Overview of Banking Requests
Learn about the different types of banking requests and their role in supporting client account funding and withdrawal needs.
What Are Banking Requests?
Banking requests allow Advisors and Portfolio Managers to manage client banking information for electronic fund transfers (EFT). These requests are essential for enabling contributions and withdrawals directly between client bank accounts and investment accounts. Keeping banking details up to date ensures accurate, secure, and efficient transactions.
To access and track banking requests, navigate to the ticket index page in the CRM by selecting CRM > Tickets, then click the pipeline dropdown menu and select Account Administration.
Types of Banking Requests
Add Banking Information: This request is used to add new banking information to a client’s profile to facilitate EFT In or EFT Out transactions. Adding banking allows clients to fund their investment accounts or request withdrawals with ease. It is commonly submitted when a new account is opened or when a client is setting up online contribution and withdrawal capabilities for the first time.
Modify Banking Information: This request allows you to update existing banking authorization. It should be used when a client changes bank accounts, updates their account type, or switches financial institutions. Ensuring the most current banking details are on file is critical for processing EFTs without delays or rejections.
Delete Banking Information: This request is used to remove banking authorization on file. It may be submitted if the client no longer wants EFT access linked to their investment account, or if the bank account is closed or compromised. Removing outdated or inactive banking information supports account security and reduces processing errors.
Why Are Banking Requests Important?
Banking requests help maintain secure, functional, and up-to-date account funding options for clients. Proper handling of these requests ensures smooth transaction processing and supports the client experience.
Key Benefits of Managing Banking Requests:
Secure Transactions: Ensures EFT instructions are processed only with verified and authorized banking details, protecting both the client and the firm.
Accurate Record-Keeping: Keeps client files current and compliant with operational standards.
Efficient Transfers: Supports timely processing of contributions and withdrawals without unnecessary delays or errors.
Client Convenience: Offers a seamless experience when funding or withdrawing from accounts, reinforcing client satisfaction and trust.