Are you planning to begin Reconciliation soon? Changing your application's banking information close to your planned start date could delay the process.
To begin Reconciliation, an application must be in "Approved" status. Changing the application's banking information prior to Reconciliation changes the application's status to "EFT Resign." The application remains in this status until the Authorized Representative re-signs the Plan Sponsor Agreement. Once the Authorized Representative re-signs the agreement, the application's status changes to "Submitted" until the new Electronic Funds Transfer (EFT) information is verified. Waiting for EFT verification could delay the start of Reconciliation by another 5 to 7 days.