As previously mentioned, you must start the process of opening a new business account before closing your previous account. A transition period is necessary. This way, the new account can be opened before the final switch is made.
When opening the new business account, you will need to request new payment methods for the company. With the new bank, you can obtain these quickly when you open the account.
We recommend leaving some funds in the previous professional account to cover any pending transactions, such as uncashed checks, unprocessed debit charges, etc. Plus, you can use these funds to pay for any transactions that arise while waiting to receive your new payment methods.
You will need to ensure that transfers and permanent direct debits are properly switched over. In fact, the new bank where your professional account is now being hosted is responsible for forwarding your new banking information to organizations (URSSAF, internet provider, EDF, electricity, tax offices, etc.).
Once all pending transactions are completed, a final check will need to be done. Verify that all new transfers, direct debits and services are set up with the new bank. This way, you can rest assured that everything is in order.
When opening a new professional account, your company will need to provide certain documents depending on its legal status. Generally speaking, the following documents are required:
• Proof of identity for the individual entrepreneur or the legal representative in the case of a company;
• Proof of address providing information on the company headquarters or offices;
• Proof of professional activity dating back no more than 3 months;
• A copy of the articles of association.
The bank may request other complementary documents. A company is permitted to hold several business accounts.
In the event your request to open a business account is refused, you may demand to exercise your right to an account by contacting the Banque de France.
Verify automatic transactions, direct debit mandates or any other regular transaction on your previous account.
Companies often decide to change banks to open a new professional account in order to reduce bank fees or access a customer service. Switching banks can have a number of advantages; however, certain provisions must be made before closing the previous account.
Certain aspects will need to be taken into consideration:
• Listing of all annualized fees;
• Recurring transfers on the professional account;
• Automatic direct debits known as mandates;
• Any checks issued which have yet to be cashed;
• Debit card payments in progress or yet to be recorded;
• Automatic exports to your accountant;
• E-mail and SMS alerts;
• Digital safe;