Friday, January 3, 2014

FINRA Bank Change - February 2014

FINRA issued a reminder notice on January 2, 2014 that they will be changing the bank used to process payments. Please see our original notification in November 2013.

A copy of the notice is below.

AdvisorAssist strongly encourages advisors to use the new E-Bill funding account instead of mailing and wiring money. We often encounter issues with FINRA mistakes with these manual payment processes.

If you must mail a check or make a wire, but very careful to follow the instructions and formally follow-up to ensure the funds reached your account.

For instructions on the new E-Bill system, please visit the AdvisorAssist Blog.

As a reminder, 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.

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.

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.

Starting in February, you must use the following information to make payments to FINRA.

Mailing Address

To mail a check to FINRA, include the invoice number on the check and mail the payment to:

All payments (except GASB payments)
  Bank of America Lockbox Services   FINRA 418911   MA5-527-02-07   2 Morrissey Blvd.   Dorchester, MA 02125

GASB payments
  Bank of America Lockbox Services   GASB 418925   MA5-527-02-07   2 Morrissey Blvd.   Dorchester, MA 02125

Wiring Instructions

To wire a payment to FINRA, provide your firm's bank with the following information:

FINRA and subsidiaries (except GASB payments)
  Transfer funds to: FINRA   Wire ABA Number: 026009593   ACH ABA Number: 054001204   Beneficiary: FINRA   FINRA Account Number: 226005684771   Reference Number: Invoice number

GASB payments
  Transfer funds to: FINRA   Wire ABA Number: 026009593   ACH ABA Number: 054001204   Beneficiary: FINRA   FINRA Account Number: 226005684823   Reference Number: Invoice number

W-9 Information

Please see the attached W-9 for the relevant information to update your Accounts Payable system.

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

If you have any questions, please contact the FINRA Accounts Receivable Department at (240) 386-5909.


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