Company Bank Account Changes and Updates

How to update your bank information to ensure successful payroll funding.

OVERVIEW

Payroll funding is an essential part of the payroll processing process. In order to ensure you are able to utilize our payroll services, it’s important to understand the process of when and how to update your company bank account should your company need to.   

THINGS TO CONSIDER

Questions to consider when updating your bank account information:

When should I update my bank account information?

  • Bank account updates or changes should be made prior to processing payroll

How long does the process of these changes take?

  • Bank changes/updates can take up to 5 days, pending verification from your bank.  

BANK CHANGE FORMS

Three Day Processors

If you are a client that operates under a three-day processing schedule (meaning your payroll due date is three days before your check date), use our standard Bank Change Form for any new set ups or account updates. Once completed, submit the form to our service team via a case in the Help Community.

SUBMIT A CASE

Once the Bank Change Form has been filled out, please submit a case to return the completed form to Namely for processing.

  • Product Name: Payroll

  • Product Feature: Banking and Funding

  • Function: Client Bank Change


Once the form has been submitted, the Namely Payroll Operations team will perform a “Penny Test” transaction. This test will be an in/out of a specific dollar amount under $0.01-$0.99.

  • You will be required to confirm this transaction amount with your service representative.

 

Two-Day Processors (Reverse Federal Wire, or RFW) - No Bank Account Change

If you are a client that operates under a two day processing schedule (two business days before your check date) or you are a current three day processor looking to change to this funding method, you will submit the Wire Draw Down form via a case in the Help Community to set up reverse wire with your bank.

Once this form is submitted the Namely Payroll Operations Team will attempt our reverse wire test and will advise once this is successful with our third party bank National Payment Corporation (NPC). 

Two-Day Processors (Reverse Federal Wire, or RFW) - With Bank Account Change

If you are a client that used to operate under a three-day processing schedule but is changing to a two day processing schedule in addition to a bank account change, complete and submit the following forms:

  •  Bank Change Form

    • Use this form to submit a new account. Once the form has been submitted via a case in the Help Community, the Namely Payroll Operations team will perform a “Penny Test” transaction. This test will be an in/out of a specific dollar amount under $2.00.

    • You will be required to confirm this transaction amount with your service representative.

    • Be sure to include an account routing number so that we can process refunds in case a refund or variance happens.

  • Wire Draw Down form

    • Use this form to set up reverse wire with your bank. Once this form is submitted the Namely Payroll Operations Team will attempt our reverse wire test and will advise once this is successful with our third party bank National Payment Corporation (NPC). 

TIP

If you already have a RFW set up, but want to submit a bank account change, you will need to resubmit the Wire Draw Down form with all your new banking details.

 

NEXT STEPS

Regardless of the funding method you choose for your company, the bank change form will be required by our teams in order to start the bank change/update process.

The Namely Banking team along with your Pod Service members will communicate with you or the original requestor directly if additional actions are required should there be any issues regarding the penny test. Work with your new banking institution to ensure they are aware of prior Namely initiated transactions as to not delay your banking setup. 

 

FREQUENTLY ASKED QUESTIONS  

What if my new bank account is not set up in time for my next standard payroll?

Namely will continue to utilize the active bank account on file until our test with your new account is verified completely.

There is no longer money in our old account - what are my options for payroll funding?

If your old account is no longer available for use due to lack of funds and your new bank account has not been set up successfully, submit a case in the Help Community to for a One-Time Wire to fund your payroll cycle.

Can I have two bank accounts on file?

No. You can only replace your account listed on file.