In May 2021, Corestone®, an upgraded money management solution, replaced the Davenport Source product. The update to Corestone necessitated new debit cards and/or new checks to be issued. New checks and/or debit cards were sent the week of May 3.
If you previously used Davenport Source debit cards or checks to process electronic payments and/or money transfers, this change requires you to take action before July 30. You will need to use your new routing and account numbers to update existing Automated Clearing House (ACH) payments and transfers.
Your Financial Advisor or Client Service Associate can assist you with identifying automatic payments. Additionally, we have included information below that you may find helpful.
Social Security – if your Social Security payments are direct deposited in your Davenport account, you will need to update your deposit information with the Social Security Administration either via telephone (recommended) or online. You will need the following details to make the change: personal identification information, old ABA/routing and account numbers (from your old checks), new ABA/routing and account numbers.
- By phone (update takes effect overnight): call 1-800-772-1213 between 8 a.m. and 7 p.m. Monday through Friday. Follow the prompts to speak with a service representative.
- Online (update takes effect after 60 days due to security verification): Sign in through https://www.ssa.gov/myaccount/direct-deposit.html and click “My Profile” to update banking information.
- Changes to direct deposit information should be made at least one week prior to the date of the next deposit.
- If a payment is rejected, due to outdated deposit information, the Social Security Administration (SSA) will suspend payments until you update your deposit details. You will also receive a letter from the SSA asking you to update your deposit information.
Taxes – For Federal tax payments, visit https://www.irs.gov/payments and select “View your account.” This will let you create or view your account to see what you owe. You can also make a payment by going to https://www.irs.gov/payments/direct-pay and clicking on “make a payment.” You will have to go to your respective state’s website to make state payments.
Pension Plans – If your pension payments are set up to be direct deposited in your Davenport account, you will need to contact your record keeper (e.g. Ascensus, T. Rowe Price, Fidelity, etc.) to update your direct deposit details.
Paychecks – If your paycheck, or some portion of your paycheck, is set up to be direct deposited in your Davenport account, contact your employer’s Human Resources department to find out how you can update your direct deposit details.
Utilities, Insurance and Bank Payments (Credit Cards, Mortgages, Car Payments & Student Loans) – If you are currently paying periodic bills via automatic draft from your Davenport account, contact the applicable service provider (utility company, insurance company, bank/lender, etc.) to find out how you can update the automatic draft account information.
Other – If you are currently receiving deposits (i.e. dividend checks) or paying for subscription services via direct transfer to or from your Davenport account you will need to contact the originating provider to update your automatic draft information.