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Best practice for VMF after bank mergers
June 10, 2022
Q. What is the best practice for changes to vendor accounts due to bank mergers and acquisitions? If a receiving bank sends a notification that routing number or account number has changed for a vendor and pushes payment through, is it best practice to request the vendor complete a new EFT form and copy of a voided check even though vendor would typically not have checks with new information that soon? Is the receiving bank notification sufficient?
A.
(Addressed by Debra Richardson, a…
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