April 10, 2020
As COVID-19 continues to impact the music industry, we are committed to making sure you receive your royalties as quickly as possible. As a part of these efforts, we’re encouraging registrants to take advantage of our direct deposit payment option to receive royalty payments in a timelier manner. You can update your payment method preferences in your SoundExchange Direct (SX Direct) account.
So, why switch to direct deposit? The direct deposit option makes you eligible for monthly payments (assuming you meet the $100 balance threshold) instead of quarterly payments for checks, and it allows for faster receipt of your royalties during quarterly payments as money is deposited directly into your bank account. This payment method is completely electronic, making it especially useful during times like this where you may have issues retrieving your physical mail or visiting a bank.
What Do I Need to Do?
First, log in to your SX Direct account. Go to “edit information” and then select “update bank information.” Here, you will enter your routing number, account number, and upload an image of a voided check. Please note, the name must be printed on the check and exactly match the name (it can be company name) on your SoundExchange account.
After you’ve done this, your request will be sent to our Customer Service team, who will process and verify your account information. Please note, if you choose to opt in to direct deposit, we will process your submission as quickly as possible. Processing time is usually 30–45 days, volume permitting.
How Our Payments Work
- Royalties are distributed monthly by direct deposit and quarterly, at the end of March, June, September, and December by check.
- Direct deposits are issued monthly for accounts with a balance of $100 or more, and quarterly for accounts with a balance of $10 or more.
- Quarterly checks are only issued when the royalties payable to you reach $100 or more. If your royalties due are less than $100, we hold them until they reach the threshold, at which time we will issue a payment.
The above information pertains to direct deposits to U.S. checking accounts. We also offer international direct deposit to Canada, UK, and Eurozone in local currency. Please contact customer service by email at [email protected] or by phone at 1-800-961-2091 (U.S.) or 202-803-8231 (international) for any questions or to learn more about direct deposit options.