05 Mar 2013

Reminders from Rabobank and the BMS Banking Center Team

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Banking Tip:

Reminders from Rabobank and the BMS Banking Center Team

Knowing how your banking deposits are processed is especially important since the recent migration of your accounts to Rabobank, N.A.—no two banks operate exactly the same.  The following tips will ensure that you’re banking deposits will be deposited into your accounts quickly and correctly each and every time:

  1. Use the special ABA number assigned to “RABO BMS”. Rabobank has a number of different ABA numbers and, as such, it is important that any wire transfers for your bankruptcy estate accounts reference ABA number 122237159. This is the number that is printed on the Rabobank Incoming Wire Form that is generated through CaseLink Office and CaseLink Web. Failure to use the correct ABA number may delay or cause the rejection of your incoming wire.
  2. Send in the portion of the deposit slip that contains the MICR line to the bank. Deposit slips print in two portions, one with and one without MICR line. The deposit slip with the MICR line will be read by the MICR machines at Rabobank and ensure that all pertinent data is uploaded into the BMS software properly. The deposit slip without MICR line should be kept for office records only.

In addition, as we continue to transfer the last of your remaining funds from BNY Mellon to Rabobank this month, please be aware of the following guidelines:

  1. Transfer of funds from BNY Mellon accounts to Rabobank take two days instead of one due to BNY Mellon limitations. BMS initiates a sweep of funds from BNY Mellon accounts to Rabobank accounts on Tuesdays and Thursdays. Wires are sent from the BNY Mellon settlement account to Rabobank on Wednesdays and Fridays.
  2. Stops for checks issued from BNY Mellon must be placed at least one business day prior to the funds transfer that BMS initiates. For example, if a stop is placed on Tuesday, prior to the BNY Mellon cut-off, funds will then be moved to the sweep account on Thursday and wired to Rabobank on Friday.
  3. Issue Stops for all outstanding checks issued from BNY Mellon by no later than March 15, 2013 – even if the check is dated within the last 90 days. Reissue new checks from Rabobank once funds have been transferred to your new accounts. The March 15th deadline allows for enough time for BMS to verify all stops have been issued for outstanding checks issued from BNY Mellon and to ensure all funds have been transferred to corresponding accounts at Rabobank.

If you have any questions about transferring remaining funds to Rabobank or issuing stop payments, please contact the BMS Banking Center via email or call 800-634-7734 ext. 8.

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