Skip to main content
Phase IIISBIRsttrTACFI/ STRATFIThe DoD

How to Change Banking Information on SAM.gov

By March 11, 2023No Comments
As many are aware, on the morning of Friday, March 10, US regulators suspended operations of Silicon Valley Bank (SVB) and are taking control of its customers’ deposits. For many in this field, this collapse can cause a lot of disruption, and we want to help ensure that everyone who currently has an SVB banking account listed in sam.gov through their CAGE code has direction on how to change this. This change should help ensure that this does not impact any of your future contract payments, so it is imperative that you make this change as soon as possible BEFORE any future payments are sent. 
__
**note** If you have invoices coming up in the next week or two you may want to log into WAWF to pause or delay the invoice until their bank account change has had time to take affect.
__
Below is a step by step instruction guide on how to change or update your direct deposit information within sam.gov.

Step One

Login to sam.gov

Step Two

Under Your Entity Registration Information, select “I would like to update/renew my entire registration”

Step Three

You will then be brought to the “Purpose of Registration” page. Where it asks if you would like to change purpose, select “No”. 

Step Four

Continue going through the following information review pages by selecting “Next” and then “Continue.”

Step Five

You will then be asked to verify a one-time password via email to grant IRS Consent.

Step Six

Once verified, you will land on the “Financial Information” page. Here, you will select “Update Banking Information” and add in your new information.

Step Seven

You will once again be asked to verify a one-time password via email to grant IRS Consent. 

Once verified, your new banking information should be saved. 

 

Feel free to reach out to our team if you have any questions: Contact Us.