How do I navigate the new Bank Settings page online?

The Bank Settings Page allows users to manage bank account details for Netwealth accounts and allow these bank accounts to be used for specific transactions.  From 5 November 2023, there is a new update to the bank settings page for all users to better the workflow and experience. There are now new online functionalities for single signatory clients which are detailed below.   

Where do I find the Bank Settings page?

For clients:

The bank settings page exists under My Details > Bank Settings. The new layout is split into a right hand panel and left hand panel. When you first open the page, the right hand panel contains information about how to use the page, and the left hand side is where you can view the accounts.

For Advisers:

The bank settings page exists under Client Details > Bank Settings. The new layout is split into a right hand panel and left hand panel. When you first open the page, the right hand panel contains information about how to use the page, and the left hand side is where you can view the accounts.

There is a drop down on the right hand side where you can choose which Netwealth accounts you want to view the bank settings of, or all accounts shows the complete list under a single adviser username. To have submit transactions on the Bank Settings page, you must have Adviser Representative (AR) rights on the account and must have 'Change Bank Details' permission recorded. 

How do I add, edit or delete an account?

One of the major changes with this update is that multiple Standing Direct Debit Authorities are now allowed. Prior to this, only one SDDA could be stored on each Netwealth account online. Going forward, any SDDA that the client has signed off on using a Direct Debit Authority form will now be visible under the Bank Settings page to be selected. 

In the right hand panel under "instructions allowed", you can see what bank account has access for specific instructions. Only one bank account can be nominated as the "Nominated Bank Account" and there can be 99 "Additional Nominated Bank Account"(s), although to have an additional nominated account there has to be an existing nominated. Additionally, Monthly Withdrawal is no longer a type of instruction and will not be managed through the Bank Settings page anymore, but instead on the Regular Payments page, but to set up a Regular Payment the account needs to exist in the Bank Settings page. The below functionalities are only available to single signatory accounts. 

Adding a nominated bank account

For clients:

To Add a bank account, click on the button on the right hand panel, add the details of the bank account and the instructions applicable. You will receive an SMS to log in to your Activities page (if you have one on record) and approve the transaction. Once approved the new bank account is automatically added. If you do not have a mobile number on file, a verbal validation via the Netwealth contact centre may be required.

For Advisers:

To Add a nominated bank account, click on the button on the right hand panel, add the details of the bank account and the instructions applicable. The client will receive an SMS to log in to their Activities page (if they have one on record) and approve the transaction. Once approved the new bank account is automatically added. If they do not have a mobile number on file, a verbal validation via the Netwealth contact centre may be required.

Deleting a bank account

For clients:

To Delete a bank account, click the trash icon on the right hand panel in the line next to the desired bank account, and follow instructions.

• If the status of the bank account is active the account will be deleted, and a confirmation SMS and letter is sent to you.
• If the account is a pending new account, it can only be deleted by you if you were the one that created the pending request.
• If the account is pending changes, it can only be deleted by you if you were the one that created the pending request.
• The only functionality for multiple signatories is for WRAP only, and in this instance only an active bank account will be deleted, and all signatories will be notified.

For Advisers:

To Delete a bank account, click the trash icon on the right hand panel in the line next to the desired bank account, and follow instructions.

• If the status of the bank account is active the account will be deleted, and a confirmation SMS and letter is sent to the client.
• If the account is a pending new account, it can only be deleted by an Adviser if the Adviser was the one that created the pending request.
• If the account is pending changes, it can only be deleted by an Adviser if the Adviser was the one that created the pending request.
• The only functionality for multiple signatories is for WRAP only, and in this instance only an active bank account will be deleted, and all signatories will be notified.

Editing a bank account

For clients:

To Edit a bank account, click on the pen icon on the right hand panel in the line next to the desired bank account and follow instructions, note that you cannot edit the details of the bank account itself but only the allowed instructions, to edit the account you would need to delete the existing and add it again. If you have a mobile number on record, you will receive an SMS to log in to your Activities page and approve the transaction. Once approved the new bank account is automatically added. If you do not have a mobile number on file, a verbal validation via the Netwealth contact centre may be required.

For Advisers:

To Edit a bank account, click on the pen icon on the right hand panel in the line next to the desired bank account and follow instructions, note that you cannot edit the details of the bank account itself but only the allowed instructions, to edit the account you would need to delete the existing and add it again. If the client has a mobile number on record, they will receive an SMS to log in to their Activities page and approve the transaction. Once approved the new bank account is automatically added. If they do not have a mobile number on file, a verbal validation via the Netwealth contact centre may be required.

After you have completed an add or edit action, the client will be notified to approve the action in their Activities page. If the account can be deleted (conditions apply) it does not need client approval but the client will be notified via SMS.

What instructions are allowed?

Netwealth Account Type	Nominated	Additional Nominated	Standing Direct Debit Authority (SDDA)	Savings Plan	Contribution Plan	Income Stream
WRAP	Yes	Yes	Yes	Yes	No	No
Personal Super & Employer Sponsored Super	Yes	No	Yes	No	Yes	No
Standard Income Stream, Term Allocated Pension & Transition to Retirement	Yes	No	No	No	No	Yes
Annuity	Yes	Yes - only for joint Annuity accounts	No	No	No	No
Global Specialist Series	Yes	No	Yes	Yes	No	No

Are there any instructions that an Adviser cannot complete?

There are some restrictions on what Advisers can allow when adding or editing a bank account, these include:

• You cannot tick the box for Savings Plan, you will need to fill out a Regular savings plan form
• You cannot tick the box for Standing Direct Debit Authority, you will need to fill out a Direct debit request form

Additional rules

• A duplicate account cannot exist, so if you try to nominate an additional bank account as the same as the nominated bank account there will be an error message
• There can only be one Savings Plan active, if you try to add one a note box will appear notifying that this will replace the existing Savings Plan account
• You cannot remove a Contribution Plan bank account to effectively "cancel" the plan, you would need to officially cancel the plan and it would then remove the account, or add a new account that you want with the instruction allowed and then you can remove the existing plan.