Keeping your Information Up to Date

With the recent merger with Bank of the West, Commercial Federal Bank customers will be seeing some changes. The biggest change is that routing along with account numbers have changed. Bank of the West has notified businesses of the changes and has rolled over many features, i.e. direct deposit, into the new accounts. However, it is advisable to update information with the new bank and contracting agencies. The following are some tips on how to make this transition more seamless for your small business.

 

• Be sure all contact information is up to date with Bank of the West. This includes address, phone number, and all account ownerships. The bank cannot reach you or others on your accounts if the information is not up to date.
• Be sure to update all banking information with CCR, GSA, and any other agency you may be in contact with. Many federal agencies only make electronic payments so it is very important that you get this accomplished. Your old Commercial Federal account information will be used for a short time only.
• Read up on policy changes. Every financial institution holds different policies for the various products and services it provides. Familiarize yourself with your accounts and inform employees of any changes that may or may not occur.
• Find your new routing and account numbers. These are the numbers that you will be using for the life of your accounts.

 

Bank mergers often bring some change. The best thing that you can do for your small business in these kinds of situations is to learn as much about what actually will be changing. And the best way to do this is to have all the information the bank will need to keep in touch with you. Important information is often lost or missed because proper contacts were not up to speed. A merger can be a large undertaking but it will go well if you are properly prepared.