Use Case: Update Your Existing Bank Account

Owned by Miles Graves
Last updated: Dec 24, 2024 by Ada Li
4 min read

You can update your bank account information to ensure that payouts can continue when account details change due to compromised data, expiration, or other issues. This tutorial describes how to update your bank account information manually with Payrix or by updating account details linked with Plaid.

Partial view of the Bank Accounts tab in the User Profile Account Overview, with the PROFILE and ADD NEW ACCOUNT buttons highlighted in red boxes.

Objective

Update your existing bank account information.

Audience

  • Facilitators

  • Referrers

  • Merchants

Environment

  • Portal (Sandbox)

  • Portal (Production)

Prerequisites

Prerequisites:

Before updating a bank account, you must have the following:

  • A fully boarded Payrix account to perform any of the actions described in the use case guides

  • A pre-existing approved bank account linked to your Portal account

  • Your bank account information, including the account and routing numbers

  • A file containing an image of a voided check, bank statement, or bank letter

Warnings

Warning: Plaid - Tokenized Account Numbers (TANs)

Some banking institutions, such as Chase Bank, use a tokenized account number (TAN) for each individual third-party integration of a user's bank account to protect the original account and routing numbers, never allowing them to be seen by any third-party integration.

  • This means that if your TAN is ever compromised, a new one can be generated after contacting Chase Bank as opposed to the more time-consuming process of closing and re-opening a new account.

  • As a result, you might notice upon completing an integration with Chase Bank that the account and routing number shown in the portal will not match your original account and routing number. This is expected.

  • Visit Chase Bank’s developer article regarding TANs or contact Chase Bank if you have further questions or concerns.

Tips

Additional Resources

Update a Bank Account

1: Access your User Profile page.

Click PROFILE , located in the upper-right corner of the page, to open your user profile page.

  • You can also access your profile by clicking SETTINGS. Scroll down to the User Settings section and locate the User Account Information subsection. Click USER ACCOUNT INFORMATION to open your profile page.

2. Update your bank account info.

  1. Click BANKING in the left panel to open the Banking tab.

  2. Click EDIT ACCOUNT on the right side of the Bank Accounts table to open the Edit Account lightbox on the page.

  1. Update the bank account information manually or re-link it with Plaid:

  1. Click RELINK ACCOUNT in the lightbox.

  2. Follow the prompts by Plaid to finish linking and verifying the new account.

  1. Click EDIT ACCOUNT MANUALLY in the lightbox. Read the information in the Warning box that appears on the screen, and click CONTINUE to confirm that you agree, or click CANCEL to return to the previous screen.

  2. Click ENTER ACCOUNT MANUALLY to open the Add Bank Account lightbox.

  3. Enter the information in the required fields.

  4. Click SAVE to complete your edit, or click CANCEL to discard your information and return to the previous page.

Result: Your account information will be verified and re-linked with Plaid, or manually reviewed and approved by a Payrix (or Facilitator-level) risk analyst before being approved for use by your entity on the platform.

Next Steps

After editing the account information, review the following guide:

Conclusion

When the account verification is complete, the updated account will be accessible for transactions, payouts, debits, and more.

References

Click the links or items below to access any of the following pages: