Bank account information contains the details of a participant's bank accounts. Bank accounts can be used to set up electronic fund transfers (EFT) to or from the organization. A type must be recorded for each bank account, e.g., personal current, corporate deposit. A bank branch must also be selected for every bank account. Bank accounts which are jointly owned can be recorded as such for information purposes. It is not possible, however, to record information about the joint bank account owner.
A participant's primary bank account is used for financial transactions with that participant. It is possible to specify a new bank account for use with future or pending payments. It is also possible to transfer all occurrences of future payments to another bank account. If the participant is a nominee on a case (or multiple cases), the system will automatically update the bank account details to match the transfer. Bank transfers allow participants to change bank accounts without disrupting their regular financial transactions with the organization.
Once the organization has issued payments to a bank account, it cannot be deleted from the system and if this bank account subsequently modified, the bank account is cloned to ensure the details are retained for any payments previously issued to this bank account. One of the benefits of the cloning of bank accounts is that when a user views bank account details for a financial transaction, the system displays the details of the bank account relevant at the time the financial transaction occurred.