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FINRA Banking Changes

October 2, 2014 by mavenstrategic

As a reminder, in February 2014, FINRA will switch its banking services to a new bank. As part of this transition, FINRA will simplify the methods firms use to make payments to them. FINRA will consolidate all check payment addresses, with the exception of GASB payments, into a single payment address. This change will allow for a more efficient check payment and deposit process. Second, to ensure your firm’s payments are applied to the correct invoice in a timely manner, firms must include invoice numbers on all check remittances, and include it as the reference number on ACH and wire payments. Note: If a firm submits a payment without an invoice number, FINRA will apply the funds to the firm’s FINRA Flex-Funding account, which is accessible via E-Bill. Someone at your firm must then transfer the funds to the appropriate invoice in order for the invoice to be closed. Starting in February,you must use the following information to make payments to FINRA. Mailing Address To mail a check to FINRA, include the invoice number on the check and mail the payment to: All payments (except GASB payments) Bank of America Lockbox Services FINRA 418911 MA5-527-02-07 2 Morrissey Blvd.

Filed Under: Blog Tagged With: Broker Dealer FINOP, FINOP, Outsourced FINOP

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