It is very important for businesses to firstly review the type of banking facilities your business currently holds and what you may require from a new provider. For some businesses, the needs may be a straightforward account with an online business banking capability and perhaps a deposit account.
Many more businesses will require cash management facilities or payment facilities such as payroll. For others who are importing/exporting you may need trade finance products, Foreign Exchange Risk Management products or Interest Rate Risk Management products. If you have credit facilities such as an Overdraft, Loan, Leasing, Invoice Discounting etc. you will need to engage with your chosen provider to discuss arranging new credit facilities. Please see Section 5 below.
CREDIT FACILITIES WILL NOT AUTOMATICALLY TRANSFER TO A NEW PROVIDER
You will need to discuss what credit facilities you need with your new provider. This will involve making a credit application for the credit facilities you need.
At the end of this Guide, you will find links to various websites that offer information on the different types of accounts available from various financial services providers.
This guide is intended to answer some of the questions you may have about moving your business account to an alternative provider and will hopefully assist in making the process easier for you.
It is important that you plan ahead and consider carefully all of your options, keeping in mind the type of business products and services you need from your provider.