Clients are strongly encouraged to promptly update their banking details whenever changes occur, especially before initiating a new payment.
It is important to make these updates in case of changes in bank currency, beneficiary name, or if the bank account is closed or inactive. By doing so, clients can avoid complications that may arise when processing payments using incorrect bank information.
In situations where the recipient's Veem profile contains incorrect bank information and there is an ongoing payment being processed, the initial course of action should be to verify the status of the payment.
The payment is at the debit step (Transfer of funds from the payer’s account):
- For Payers: They should notify us as soon as possible if their current bank details are incorrect and once they update them so we can provide them with the necessary steps to avoid any delays. These steps may include updating their banking information/card details, providing authorization, using Plaid to connect their banking details, or submitting proof of funds.
- During this step, the receiver has the option to update their bank details. We kindly request that they inform us promptly so that we can re-verify their account and process the payment to the new bank without any delay.
The payment is at the credit step (Transfer of funds to the payee's account):
- For Payers: It is essential for clients to promptly notify us so that we can provide them with the necessary steps to prevent the closure of their payment by the payments team.
- For receivers: If the transfer of funds to the receiving bank has not yet started, the receiver should notify us immediately. We will then put the payment on hold so that they can update their banking details. If the transfer of funds to the receiving bank has already begun, the receiver should still notify us right away. This will allow us to request a reversal or recall of the funds to prevent them from being delivered to the wrong account.
Additionally, the receiver may be asked to upload their most recent bank statement. This is to ensure that our payments team can review and verify the accuracy of the new bank information provided.
NOTE: Clients should be vigilant and keep an eye out for any emails that may be sent by our payments team in the event of a debit step failure or payment rejection due to incorrect bank details. This is important to prevent any delays, refunds, or payment closure in processing their transactions.
Need more help? You can chat or call our Customer Success team here.