What if the account number is wrong?

Contact the bank or payroll provider immediately and submit a corrected EFT Change Request. Incorrect numbers can cause funds to be returned and may trigger additional fees or delays while banks investigate.

Is a voided check required?

Many banks and payroll vendors request a voided check or bank letter to confirm account ownership. If unavailable, provide bank verification documentation and note potential additional verification steps.

How long does processing take?

Processing usually takes one to three business days for internal systems; banks or payroll cycles can extend this to a full payroll period. Confirm deadlines with your payroll calendar or bank cutoff times.

Can an EFT change be reversed?

Reversal depends on timing, bank policies, and whether funds were already transmitted. Submit a revocation request and contact the receiving bank promptly to attempt recovery.

Do remote notarizations matter?

Some organizations require notarized authorization for high-risk account changes. Where required, remote online notarization (RON) may be acceptable if permitted by state law and the receiving institution.

What if a vendor refuses electronic updates?

Ask for the vendor’s required format and any required forms. Certain payees or countries may require paper authorization, additional KYC, or bank-specific forms.

EFT Change Request

This template is fully customizable. Edit the text, fill out the fields, and send it for signature. Give it a try!

EFT CHANGE REQUEST AND AUTHORIZATION AGREEMENT

This Electronic Funds Transfer Change Request and Authorization Agreement (the Agreement) is entered into between the parties identified below for the purpose of changing the electronic funds transfer (EFT) instructions used to originate or receive payments under existing commercial arrangements.

Parties

Company / Payor Name Company / Payor Address Company Contact (Name, Title) Vendor / Payee Name Vendor / Payee Address Vendor Contact (Name, Title)

WHEREAS

WHEREAS, the parties are parties to one or more existing agreements obligating the Company to make payments to the Vendor pursuant to terms set forth in such agreements (the Existing Agreements);

WHEREAS, the parties desire to modify the EFT instructions used to originate or receive payments under the Existing Agreements and to set forth authorizations, representations and procedures governing such change; and

WHEREAS, the parties intend that this Agreement evidences the authorization necessary for the Company and its financial institution to effect transfers to or from the new bank account designated below.

Scope of Change

Describe the payments, invoices or contractual obligations to which this EFT change applies and any special instructions for application of credits, interim payments or final reconciliations.

Requested Change Details

Type of Change (select all that apply):

Account number change Routing number change Bank name change Account type change (Checking/Savings) Other

Current EFT Information

Current Bank Name Current Routing Number Current Account Number

New EFT Information

New Bank Name New Routing Number New Account Number Account Holder / Payee Name

Effective Date of Change:

Payment Terms

All payments due under Existing Agreements shall continue to be governed by their terms, except that the designated EFT instructions specified in this request shall be used for origination or receipt of payments as of the Effective Date. The parties agree the following payment parameters apply:

Default Payment Amount (if applicable) Payment Schedule Late Fee

Term and Termination

This EFT Change Request shall become effective on the Effective Date specified above and shall remain in effect until:

Start Date: End Date:

Notice Period for Termination

Confidentiality

Each party acknowledges that account numbers, routing numbers, banking relationships and payment history constitute Confidential Information. Each party agrees not to disclose Confidential Information of the other party except as required by law or as necessary to perform its obligations under this Agreement. Reasonable safeguards shall be used to protect Confidential Information.

Authorization; Representations; Indemnity

The undersigned representative of each party represents and warrants that he or she is duly authorized to execute this EFT Change Request and to bind the party on whose behalf they sign. Company authorizes its financial institution to debit or credit the account specified herein to effect payments under the Existing Agreements. Vendor authorizes originators or processors to credit the new account and agrees to return any erroneous credits upon request. Each party agrees to indemnify and hold the other harmless from claims, losses or liabilities arising from inaccurate information provided by the indemnifying party or its failure to timely notify the other party of changes.

Processing Acknowledgment

Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the state specified below without regard to its conflict-of-law rules.

