The closing of a professional bank account can occur for different reasons and is generally either due to the company or the banking company. However, there are very specific rules for changing a business account. The vast majority of companies are obliged to open a business bank account. A business account allows you to send and receive funds from a single account number (also known as a direct debit). In the context of a professional activity, direct debit is obtained by opening a professional account. It is required for many company formation projects. The professional bank account differs from a bank account by the particular services it offers. You can check if you want to learn more about opening business accounts. As for the closing of a professional bank account, it can be done for different reasons and is generally either the responsibility of the company or the banking company. However, there are specific rules for changing business accounts.

Changing a business account

Closing your business account may be accompanied by a change of bank. In this case, this change occurs when the company is no longer satisfied with the services of the bank in which it opened its business account. The change can also come from the bank (the bank obliges its client to close the account). Today, changing a business account is no longer a complex task. Thanks to the growth of online banking and the variety of innovative banking offers and the dematerialization of procedures, it is easy to change your business account when your company deems it useful. In order to avoid wasting unnecessary time and money in the process of changing your business account, it is advisable to be well informed about the procedures and steps to be taken to close an account and open another one with another banking institution. Note that it is advisable to open a business account at another bank before you request the closure of the old business account. This allows you to avoid an interruption in transactions and other problems such as an administrative seizure to a third party holder (SATD) or that you are no longer able to honour a monthly subscription. The choice of the new professional bank is to be taken seriously, as there are many offers available at the level of online banks or neo banks. However, it is important to analyse them in relation to your professional activity and the level of development of your company. Do you want to change your business bank account? My procedure is simple, just proceed step by step. To sum up, here are the steps to change your professional account:
  • List your new needs;
  • Compare and choose a new pro account;
  • Open your new account, receive your payment cards and transfer your data;
  • Close your old account.

Choosing your new pro account

There are a multitude of online banks and neobanks that offer professional services. Before choosing your new business account, you should ask yourself a few questions:
  • Do you really need a dedicated business account?
  • What are your current bank charges and what types of services do you pay for?
  • What are your highest banking fees?
  • What payment methods do you really need?
  • What are your current means of payment (credit cards, cheques, cash, etc.) and which ones would you like to use?
  • What additional services (financing, professional insurance, savings, personal advisor, accounting, management) are you interested in?
The answers to these questions will help you to compare the business accounts offered by traditional banks, online banks and new banks. When you make a good choice, you have the opportunity to save on your banking fees or get more services for the same price.