It is imperative for the CMS to maintain accurate and up-to-date bank account information for your business. This facilitates prompt payments and smooth handling of account fees. Should there be a necessity to modify your business bank account details, Nexio mandates the submission of specific documents:
- Bank Account Change Request Form - Please refer to the attached document.
- Identification Verification - A copy of the driver's license of the individual authorized to sign for the merchant account is required.
- Bank Account Confirmation - Submit either a voided check or an official bank letter about the new bank account.
- For every submission, you must add a timestamp with the E-Signature from the signer or merchant. This helps confirm the document's authenticity. But, if they are using online banking and can't get a physical signature, you don't need a timestamp. The important thing is that a bank official, no matter their job title, must approve the E-Signature.
Further, we will conduct a verification process to ensure that the business name aligns with the name on the merchant account (DBA or Legal name), as well as authenticate the bank account and routing numbers.
Additional Security Measures: Given the recent surge in fraudulent activities within our industry, for accounts that have been active with Nexio for less than six months, an additional security measure is necessary. This involves completing a security verification via Plaid. Plaid is a secure, online identity verification service. To complete a Plaid verification you'll first receive a link that starts with verify.plaid.com. Click on this link to begin your verification. You'll be able to do the first part of this process on a laptop or desktop computer, but the second portion of this process will need to be done on your phone. You will need to answer a few questions regarding your personal information, provide an ID, and take a selfie.
This is the first screen you will see when beginning a Plaid verification. Note the Nexio logo. This is how you'll know you're in the right place!
Verification Process: The change request will be authenticated through a telephone call using the contact number we have on record.
Bank Restrictions and Fee Debits: Certain banks may impose restrictions on debiting fees from business accounts. It is advisable to contact your bank to ascertain if any such restrictions apply to your account. Should your bank require a specific code from CMS to authorize these debits, kindly reach out to Nexio for assistance.
Note:
- If your bank confirms no such restrictions exist, no further action is required.
- If a code is required by your bank, please contact Nexio to obtain it.
For any further assistance or clarification, please do not hesitate to contact our support team.
Article ID: 36000114212