Early Warning System (or EWS) is a third party service provider that conducts real-time bank account status and ownership verification services using a consortium of checking account information with participating banks on the Integrated Cashiering Platform.
What does this mean for you and your clients? The 10-day prenote period will no longer be applied to most bank information being added to Brokerage and Illuminations accounts. About 60% of the bank info being added will go live immediately.
EWS verifies bank account status (open closed, etc.), bank ownership based on name and SSN, and provides stronger fraud and risk controls. If EWS verification is inconclusive or unavailable, standard prenote process will be used to verify bank info. If the EWS returned a “fail”, a letter will be sent to customer for security purposes. This new solution is now available and being utilized by our money movement teams. Please contact our service desk if you have any questions.
TC1278929(0722)