How to Switch Your Business Account to a Different Bank

By QuickBooks Canada Team

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

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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