Verifying bank accounts with deposits or password

I recently had to verify my bank account. Someone had sent me money and their bank wanted me to verify that the bank account I wanted the money deposited into, was indeed mine.

I was given two options. The first option was to provide the online ID and password of my own bank account. This would provide instant verification.

The second option was through two small deposits that the bank sending the money would make into my bank account.

I chose the latter option even though it meant waiting another day or two. Even though the money sending bank had a pop up message that my ID and password would not be stored, I did not feel safe providing my password. I don’t think there is ever any surity that your password is safe since every other day you hear of big companies including banks being hacked and passwords being stolen. Therefore I believe every step you can take to minimize theft of your password especially to bank accounts should be taken.

After getting my account verified, I decided to google the verification process and see which was preferable. On one payment site, I came across this statement “Either option will get your account verified, though many users choose the first method in order to get their account hooked up right away. Verification through micro deposits can be a bit more reliable, so it is a good back-up if you are experiencing errors with the other method.”