Banking Update - Netchex

Important Change Information –
Action Required

Netchex is changing bank providers. Here’s what you need to know.

Effective August 1, 2022, we are very pleased to announce Netchex is partnering with Chase Bank to service all our client banking activity. Here’s ALL THE INFORMATION our clients need to know in order to ensure a quick and painless transition.    

Who this affects: 

Netchex clients with debit block on their accounts. If you do not have debit block on your account, no action will need to be taken

What is an ACH block? 

An ACH Block allows you to block all ACH debit transactions other than transactions from vendors you authorize.

Not sure if you have a debit block on your account? Contact your financial institution to determine whether or not you have one.

Your action needed: 

Notify your financial institution to authorize our new Chase account to debit you for payroll invoices and PEPM fees.  

Bank Name: CHASE BANK 

Account Number: XXXX0008 

Routing Number: 124001545 

ACH ID or Merchant ID: 9539775001 

Account Name: S&W Payroll 

Address: New York, New York 

Phone Number: 866-954-3718 

Deadline:

On July 22, Netchex will initiate a one cent transaction to debit your account for authorization testing. The one cent will be returned to your account within 3 business days. Please authorize this new account promptly.

What you should NOT do: 

Do not remove access for our current account to debit you until after August 1. Netchex will continue to process through Stifel Bank, until August 1st

Why are we doing this: 

Chase is a widely known and reputable banking institution. Their accessibility and services add to the high level of customer service Netchex can provide to you. Chase has more than 4,800 branches in 48 states and offers advanced ACH options.

Additional information: 

Important Netchex Resources: 

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