Will my changed bank information affect my upcoming payouts?

[heylilangel]

I recently made my shopify store as well. My first payout is tomorrow but I just recently changed my bank account information because I found out you all dont accept Chime cards as payouts. So ive added a new bank account that you all will accept. Will the rest of my payouts go to my new bank? Will the payout tomorrow go to my new bank or will it say failed? PLEASE HELP!!!!

[Helen]

Hi, @heylilangel. Great question!

When you update your Shopify Payments bank account, it can take up a few days for the changes to take effect. Therefore, if the previous bank account did meet the requirements, the payout will most likely be directed there, and all future payouts would then go to the new updated account. 

However, in your case, for an account that is not compatible, it may be returned as ‘failed’ even though you’ve already updated your bank account information. But, all payouts are re-attempted to the new account within 72 hours of failure.

Additionally, if your payout doesn't go through, you’ll also receive a notification on your Shopify admin Home page indicating that there was a failed payout, and how to resolve the issue. 

In most cases once the issue is resolved, you’ll be able to select ‘Retry payout’ from your payout page. So, if this does happen to you and you don’t see the option to retry the payout, you can wait the 72 hours for it to re-attempt on it’s own, or re-enter your new bank account details into your Shopify Payments settings to attempt to prompt the ‘Retry payout’ option on your payout page. You can read more about failed payouts in this Help Doc. 

Does that help? If you have any other questions or concerns, just let me know. Or feel free to get in touch with one of our live Support Advisors to discuss further. They’re available 24/7.