Change your business bank account
A new business bank account touches customer payments, processor payouts, payroll and taxes. Move them in a safe order and tell customers in a way scammers can't copy.
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Your plan so far
9things this change touches
- critical0
- high7
- moderate2
- low0
Updates as you answer. Every item will explain why it’s there.
What could break
In a typical business bank account plan, these are the most serious things to get right.
Payroll: switch the funding account
Critical · Business operations
A payroll debit against the wrong or a closed account can delay employees' pay.
Tell customers through a channel they already trust
Critical · People to tell
Careful customers may hold payment until they can verify it, and anyone fooled by a fake notice could pay a criminal instead of you.
Open the new business account and set up online banking
High · Banking & payments
Payments sent to an account that isn't fully set up can be held or returned.
Signing authorities and users: set them up on the new account
High · Business operations
Payments stall waiting for an approver who has no access, or someone ends up with more access than they should have.
List every payment into and out of the account
High · Banking & payments
A forgotten charge fails months later, often on something you rely on, like insurance, a domain or a backup service.
Keep the old account open for late payments
High · Business operations
Payments to a closed account are returned to the customer, which delays your cash and makes them doubt the new details.
Square: change the payout bank account
High · Business operations
Payouts keep going to the old account, or fail and are delayed once it's closed.
Stripe: change the payout bank account
High · Business operations
Payouts keep going to the old account, or fail and are delayed once it's closed.
Tax agencies: update payment and refund accounts
High · Government & tax
A missed remittance can bring penalties and interest, and a refund can be returned.
Rent and equipment leases: send the new details
High · Business operations
A missed rent or lease payment can bring fees and may count as a default under the agreement.
Before and after the change
Before you change it
- Open the new business account and set up online banking
- Signing authorities and users: set them up on the new account
- List every payment into and out of the account
- Keep the old account open for late payments
After the change
- Payroll: switch the funding account
- Square: change the payout bank account
- Stripe: change the payout bank account
- Tax agencies: update payment and refund accounts
- Rent and equipment leases: send the new details
- Business loans and lines of credit: update the payment account
- Business credit card autopay: switch it to the new account
- Business insurance: update the debit account
- Software billed by direct debit: update the bank account
- Invoices and payment instructions: update bank details everywhere
- Tell customers through a channel they already trust
- Accounting software: add the new account and its bank feed
Your own plan adds or removes items based on your answers, and explains why each one is there.
The safe order
Doing things in the right sequence is what keeps you from getting locked out halfway through.
Before the change
Step 1: Set up the new account, signers and users
Approvals and access don't copy over from the old bank.
- Open the new business account and set up online banking (high risk)
- Signing authorities and users: set them up on the new account (high risk)
Step 2: List everything that pays in and out
Including quarterly and annual payments.
- List every payment into and out of the account (high risk)
Step 3: Keep the old account open and funded
Customers and billers catch up at their own pace.
- Keep the old account open for late payments (high risk)
During the change
Step 4: Move processor payouts, payroll and tax accounts
Payroll first if a pay run is coming up.
- Payroll: switch the funding account (critical risk)
- Square: change the payout bank account (high risk)
- Stripe: change the payout bank account (high risk)
- Tax agencies: update payment and refund accounts (high risk)
Step 5: Move pre-authorized debits
Leases and loans first, then everything else.
- Rent and equipment leases: send the new details (high risk)
- Business loans and lines of credit: update the payment account (high risk)
- Business credit card autopay: switch it to the new account (high risk)
- Business insurance: update the debit account (high risk)
- and 1 more
Step 6: Update invoices and tell customers safely
Through a channel they already trust, never only by email.
- Invoices and payment instructions: update bank details everywhere (high risk)
- Tell customers through a channel they already trust (critical risk)
Immediately after
Step 7: Update your books and cheques
A new bank feed, an opening balance and new cheque stock.
- Accounting software: add the new account and its bank feed (high risk)
- Cheques: order new stock and move deposits (moderate risk)
Verify
Step 8: Watch one full cycle of real payments
Payers and billers switch on their own schedules.
- Confirm money arrives and leaves where it should (high risk)
Clean up
Step 9: Download records and close the old account last
After customer payments to it have stopped.
- Download statements for your records (moderate risk)
- Close the old business account last (high risk)
Later
Step 10: Watch for stragglers
Late customer payments and annual debits.
- Watch for late customer payments and annual debits (moderate risk)
Why this change needs a plan
A business account has more connections than a personal one: customers paying invoices, processors sending payouts, payroll pulling wages, tax agencies debiting remittances, and leases and loans coming out on fixed dates.
The part that needs the most care is telling customers. Fake “our bank details have changed” messages are one of the most common business scams, so a genuine change has to be announced in a way customers can verify, and never only by email.
Keep the old account open while customers catch up. Some will keep paying the old details for weeks or months, and payments to a closed account are returned to them, not forwarded to you.
Why it matters
Getting this wrong can delay payroll, bounce a tax remittance or leave customers unsure where to pay. Getting it right is mostly a matter of order and overlap.
What makes it risky
Risk is highest when payroll runs from the account, when customers pay by bank transfer (because of payment-redirection fraud), and when tax payments or loans debit the account on fixed dates.
Common mistakes
- Announcing new bank details only by email, which looks exactly like a payment-redirection scam.
- Closing the old account while customers are still paying into it.
- Changing the payroll funding account right before a pay run.
- Forgetting tax agency debits and refunds, which are updated separately.
- Deleting the old account from accounting software instead of reconciling and archiving it.
Frequently asked questions
How do I tell customers about new bank details without looking like a scam?
Use a channel they already trust: a call from their usual contact, a signed letter or your customer portal. Invite them to confirm by calling a number they already have for you, and never ask them to reply with their own details.
How long should I keep the old business account open?
Until customer payments into it have stopped for at least one full invoicing cycle, and every processor payout, payroll run and tax debit has used the new account. If customers pay quarterly or annually, allow for that.
Will Stripe, Square or PayPal payouts move automatically?
No. Update the payout account in each processor's settings. Some processors verify a new account or pause payouts briefly while they check it.
Do I need new cheques?
Yes. Cheques print the account they draw on, so order new ones for the new account and destroy unused old cheques once outstanding ones have cleared.
Regional notes
General information, not legal advice. Check the official source where you live.
- Canada
- The CRA advises keeping your old account open until the first CRA payment has been deposited into the new one. Many banks can update CRA business direct deposit for you.
- United States
- The FBI advises verifying any change to payment details directly with the person or company, using contact details you look up yourself.