Updating a withdrawal bank account
Update your withdrawal accounts online.
Overview
Updating a withdrawal bank account
This guide is for advisers and investors. Last updated 14 June 2019.
A nominated bank account is an external bank account that is linked to your Netwealth platform account for the purpose of withdrawals. You may set up multiple nominated back accounts for ad-hoc withdrawals, and one nominated account set up for automatic ongoing monthly withdrawals.
In this module we will cover
Get started
How to get started
Before using this tool, consider:
I am an investor - how do I view my nominated account details already set up?
Check to see if your required bank account is already connected by navigating to My details > Bank settings.
I am an adviser - how do I view my client's nominated account details already set up?
Check to see if the required bank account is already connected by selecting a client and then navigate via the main menu to Client details > Bank settings.
I have a Super account - what bank account can I add?
Users can nominate a bank account that’s held in their name, a joint bank account that they’re an account holder of or a super fund in which they’re a member. An automatic validation is performed when the user clicks Submit. If the name fails the automatic validation, we’ll need to approve the transaction by manually checking the bank account name. If the account name before the account is added If the transaction is not approved, we will notify both adviser and investor.
I have a Wealth Accelerator or Wrap account with joint signoff
If the account requires a joint signoff, the users can update bank details online if they’ve authorised us to act upon instructions signed by one signatory only via their initial application.
How-to-guide
Adding or amending a bank account - investors
Step 1: Navigate to Bank account details
Navigate using the main menu to My Details > Bank Settings to add or amend your nominated (or withdrawal) bank details.
Step 2: Add or amend bank details
Add a new bank account or amend existing bank details, then click Submit.
Step 3: Security check
We’ll send you a text message, or an email if no mobile number is on file, confirming the change. For security purposes, we may call you to confirm your instructions and to validate your details.
How-to-guide
Adding or amending a client's bank account - adviser
See section A or B below depending on whether your client has online access or not.
A: Your client has online access
Step 1: Navigate to your client’s bank account details
Search for and select the client account and then navigate using the main menu to Client Details > Bank Settings. Select the Bank Details tab.
Step 2: Add or amend bank details
Add a new bank account or amend existing bank details, then click Submit.
- For Super accounts – you may only add new nominated bank accounts.
- For pension accounts – you may add/update your nominated bank account/s or the income stream account.
- For Wealth (Wrap) accounts you may add/update your nominated bank account/s or the monthly withdrawal account.
Step 3: Confirm the changes
Click Submit. You’ll be able to compare the new and old bank details before Confirming the updated details.
Step 4: Client approves changes to the changes / Security check
a) A notification we be sent to your client alerting to them of the change via text message, or an email if no mobile number is on file.
b) To accept the change they will need to log into their client portal and from the Dashboard navigate to the task in ‘My Tasks.’
c) They will then click on the task where they will be taken to a page to Confirm or Reject the updated bank details.
d) We’ll send your client a text message, or an email if no mobile number is on file, confirming the change. For security purposes, we may call them to confirm your instructions and to validate their details.
B: Your client does not have online access
Step 1: Download and complete the nominated bank account form
Navigate using the main menu to Forms & Research > Super Accelerator or Wealth Accelerator and download the 'Nominated bank account' form.
Advanced tip: Complete the form by adding the new account detail and have your client sign using their preferred method, which includes the use of digital signatures.
Note that we cannot accept click-to-sign signatures, we can accept signatures that involve the signer applying their hand-signature mark on the document with the additional protection of a cryptographic digital signature. For more information on our digital signature service, click here.
Step 2: Upload the completed form to Netwealth
Navigate using the main menu to Activities and Tasks > Document Upload and upload the signed form.
Advanced tip: If you do not upload your form via the secure document uploader, the original signed from will need to be posted to Netwealth and digital signatures would not be accepted in this case. For more information on our document upload process, click here.
Step 3: Security check
For security purposes, the Netwealth account holder may receive a call from Netwealth to confirm that your client is aware of the instruction to add the additional nominated account. When the new account details are updated, the Netwealth account holder will receive a text message confirming the change.
Want to see this feature in action?
For an in depth look at this great feature, or any of our other platform enhancements, request for one of our team to contact you.