March 19, 2021: Interim Loans: Authentication of Checking/Savings Account Numbers when Processing a One-time Payment

Checking/savings account numbers provided by interim servicing customers when remitting a one-time payment on or by speaking with a Customer Experience Specialist will be authenticated in the same manner their nine-digit routing number is authenticated.  

This means, if customers provide an invalid checking/savings account number, an error message will be generated – similar to the process when customers provide an incorrect or invalid routing number.  

Customers will not be able to successfully process a one-time payment if the checking/savings account number is invalid. 

Scenarios where customers will receive error messages regarding a checking/savings account number include:

  • Account number is incorrect/does not match with their financial institution
  • Account number is reported as a closed checking/savings account
  • Account number is less than 3 digits or contains invalid characters
  • Account has unpaid returns (insufficient funds items that need to be paid back to their financial institution – unpaid outstanding overdrafts on their checking/savings account)

Listed below are the dates this checking/savings account authentication process goes into effect for interim servicing loans:

  • Payments processed on account number authentication begins Friday March 19, 2021
  • Payments processed by a customer experience specialist using Ventanex/Lift: account number authentication begins Monday March 22, 2021
  • Payments processed through the IVR: this will be implemented at a future date

If customers have questions regarding the error message received:

  • Explain the details of the message 
  • Advise customers to contact their financial institution for more information regarding issues with their checking/savings account number