Is "Electronic Withdrawal / LendingClub Y -" fraud?

Written by Aiden Lee

June 18th, 2024

Medium Risk

What is "Electronic Withdrawal / LendingClub Y -"?

LendingClub has been in business since 2006. The company operates as a peer-to-peer lending platform, allowing borrowers to obtain loans and investors to fund those loans. LendingClub offers a variety of retail financial products, including personal loans, business loans, and auto refinancing. The platform connects borrowers and investors directly, facilitating the lending process. The company also provides small business financing and patient solutions through its partnership programs.

**Electronic Withdrawal**: Indicates the type of transaction, in this case, a withdrawal made electronically.

**LendingClub**: The name of the entity or service involved in the transaction.

**Y**: Could be a unique identifier or reference character used by the bank or LendingClub for internal tracking purposes.

Verify if this transaction is fraud in 30 seconds

Verify With Receipt

The best way to tell if this charge is fraudulent is to find the receipt. You may have an electronic copy of the receipt, which you can finding by searching in your email accounts for.

Or, if you want to automatically find and reconcile receipts so you never worry about fraud, you can use SimplyWise to automatically match all bank and credit card transactions to email and paper receipts. The app instantly reconciles your expenses and flags anything that doesn't match.

STEP 1

Connect your Email

Download the SimplyWise app and connect your email account. SimplyWise will search through your emails and find all the receipts in your inbox. This allows you to understand what exactly you are paying for when you see a bank transaction on your statement.

STEP 2

Connect Your Bank

Connect to your bank account/credit card transactions through the secure (256 bit encryption) Reconciliation feature within the app.

STEP 3

Reconcile

Reconcile the charges reported by your financial institution against what you've recorded in your SimplyWise account. Find fraud quickly! SimplyWise will match your transactions to your bank/credit card spending and check those items off.