How do I update my nominated bank account for my Individual portfolio?

You can now verify and update the nominated bank account on your individual account directly in the SelfWealth mobile app, quickly and securely, whenever it suits you. The feature is also coming to our new web app, which will be available to all customers later this year.

Have a Trust, Company or Joint account? In-app updates for these account types aren't available yet. You can still update your nominated bank account by following the steps in our guide: How do I update my nominated bank account for my Company, Trust and Joint portfolio?

How do I update my bank details in the app?

1. Make sure you're using the latest version of the Selfwealth mobile app. You can check for updates in the App Store or Google Play.
2. Go to Account.
3. Select Manage Account.
4. Select Bank Details.
5. Tap the pen icon and enter your new bank details.
6. We'll run a Confirmation of Payee check on your new account (see below).
7. Verify your identity using multi-factor authentication (MFA). Once this is complete, your bank details will be updated.

What security checks are involved?

To keep your account secure, there are three checks before your new bank details are saved:

• Same account name: Your new bank account must be in the same name as your existing nominated bank account.
• Confirmation of Payee (CoP): We confirm that the account name you've entered matches the name held by your bank for that account.
• Multi-factor authentication (MFA): As a final step, you'll be asked to verify your identity using your MFA method.

What if Confirmation of Payee doesn't pass?

You have two attempts to pass Confirmation of Payee. If both are unsuccessful, you'll see an error message asking you to contact support. You can still update your bank details by contacting us through live chat and completing our biometric verification process, described below.

What if the name of my existing bank account contains an error?

You won't be able to update the name in the app to correct this.  However you can still update your bank details by contacting us through live chat and completing our biometric verification process, described below.

Updating your bank details with biometrics via live chat

If you can't update your details in the app, you can verify your identity and update your bank details through our biometric verification process. If successful, your bank information is updated immediately. The full process takes approximately 7–10 minutes.

1. Have your ID ready. Please make sure you have one of the following forms of identification:

   • Australian Driver Licence
   • Australian Passport
   • Most international passports

   If you're using an international passport, you'll need to manually enter your Australian address during the biometric verification.

2. Start the process via live chat. Contact us through our live chat service to begin your update. We'll ask some quick identification questions before starting the biometric verification.
3. Complete the biometric verification.
   • We'll send a secure link to the mobile number registered on your profile.
   • Follow the link and complete the verification steps. These involve capturing details from your photo ID and taking a selfie.
4. Immediate update. Once your verification is successful, we'll let you know and ask you to send us a quick declaration confirming your new bank details. We'll then confirm that your details have been updated.

Please note: If the biometric verification doesn't recognise you, don't worry. We can use our standard process with a manual form instead, which typically takes 1–2 business days.

Have questions about updating your bank details? Contact us at support@selfwealth.com.au or through live chat.