Monday, November 4, 2013

FINRA Bank Change

FINRA is changing the way they handle payments made to their bank and E-Bill system. Please see the FINRA notice below.


In February 2014, FINRA will switch its banking services to a new bank. As part of this transition, FINRA will simplify the methods firms use to make payments to us. Since many firms will need to make changes to their accounting processes, we want to provide an overview of these changes.

First, FINRA will consolidate all check payment addresses, with the exception of GASB payments, into a single payment address. This change will allow for a more efficient check payment and deposit process. You will receive the new address for check payments, wiring instructions and W-9 information in future communications.

Second, to ensure your firm's payments are applied to the correct invoice in a timely manner, firms must include invoice numbers on all check remittances, and include it as the reference number on ACH and wire payments. Note: If a firm submits a payment without an invoice number, FINRA will apply the funds to the firm's FINRA Flex-Funding account, which is accessible via E-Bill. Someone at your firm must then transfer the funds to the appropriate invoice in order for the invoice to be closed.

As a reminder, firms can view and pay invoices through E-Bill, FINRA's electronic billing system.


If you have any questions, please contact us by completing a support request or emailing us at support@advisorassist.com.

Thank you,
The AdvisorAssist Team

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