Jim signed up for a promotional offer from his bank to upgrade his credit card to a Signature Rewards card. He receives his new card in the mail and activates it using his bank’s mobile app. He is excited to start earning rewards.
Jim soon realizes he needs to update all the merchants he previously set up for automatic bill pay or other card-on-file arrangements with his old card. Understanding this, the bank notifies Jim via its app that it participates in an account updater service that will update merchants that also participate in the service with his payment information. The notification advises him to check the app periodically to see which merchants have received his updated card info.
A few days later, Jim checks the app and sees several merchants received updates, including his cell phone provider and ride sharing service, but he does not see his gym listed. He knows his monthly gym membership fees are coming up, so he calls and provides the gym his updated card information and avoids a late fee. Jim is glad he does not have to call all of the merchants he has setup for automatic bill pay or other card-on-file arrangements and appreciates the time his bank saved him. He plans to check again later in the week to see if any other merchants received updates.