There are scenarios in which you may want to update your existing account on the Platform, as opposed to adding a new bank account. This could be the result of fraudulent activity on your account where your bank provides you with a new account and/or routing number.
Follow the instructions below for the two-step update process:
Update the information for the bank account -
PUT /accounts/{id}Upload supporting documentation for the change -
POST /noteDocuments
This process and its review period applies to Merchant and Referrer level users.
Bank Account Types and Requirements
All Merchants or Referrers boarded to the Platform are required to have an active U.S.-based bank account on file. A bank account serves two purposes for an entity:
Account for Deposits - A required bank account on file to receive deposits from Available Balance funds.
Account for Debits - A required bank account on file to be debited to cover Negative Balances owed.
Merchants or Referrers can use one bank account on file for both payouts and debits, individual bank accounts for deposits and debits, or multiple bank accounts with unique, individual purposes.
Bank Account Validation
As a Payment Facilitator, the Platform validates any bank account submitted by an entity. This validation includes active status, type of account, & ownership and prevents funds from being sent to an incorrect bank account as the result of a typo or invalid information.
To perform the validation, the Platform uses Plaid to allow Merchants or Referrers to link their bank account(s) for instant validation using a Portal lightbox to securely log in to their bank for integration.
Manual Bank Account Validation - Supporting Documents
If an entity manually submits its bank account information, they are required to submit documentation to Platform Risk for account validation.
Qualifying Bank Account Supporting Documentation is:
A Void Check,
A Bank Letter, or;
A Bank Statement.
When entering information in the Portal for a new bank account manually, like account and routing numbers, a file upload window at the bottom of the form requires a document file to be uploaded before the form can be submitted.
Bank Account Update Approval Period
Note: For existing bank accounts having account or routing numbers updated, manual review of the supporting document(s) is required for approval and can take up to 5 business days.
Payments Interrupted During Approval Period
During the 5 day manual review and approval period, all payments processed will still be funded to your Portal account’s available balance and will be ready for immediate withdrawal to your bank account, once validated.
Enhancements to fund a previously approved account while you wait for a new account to be approved, coming soon.
Minor Updates to Existing Bank Accounts
For existing bank accounts, supporting documents are only required if the routing or account number fields are being updated.
Note: Changes to account types do not require supporting documentation.
Manually Update with the API
See the multi-step process below to update an existing bank account’s information and upload supporting documentation:
Manually Update in the Portal
The Portal uses the Banking tab within the Merchant or Referrer Profile to update or add new bank account information to a specific Entity. In instances where an entity’s banking institution does not currently integrate with Plaid, or the Entity would like to manually add the account, this option is useful.