Updating a Bank Account

Owned by Miles Graves
Last updated: Jul 10, 2024
6 min read

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. This guide will walk you through the update and validation process required to update the information for your existing bank account.

Note: This process and its review period apply to Merchant and Referrer-level users.

Bank Account Types and Requirements

All Merchants or Referrers boarded to the Platform must 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 to receive deposits from Available Balance funds.

  • Account for Debits - A required bank account 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 due to 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. See Steps 2-4 of the Manually Update with the API

Qualifying Bank Account Supporting Documentation is:

  • A Void Check,

  • A Bank Letter, or;

  • A Bank Statement.

For existing bank accounts, supporting documents are only required if the routing or account number fields are being updated. Changes to account types do not require supporting documentation.

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.

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.

To manually update an existing bank account in the Portal, follow the steps below:

Step 1: Navigate to the Merchants or Referrers page within the Management category.

Step 2: Click on the desired Merchant to bring up their Merchant Profile or Referrer Profile.

Step 3: Click the Banking tab on the left.

Step 4: Click the edit icon button in the upper right-hand corner.

Step 5: Click the ADD ACCOUNT MANUALLY button in the lightbox and view the prompt below:

Step 6: Click Continue on the prompt, then click the ENTER ACCOUNT MANUALLY button.

Step 7: Enter the Type of bank account, Routing & Account Number, and Usage Options

  • Click ADVANCED OPTIONS to add an optional bank account name and description.

Step 8: Upload one of the qualifying support documents into the Upload and Attach Files field.

Step 9: Click the ADD button to complete the process.

Manually Update with the API

See the multi-step process below to update an existing bank account’s information and upload supporting documentation:

  1. Update the existing information for the bank account - PUT /accounts/{id}

  2. Upload supporting documentation for the change:

    1. Create the new Note Resource - POST /notes

    2. Create a Document Resource to associate with the upload - POST /noteDocuments

    3. Upload the document or image file - POST /files/noteDocuments/{id}

Updating an existing Bank Account - Example Code Snippet

Visit our API Documentation for parameter descriptions and valid values.

Request URL & Header

PUT /accounts/{id} HTTP/1.1 Accept: application/json Host: api-test.payrix.com APIKEY:{{private_api_key}}

Example Request Body

{ "entity": "t1_ent_xxxxxxxxxxxxxx", "primary": "0", "currency": "USD", "name":"Bank Account Non-Primary", "account": { "method": "10", "number": "{{New_Account_Number}}", "routing": "{{New_Routing_Number}}" } }

Example Response

{ "account": { "id": "t1_pmt_xxxxxxxxxxxxxxxxx", "method": "8", "number": "1234567890123456", "routing": "123456789", "bin": "123456789", "payment": null, "lastChecked": null, "last4": "1111" }, "id": "t1_act_xxxxxxxxxxxxxxxxx", "created": "2023-08-18 15:37:56.9284", "modified": "2024-08-18 15:37:56.9284", "creator": "t1_log_xxxxxxxxxxxxxxx", "modifier": "t1_log_xxxxxxxxxxxxxxxx", "entity": "t1_ent_xxxxxxxxxxxxxxxxx", "token": "ac1234cc5ae67b89101a11213d1a4e15", "name": "Bank Account Non-Primary", "description": "", "primary": "0", "status": 0, "currency": "USD", "inactive": 0, "frozen": 0, "expiration": null, "type": "all", "reserved": 0, "checkStage": null }

Create a Note Resource to Associate with an Entity and Documents - Example Code Snippet

Visit our API Documentation for parameter descriptions and valid values.

Request URL & Header

Example Request Body

Example Response

 

Create a Document Resource to Associate with the Note - Example Code Snippet

Visit our API Documentation for parameter descriptions and valid values.

Request URL & Header

Example Request Body

Example Response

Upload the Image or Document File Associated with the Entity’s Note - Example Code Snippet

Visit our API Documentation for parameter descriptions and valid values.

Request URL & Header

Example Request Body (form-data)

Example Request Body (JSON)

Example Response