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 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 Modify Banking Information Request
- 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 the appropriate submission option, either Wet Signature or Electronic Signature.
- 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: 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 1 business day 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.