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How to Delete Banking Information

Learn how to remove a bank account to ensure it is no longer authorized for electronic contributions and withdrawals on a client's Optimize Account

Applies To: 

  • All Portfolio Managers, Wealth Planners/Advisors, and support staff.
  • Eligible account types: Cash, TFSA, RRSP, RESP, RDSP, FHSA, and Trust accounts.  

You can submit an Delete Banking Information request from a client’s CRM Contact Record. Use the instructions below to ensure the correct bank account is removed, any associated transactions are considered, and necessary authorizations are in place.

When to Submit a Delete Banking Information Request 

  • A client wants to remove an external bank account from their Optimize Accounts.
  • A client has closed a bank account and needs to ensure it is no longer authorized for to facilitate transactions.

How to Submit a Delete Banking Information Request

To submit a delete banking request, you'll use the Service Extension on the client's CRM Contact Record. When submitting the request, there are two distinct submission options and workflows: Wet Signature, which involves downloading the pre-populated document and getting it physically signed. Electronic Signature, which automatically generates the required forms and sends them to the client through DocuSign.

Although both methods are valid, we strongly recommend using Electronic Signature whenever possible for real-time tracking, reduced errors, and faster turnaround times.

Learn more about Wet Signature Flexibility

How to Submit a Delete Banking Information Request

With STP, Optimize automatically generates and emails the necessary forms to your client for electronic signing through DocuSign.

  1. Navigate to the Client's CRM Contact Record
  2. Go to the Servicing Tab
  3. Select Account Administration → Banking Information

  4. Select "Delete Banking Information" as your request type.

  5. Select the Account Root

  6. Select the Bank Account 

  7. Select the Target Account

  8. Select the appropriate submission option, either Wet Signature or Electronic Signature.

  9. Enter the Bank Account Details
    • Bank Name
    • Institution Number (3 digits)
    • Transit Number (5 digits)
    • Account Number (7–10 digits)
    • Currency (Note: the currency of the bank account must match the currency of the Optimize investment accounts)
    • Bank Address
    • Bank City
    • Bank Province
    • Bank Postal Code

  10. Review & Submit
    • Once you confirm the details, click Submit to create the service request ticket.

Please note:  After submitting your request, the system will automatically create a ticket and send the paperwork directly to your client via DocuSign for electronic signatures.

If you select the wet signature option, you'll need to download the pre-populated forms for your client to sign manually.

After Submitting the Request

A new service request ticket will be created. You can locate it:

  • In the Right-Side Panel of the client's CRM Contact Record under Tickets.
  • In the Account Administration Pipeline, where you can track the progress and confirm when the request is completed.

Processing Times

  • Electronic Signature Submission: Typically 3 business days after the ticket has been submitted and completed. 
  • Wet Signature Submission: Typically 10 business days after the ticket has been submitted and completed any applicable review.