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.
Objective
Update your existing bank account information.
Audience
Partners
Merchants
Environment
Portal (Sandbox)
Portal (Production)
Prerequisites
Notes
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
Important notes
Important!
Plaid and 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.
Important!
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
Tip
Link with Plaid. Have your bank login ready! If you are adding an account linked with Plaid, ensure that you have your banking institution’s online account login credentials accessible.
Tip
Change Requests: Adding or updating a bank account initiates a Change Request because the additional account might require manual review from a Payrix or Facilitator-level risk analyst. You might also be required to submit documentation to support the validity of the new account.
Additional Resources
See the tips below to help you get started.
Read Updating a Bank Account for more information about updating an entity’s existing bank account.
Update a Bank Account
Ensure that you complete all steps in the following sections.
Access Your User Profile Page
Click PROFILE, located in the upper-right corner of the page, to open your user profile page.
Note
You must use the entity owner’s profile to add 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 User Account Information subsection. Click USER ACCOUNT INFORMATION to open your profile page.
Update Your Bank Account Information
Click BANKING in the left panel to open the Banking tab.
Click EDIT ACCOUNT on the right side of the Bank Accounts table to open the Edit Account lightbox on the page.
Update the bank account information manually or re-link it with Plaid:
Re-Link bank account information with Plaid
Click RELINK ACCOUNT in the lightbox.
Follow the prompts by Plaid to finish linking and verifying the new account.
Update bank account information manually
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.
Click ENTER ACCOUNT MANUALLY to open the Add Bank Account lightbox.
Enter the information in the required fields.
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 risk analyst before being approved for use by your entity on the platform.
Next Steps
After editing the account information, review the following guide:
Add a Bank Account: Add additional bank accounts.
Conclusion
When the account verification is complete, the updated account will be accessible for transactions, payouts, debits, and more.