Open and verify the new account before moving activity
Complete the new bank’s onboarding, signer setup, online banking, security controls and required treasury services first. Do not redirect critical payments until the account is fully usable.
Build an inventory of every inflow and outflow
List customer ACH credits, card-processor settlements, remote deposits, payroll, vendor ACH, wires, taxes, subscriptions, loan payments and outstanding checks. Include annual or quarterly payments that may not appear in one month of statements.
Move incoming money first where practical
Update invoice instructions, payment processors and customer ACH information. Monitor both banks to confirm new receipts are arriving as expected before reducing balances at the old bank.
Then migrate outgoing payments and approvals
Change payroll funding, tax-payment profiles, ACH templates, wire beneficiaries, bill pay, card autopay and other scheduled debits. Re-create user permissions and dual-control rules rather than giving everyone broad access just to speed up migration.
Keep enough money at the old bank for outstanding items
Checks can remain outstanding and ACH debits may arrive later than expected. Maintain a buffer at the old bank until the business has seen a clean transition period and reconciled outstanding activity.
Close only after a final reconciliation
Download statements and records, confirm there are no pending deposits or debits, cancel unused treasury services, and obtain confirmation of closure. Update accounting records and internal banking documentation with the effective date of the change.
Primary sources and reference material
Build banking decisions around operating risk and total cost.
Use the account structure, permissions and liquidity rules that fit how the business actually receives, holds and moves money. Verify changing bank terms before implementation.