Applies To:
- All Portfolio Managers, Advisors, Wealth Planners, and support staff.
- Eligible account types: Cash, TFSA, RRSP, RESP, RDSP, FHSA, and Trust accounts.
You can submit a Modify Banking Information request from a client’s CRM Contact Record. Use the instructions below to ensure the bank account meets eligibility requirements, the correct banking details are provided, and any account-type restrictions are considered.
When to Submit an Modify Banking Information Request
- A client wants to update their existing bank account details to process contributions or withdrawals electronically.
- A client's bank account information has changed due to a bank transition, account renaming, or corrections.
How to Submit an Modify Banking Information Request
To submit a modify banking request, you'll use the Service Extension on the client's CRM Contact Record. When submitting the request, there are two distinct submission methods and workflows: Manual Submission, which involves uploading a scanned or physically signed document, and Straight-Through Processing (STP), which automatically generates the required forms and sends them to the client through DocuSign.
Although both methods are valid, we strongly recommend using Straight Through Processing whenever possible for real-time tracking, reduced errors, and faster turnaround times.
Learn more about Straight-Through Processing.
How to Submit a Modify Banking Information Request using Manual Submission
Choose this method if your client has already completed and signed the required banking authorization forms.
- Navigate to the Client's CRM Contact Record
- Go to the Servicing Tab
- Select Account Administration → Banking Information
- Select "Modify Banking Information" as your request type.
- Select the Account Root
- Select the Bank Account
- Select the Target Account(s)
- Select Manual Submission.
- Upload Required Documents:
- You'll need to attach a signed EFT Authorization Form for the bank account that you're deleting using the Attached EFT Authorization Form(s) property. To add an attachment, click +Add file and upload the file from your computer.
- You'll need to attach a signed EFT Authorization Form for the bank account that you're deleting using the Attached EFT Authorization Form(s) property. To add an attachment, click +Add file and upload the file from your computer.
- Review & Submit
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- Once you confirm the details, click Submit to create the service request ticket.
Tip: Ensure that the EFT Authorization Form is signed and properly filled out to avoid processing delays or rejections.
Learn more about completing an EFT Authorization Form.
How to Submit a Modify Banking Information Request using STP
With STP, Optimize automatically generates and emails the necessary forms to your client for electronic signing through DocuSign.
- Navigate to the Client's CRM Contact Record
- Go to the Servicing Tab
- Select Account Administration → Banking Information
- Select "Modify Banking Information" as your request type.
- Select the Target Account
- Select the Bank Account
- Select Straight-Through Processing
- 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
- Optional: If the bank account being authorized belongs to a Third Party (i.e., not the client), select the Authorized Third Party checkbox and additional fields will appear. You can add up to two third party bank Account Holders when submitting this request by clicking the Add Bank Account Holder button. Enter the below properties for each third party bank account holder:
- Full Name
- Relationship to the client
- You'll need to attach a scanned void cheque or direct deposit slip for the bank account that you're authorizing using the Attached void cheque property. To add an attachment, click +Add file and upload the file from your computer.
- Review & Submit
- Once you confirm the details, click Submit to create the service request ticket.
Please note: Once you submit the request, the ticket will be created and the client will be automatically sent the paperwork by DocuSign. The ticket cannot progress further until the client reviews the paperwork and electronically signs through DocuSign.
After Submitting the Request
Once the request has been submitted, a ticket will be created and associated with the client's contact record. You can view the associated ticket on the contact record's right sidebar under the ticket association card, and in the Account Administration ticket pipeline, where you can track the progress and confirm the request is complete.
Processing Times
- Manual Submission: Processed within 1–2 business days.
- Straight-Through Processing: Typically completed within 1 business day of receiving signed documents.