Help: Update Banking Information

This page enables you to register the information about your financial institution needed to process an electronic payment. You must provide the following information about the financial institution:

1. Name: This is the name of the institution from which you will be drawing funds.
2. Address and City/State/Zip: The address of the institution, as printed on your checks or deposit slips.
3. ABA Transit Number: Each financial institution is assigned a unique, nine-digit number by the American Bankers Association. This is always printed at the bottom of the check (see picture below).
4. Account Number: Your bank assigned each account a unique number. There is no standard for the size of the number but it is always printed next to the ABA Transit Number at the bottom of the check (see picture below).
5. Account Type: You must designate if this is a savings or checking account. Specifying the incorrect account type can cause a payment to be rejected or be drawn for the wrong account.
6. Update Outstanding: If this box is checked, any outstanding Direct Payment transactions will be changed to use this new banking information. "Outstanding" means any Direct Payment transaction on file but not yet submitted to your bank for payment. By default, this box is checked. If you desire any outstanding transaction be paid by the old bank but future payments to be taken from the new bank, then you should remove the check from this box.

This image of a sample check shows all of the information discussed above. Notice the two items outlined at the bottom of the check. These are the ABA\Routing number (left) and the account number (right). Generally the bank's name and address are shown just above these two numbers. That's everything you need for completing the Institution section on this form.

The second section of the Update Banking Information form is only required if the borrower is not the account holder, such as the case of a parent or guardian. If the borrower's name is not printed on the check, you will need to complete the Account Holder section of this form.

The following information is required only if the borrower is not the account holder.

1. Name: This is the name of the account holder, as it is printed on the check (see sample above).
2. SSN: The social security number of the account holder. This may be used to validate the account holder by the bank.
3. Address and City/State/Zip: The address of the account holder, as printed on your checks or deposit slips.
4. Phone: A phone number is needed in case there is a problem with any financial transaction and we need to contact the account holder.
5. Email: We can optionally send a notice of transaction status (good or bad) to the account holder, in addition to the borrower.

After entering the required information, click the Submit button once. If all information is valid, you will receive a confirmation that the banking information was accepted. If any information cannot be validated, you will be shown the error and given an opportunity to correct it.

It is important to note that simply submitting information about your financial institution does not request or perform any financial transaction. Once you have provided banking information, you will need to complete a Direct Payment request before any payments are initiated.