How to Switch Your Business Account to a Different Bank

by Greg DePersio

0 min read

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.

References & Resources

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