Governing State

Entire Agreement

This Agreement, together with any referenced Existing Agreements and attachments, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior negotiations and understandings, whether written or oral, relating to the EFT instructions changed herein.

Certifications

The undersigned certifies that the information provided in this request is true and correct, that the account holder listed is authorized to accept deposits to or originate debits from the account, and that the signer has authority to bind the party on whose behalf the signer executes this document.

Additional Comments / Notes

Signature Authorization

By signing below, the authorized representatives of each party agree to the terms and authorizations set forth in this EFT Change Request and Authorization Agreement.

Company / Payor:

By:

Date:

Vendor / Payee:

By:

Date:

What an EFT Change Request Is and when it’s used

An EFT Change Request is a written authorization used to change the banking instructions associated with electronic funds transfers, payroll deposits, vendor payments, or recurring disbursements. The document identifies the payer and payee, lists the prior and new routing and account numbers, specifies the effective date for the change, and documents any required authorizations or supporting documentation. Organizations use it to reduce errors, prevent misdirected funds, and create an audit-ready record of consent. Proper completion helps the banking partner, payroll vendor, or accounts payable team implement the change accurately and maintain compliance with internal controls.

Why a clear EFT Change Request matters

A complete, well-structured EFT Change Request reduces payment errors, minimizes fraud risk, and creates an auditable consent record that supports compliance with tax reporting and internal controls. It helps banks and processors update payment rails promptly while protecting both payer and payee.

Who typically completes or approves this form

Different roles complete or approve EFT Change Requests depending on the organization and use case.

Payroll administrators and HR professionals who change direct deposit instructions for employees or contractors.
Accounts payable teams and finance staff who update vendor banking details for supplier payments.
Authorized signatories, controllers, or treasury personnel who validate and approve bank-account changes.

Ensure the person signing has delegated authority and that identity verification steps match company policy and applicable laws.

Simple step-by-step completion process

Complete this sequence to verify identity, collect authorization, and send the request to the bank or processor.

01

Collect details: Gather old and new account and routing numbers.
02

Verify identity: Confirm signer authority and identity documentation.
03

Attach proof: Include voided check or bank letter when requested.
04

Submit to processor: Send to payroll or bank per their routing instructions.

Frequently asked questions and common troubleshooting

Answers to common practical questions about completing, submitting, and correcting EFT Change Requests.

Need help? Contact support

What if the account number is wrong?
Contact the bank or payroll provider immediately and submit a corrected EFT Change Request. Incorrect numbers can cause funds to be returned and may trigger additional fees or delays while banks investigate.
Is a voided check required?
Many banks and payroll vendors request a voided check or bank letter to confirm account ownership. If unavailable, provide bank verification documentation and note potential additional verification steps.
How long does processing take?
Processing usually takes one to three business days for internal systems; banks or payroll cycles can extend this to a full payroll period. Confirm deadlines with your payroll calendar or bank cutoff times.
Can an EFT change be reversed?
Reversal depends on timing, bank policies, and whether funds were already transmitted. Submit a revocation request and contact the receiving bank promptly to attempt recovery.
Do remote notarizations matter?
Some organizations require notarized authorization for high-risk account changes. Where required, remote online notarization (RON) may be acceptable if permitted by state law and the receiving institution.
What if a vendor refuses electronic updates?
Ask for the vendor’s required format and any required forms. Certain payees or countries may require paper authorization, additional KYC, or bank-specific forms.

Core sections every professional EFT Change Request should include

A professional request groups identity, old/new account data, authority, supporting proof, effective timing, and audit metadata in a clear format.

Party identification

Full legal names and contact details for payer and payee so processors can match records to the correct account and entity.

Old account details

The prior routing and account numbers or reference ID so the processor can locate the existing payment instruction to replace.

New account details

Complete new routing number, account number, and account type to ensure accurate setup of the replacement payment route.

Authorization and signature

Signed consent from an authorized representative with printed name, title, and date to show legal permission for the change.

Supporting documents

Voided check, bank letter, or KYC documents attached to validate account ownership and accelerate verification by the bank.

Audit metadata

Fields for submission method, processor reference number, who processed the change, and timestamps to maintain a complete audit trail.

Security and compliance controls to record with the request

Encryption: TLS 1.2/1.3; AES-256 at rest

Audit trail: Timestamp, IP, signer attribution

Authentication: SMS, email link, or stronger MFA

HIPAA support: BAA required for PHI

Regulatory compliance: ESIGN and UETA alignment

Data residency: Configurable per enterprise needs

Potential penalties and risks of errors

Misrouted funds: Bank return delays

Fraud exposure: Unauthorized changes risk losses

Tax consequences: Backup withholding triggers

Operational cost: Reconciliation and recovery fees

Regulatory audit: Recordkeeping deficiencies

Payment interruption: Service or payroll disruptions

Common mistakes to avoid when preparing this form

Entering an incorrect routing or account number without independent verification, which commonly causes returned transactions and delayed payments.
Using an informal name or nickname instead of the legal account name, creating mismatches with bank records and preventing automated verification.
Failing to obtain a properly authorized signature or documented delegation of authority, which can nullify the change and expose the organization to liability.
Submitting the request after a payroll or payment cutoff date, which leads to payments being processed under the old instructions and requires manual correction.

Where the completed form usually goes and who acts on it

Routing depends on whether the change affects internal payroll, vendor payments, or third-party processors.

Internal payroll: Payroll team updates payroll system and notifies bank.
Vendor payments: Accounts payable updates vendor master record.
Bank submission: Bank receives authorization per its intake process.
Third-party processor: Payment vendor applies change and confirms status.

Typical online workflow settings for e-submission

Configure the digital workflow to collect identity, attachments, signer authentication, and notifications.

Field	Configuration
Signer authentication	Email link or SMS code
Required attachments	Voided check or bank letter
Signature type	Typed, drawn, or cryptographic
Notifications	Sender and processor alerts

Technical options for digital completion and submission

Choose a platform that supports secure upload, signer authentication, and an audit trail.

Integrations: Salesforce, NetSuite, Microsoft 365
File formats: PDF, DOCX, HTML supported
Authentication: Email, SMS, or advanced MFA

Ensure the selected platform enables export of signed records and access to a verifiable audit trail for compliance.

Timing considerations and typical processing windows

Plan changes around payroll cycles and bank cutoff times; allow time for verification and bank clearing.

Payroll cutoff:

Submit before payroll cutoff to affect next pay run

Bank verification:

Verification commonly 1–3 business days

Tax reporting timing:

W-9s requested on vendor setup; no fixed filing deadline

RON or notary timing:

Notarization requirements can add days for scheduling

Reversal windows:

Act immediately; recovery depends on bank processes

Key milestones in processing an EFT change

A typical change follows sequential stages from request to confirmation; each stage requires verification or action by a named party.

01

Request submission

Originator submits completed request and attachments.

02

Identity verification

Processor confirms signer authority and documentation.

03

Bank processing

Bank updates routing files and authorizes change.

04

Confirmation and audit

Processor sends confirmation and stores audit record.

How an EFT Change Request compares to direct deposit authorization

This quick comparison highlights purpose, typical requirements, and when each document is used.

Criteria	EFT Change Request	Direct Deposit Authorization
Purpose	update payment rails	initial payroll setup
Notarization	rare	rare
Tax info required	sometimes	sometimes
Typical recipient	bank or processor	payroll department

eSignature vendor comparison for submitting EFT Change Requests

Basic pricing and feature differences for common eSignature platforms. signNow appears first per vendor ordering requirements.

	signNow	DocuSign	Adobe Sign	PandaDoc	HelloSign
Starting Price	$8/user/mo	$15/user/mo	$14/user/mo	$19/user/mo	$15/user/mo
Free Trial	7-day free trial	Varies by plan	Varies by plan	Varies by plan	Varies by plan
Bulk Send	Yes	Yes	Yes	Yes	No
Audit Trail	Yes	Yes	Yes	Yes	Yes
HIPAA Compliant	Yes	Yes	Yes	No	No

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