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Notifying Customers of change of bank account info?

We accept ACH payments for invoices. We recently changed bank accounts, so I'd like to send a mass update to customers who have previously paid via ACH so they know to change our bank details in their system. Anyone done this before and/or anyone have any thoughts on format or doing this in the most secure manner? Initial thought was to send new info via an attachment, with all customers bcc'ed.

Answers

Topic Expert
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO, SBAConsulting.com) |

Send it by Email, Send it by mail. Make sure the envelope or the notification will stand out (bright color stock).

Do not close the old account as it can take as much as 6 months to get compliance. Be prepared to call your customers and make sure they make the switch if they fail to do so in a timely manner.

Good luck!

Roxanne Orticke
Title: Senior Director of Finance
Company: NACHA
(Senior Director of Finance, NACHA) |

Great question as sending banking information is extremely sensitive via all forms of communication!

One suggestion is in you *NEW* account set up, you request a UPIC account from your bank:

"A universal payment identification code (UPIC) is an identifier (or banking address) for a bank account in the United States used to receive electronic credit payments. A UPIC acts exactly like a US bank account number and protects sensitive banking information. The actual bank account number, including the bank's routing transit number, are masked by the UPIC."

That way, sending the information either via mass email or otherwise, you are providing "masked" information, and less potential for fraud or account manipulation.

I would also suggest placing debit blocks on your account :)

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