making it easier for you to manage and pay off your loan on time each month. This automated setup helps you stay on track with your payments and avoid potential late fees. However, autopay is completely optional, and you don’t have to set it up if you don’t want to.
Either way, when you link your bank account to Fortify, we don’t charge it. Your bank account will only ever be charged if you decide to enroll in ACH autopay, and then the first charge will be on the first payment due date for your loan.
What if I don't have a bank account?
If you don't have a bank account, we recommend signing up for a Chime account to proceed with Fortify. Creating a bank account is an important step in your financial journey, and will be important once you graduate and start working.
If you already have a bank account, please use your existing account as Fortify uses your bank to verify your identity.
To sign up for a new bank account, we recommend Chime. Here's why:
No hidden fees: Chime accounts don’t have monthly fees and don’t have a minimum balance requirement.
Mobile app: You can manage your Chime account from anywhere using the Chime mobile app.
Direct deposit: You can get paychecks up to two days in advance with direct deposit.
Sign up for Chime to get started.
Summary
Overall, providing your bank information to Fortify is important for ID verification and facilitating your autopay discount if you choose to turn on autopay.
If you have more questions, or if you’d like assistance from Fortify on setting up a bank account, please reach out to us and we’ll be happy to help.