Starting 16 September 2022, Nacha, the organisation which governs ACH payments, will require every micro-deposit to include the descriptor "ACCTVERIFY" in the company entry description field. As a result of this change, we will be making changes to Amount and Descriptor Code methods.

• Amount

  • The description field currently reads "AMTS: <amount1>,<amount2>".

  • From 7 September 2022, the description field will be "ACCTVERIFY".

• Descriptor Code

  • The description field currently contains Stripe’s six-digit verification code that starts with "SM".

  • On 7 September 2022, we are moving that six-digit descriptor code to the beginning of the company name field. The Checkout and Payment Element UIs will automatically update to show customers the new code location.

What you need to do

• To ensure that your customers understand how to identify micro-deposits, we recommend updating any of your own customer support resources to reflect these changes.

• For Descriptor Code method, you will need to provide a shortened statement descriptor via the Stripe Dashboard. This descriptor should be the name of your company as recognised by your customers. This shortened descriptor will help ensure that longer company names are not truncated on customers’ bank statements.