Changing business bank accounts is often necessary as your business grows and your financial needs change.
If any of the following things happen, it may be time for your business to find a new checking account:
You're getting charged fees or running up against the limits of your account.
You need better integrations or more business features, such as tools for invoicing and tax planning.
Your bank won't give you a loan for your business.
The person who owns your business is changing.
How to change the bank account for a business
1. Look into your choices
Write down what you need now and in the future from a business bank account so you can find a new account that can grow with your business.
Then, compare the business accounts that meet your needs, paying attention to fees, services, and ease of access.
If you need a loan for your business, ask your possible lenders about their funding options and if they offer an SBA loan program.
Ask how the bank's accounts work with accounting or other business software and if it has account managers who work only with small business accounts.
2. Make an application for your new business bank account and open it.
After choosing a business account, the next step is to apply. Depending on the bank, this can be done online, in person, or over the phone.
You'll need to give information about yourself, like your Social Security number, as well as information about your business and documents. Find out everything you need to do to open a business account.
Once you've been approved, make sure everything is working right before you change anything about your old account. Set up your business account, including online and mobile banking, and try transferring money.