Use Case: Update Your Existing Bank Account

You can easily 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:

Make sure you have taken care of the following prerequisites before updating a bank account:

You must have a fully boarded Payrix account to perform any of the actions described in the use case guides.
You must have a pre-existing approved bank account linked to your Portal account.
Bank account information, including the account and routing numbers.
A file containing an image of a voided check, bank statement, or bank letter.

Warnings

Warnings will provide insight or advice to avoid risk, visibility, and product performance issues during this use case.

Warning: Plaid - Tokenized Account Numbers (TANs)

Some banking institutions, such as Chase Bank, utilize 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 may 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.

Warning: Manually Editing Account Information

If you are updating an account manually, it will take up to 5 business days to verify the new account information.

You can cancel or view the status of your pending manual review by viewing the Pending Change Requests section of the Banking tab on your entity’s Profile page.

Tips

Tips will provide suggestions to streamline or better prepare you to apply this use case tutorial.

Tip: Update with Plaid - Have your bank login ready!

If you are updating an account linked with Plaid, ensure that you have your Plaid login credentials accessible.

Tip: Change Requests

Adding a bank account initiates a “Change Request”, because the additional account may require manual review from a Payrix or Facilitator-level risk analyst. You may also be required to submit documentation to support the validity of the new account.

Change Request submissions made to add a bank account have been compiled into a set of easy-to-use Portal pages for each level of user, and are available on the Managing Bank Account Change Requests implementation guide.

Additional Resources

Read Update a Bank Account for more information about updating your entity’s existing bank account.
Read Managing Bank Account Change Requests to learn more about the timeline and process for approving accounts manually added to your entity.

Update a Bank Account

1: Access your User Profile page.

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

Note: You must use the entity owner’s profile to update an entity’s bank account. This is the first user login provided to (or created for) the entity upon first being boarded to the platform.

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

2. Update your bank account info.

Step 1: Click BANKING in the left-hand panel to open the Banking Tab.
Step 2: Click the EDIT ACCOUNT button on the right-hand side of the Bank Accounts table to open the Edit Account lightbox on the page.

Note that you can use the NEXT and PREV buttons to move between the lightbox sections, or click CANCEL to return to the previous screen.

Step 3: Update the bank account info manually or re-link it with Plaid.

Re-Link Account - Re-link the account information from the Plaid-supported bank account.

Step 1: Click the RELINK ACCOUNT button in the lightbox.
Step 2: Follow the prompts by Plaid to finish linking and verifying the new account.

Update Account Manually - Edit the bank account by manually entering the account information.

Step 1: Click the EDIT ACCOUNT MANUALLY button 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.
Step 2: Click ENTER ACCOUNT MANUALLY to open the Add Bank Account lightbox.
Step 3: Enter the information in the required fields.
Step 4: Click SAVE to complete the editing, 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

Once the account information has been edited, review the following guides:

Add More Bank Accounts: To add additional bank accounts, see the Add a Bank Account Use Case page.

Conclusion

Once the account verification is completed, 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: