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What Is the Process for Providing or Updating Bank Account Information?

Updating bank information is a common request and it’s handled carefully on purpose.

Audience: property owners who need to set up or change where owner payments are deposited and want to understand the process, timing, and safeguards involved.

Because owner payments come from a regulated trust account, MoveZen follows a secure, verification-based process to protect owners from fraud and prevent payment errors.

Here's how it works.

 

Frequently Asked Questions

Can I update my bank information myself? Yes—once your account is verified, updates are typically submitted through approved portal workflows.

Why does the process feel strict? Because bank changes are one of the most common fraud targets in property management.

Will changing my bank info delay my payment? Possibly for one cycle, depending on timing and verification.

Can I have payments split across multiple accounts? Usually no, unless the property is co-owned and specifically configured that way.

Why Bank Updates Are Handled Carefully

Owner payments move real money. Changing banking details without safeguards can lead to:

  • Funds sent to the wrong account
  • Fraud or impersonation attempts
  • Irreversible ACH errors
  • Trust accounting violations

Because of this, MoveZen treats bank updates as a high-security action, not a casual profile edit.

How to Provide Bank Information (New Owners)

During onboarding, property owners typically submit:

  • Bank name
  • Routing number
  • Account number
  • Account type (checking/savings)
  • Account holder name

This information is used to set up ACH disbursements once accounting verification is complete.

Related article: https://know.movezen360.com/new-owner-accounting-requirements

How to Update Bank Account Information (Existing Owners)

Most updates follow this process:

1. Submit the Request Through the Owner Portal

Property owners initiate changes through approved, authenticated workflows rather than email alone.

2. Identity Verification

MoveZen accounting may:

  • Confirm recent activity
  • Request verification questions
  • Require written confirmation

This step protects against unauthorized changes.

3. Review & Approval

Accounting reviews:

  • Ownership records
  • W-9 alignment
  • Authorized signer status

4. Update Is Applied

Once verified, the new bank account is saved for future disbursements.

Timing: When Does the Change Take Effect?

Bank updates are not retroactive.

  • Payments already processed go to the prior account
  • New payments use the updated account
  • Changes submitted close to disbursement dates may apply the following month

Planning ahead helps avoid confusion.

Common Reasons Owners Update Bank Info

  • Switching banks
  • Moving funds to an LLC account
  • Adding or removing a co-owner
  • Consolidating rental income
  • Fraud prevention

Any of these is normal; the key is doing it early.

What You'll See on Your Owner Statement

Your MoveZen Owner Statement will:

  • Show the payment amount
  • Show the payment date
  • Reflect the disbursement method

For security reasons, full bank details are not displayed.

Related article: https://know.movezen360.com/how-to-read-owner-statement

What If I Need to Update My Mailing Address Too?

If your mailing address changes:

  • Update it in the Owner Portal
  • Submit a new W-9 if required

Address changes can affect:

  • 1099 delivery
  • IRS reporting accuracy

Related article: https://know.movezen360.com/is-there-a-way-to-securely-submit-my-w9-to-movezen

Common Mistakes to Avoid

  • Waiting until the last minute
  • Sending bank info by unsecured email
  • Assuming changes apply instantly
  • Forgetting to update after ownership changes

These can cause avoidable payment delays.

Why This Process Protects Property Owners

These safeguards help ensure:

  • Payments go to the right place
  • Funds aren't misdirected
  • Trust rules are followed
  • Records remain audit-ready

It may feel cautious, but that caution exists for your protection.

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