Bank account information is used to facilitate the transfer of EFT payments to a nominee's bank account. EFT payments cannot be made to a nominee unless the nominee's bank account information is recorded on the system. All EFT payments for the nominee are made to the bank account selected. If a nominee has a single bank account, then that bank account is automatically designated as the one to use for EFT payments. If a nominee has more than one bank account, then no bank account is set by default for EFT payments. Instead, a bank account must be selected manually from the list of bank accounts registered for a nominee specified during registration.
If required, a user can change the bank account to a different bank account to which subsequent EFT payments can be made. A user can do so by either creating a new bank account or selecting one from the list of bank accounts recorded for a participant during registration. When a bank account is created for a nominee, the bank account is also added to the nominee's list of participant bank accounts. When a bank account selected for a nominee is modified at participant page, the system will automatically update the information for the bank. This will ensure that all subsequent payments and bills are made to the correct bank account that is selected by the user.