If you are not happy with your current bank, you may want to move your business account to a different institution. There are several things to keep in mind throughout this process.
- Look for a bank that meets your current needs.
- Make sure the bank has a positive history of working with businesses of your size.
- Look at loans offered by the bank and assess if they meet anticipated future lending needs.
- Ask for fee schedules from banks you are considering.
- Compare fees and interest rates from multiple banks.
- Open the new bank account.
- Make sure all transactions and outstanding cheques have posted to your existing account.
- Close your existing business account.
- Deposit the funds from your old account into your new account.