How to Update or Change Your Bank Account Information as a Merchant
Updating your bank account information as a merchant is a straightforward process, but it requires careful attention to detail and adherence to specific requirements. This guide outlines the steps, documentation, and special scenarios to help you successfully update your banking details.
General Requirements for Updating Bank Account Information
To update your bank account information, follow these steps:
Complete the Bank Account Update Form: The form must be signed with a wet (handwritten) signature.
Provide Supporting Documentation:
Voided Check: Must include the business name and bank header.
Starter or temporary checks are not accepted.
Bank Verification Letter: Must include the bank header, business name, account and routing numbers, date, and the banker’s signature and contact information.
Account deposit verification letters are not accepted.
Submit the Completed Form and Documents: Send the completed form and supporting documents back in the same email thread.
Special Scenarios
Ownership Changes
If the ownership of the business is changing, the current owner must complete the Spark Ownership Transfer form. Only owners are authorized to request bank account updates. The ownership transfer form will be sent directly to the current owners.
New Business Locations
When opening a new business location, you need to apply for a new merchant account. To proceed:
Complete the pre-application form (provided by the department).
Attach a voided check from the new bank account.
Ensure all information is accurate before submission.
Submit and sign the application electronically.
Changes in Legal Information
If the business entity or legal information is changing, you must fill out a new application. This is necessary because the change constitutes a new entity for processing purposes.
Documentation and Submission Guidelines
Required Documents:
A voided permanent business check (not a starter/temporary check; must include business info, bank name, and security features).
A bank letter on official letterhead including business name/address, owner’s full name, new routing and account numbers, bank officer signature and contact info, dated within 90 days, and stating: “This account is open, active, and available to receive credits and debits from Priority Payment Systems.”
Submission Process:
Submit the completed form and required documents via email. If you cannot download or print the form, it can be sent to you via email upon request.
Processing Timeframes
After submitting the necessary documentation and application:
You will receive an email with a link to electronically sign your application.
Once signed, your application will be processed, and the new account will be connected.
Future deposits will be directed to the new account, and the final deposit to your old account will arrive as scheduled.
The timeframe for switching bank accounts can vary. Specific details regarding the time delay will be sent to the email address you have on file.
Processor-Specific Instructions
Bambora: To update banking information for billing, coordinate directly with Bambora. An email can be sent to Bambora, with you included in the communication, to assist with the update.
VeriCheck: No additional changes are required in SPARK MINDS or USAePay after updating banking information with VeriCheck.
Conclusion
By following the outlined steps and ensuring all documentation is accurate and complete, you can successfully update your bank account information as a merchant. For any additional assistance, contact your account representative or the support team.