Changing Contact Information with Financial Institutions

Patrick Morin, Risk & Business Advisory Principal
November 2013

When changing your address, phone number, or any other contact information, it is very important to timely share these changes with your financial institutions and vendors. Vendors use your information not only to contact you in the case of a problem, but to help identify you while conducting day to day business. To ensure a smooth transition and avoid confusion and potential delay of a subsequent transaction, the following actions should be taken.

When changing your contact information, compile a list of all the institutions and vendors that use this information to contact you. It is important to be thorough, as it is your responsibility to contact your business partners with updated information. Many vendors have a policy outlining the method used to change your account information on their websites. Some even have an online user portal where your account information can be accessed and changed. When possible, use company websites to find this information, or call or email their customer support.

Using your list of vendors, contact each vendor to change your information. This step should be taken prior to any attempted business with the vendor, as the department that handles changing your account information may be different than the one with which you normally conduct business. To prove your identity, you should have other unique information on hand (examples; social security number, driver’s license number, account number, security question answer if applicable, etc.). This will allow the vendor to identify you quickly and complete the process.

Once a change to your account information is made, most vendors will send out a security note either by mail or e-mail. This notice will contain the exact changes made and the date they occurred. If you happen to receive such a notice and you are unfamiliar with the changes made to your account, contact the institution immediately as this may signify a security breach.  After your contact information has been changed successfully, you should be able to conduct business as usual.

Changing your contact information can be tedious. But remember, these safeguards are in place to protect your information, and it is your responsibility to contact your respective vendors and initiate these changes. The steps provided above should serve as a guideline to simplify and speed up the process.

If you have questions about how these issues might impact you, please call Pat Morin at 1.800.244.7444.

Disclaimer of Liability: This publication is intended to provide general information to our clients and friends. It does not constitute accounting, tax, or legal advice; nor is it intended to convey a thorough treatment of the subject matter.

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