Your Bank Account Just Got Closed. Do This First
Your bank just closed your business account. What you do in the next few hours can make the difference between a smooth transition and a serious cashflow crisis. Learn the three critical steps to protect your funds, records and business operations and how to find a replacement provider that actually fits your risk profile.
Transcript excerpt
We've decided to end our business relationship with you. No reason, no appeal, and your payroll runs on Friday. Do not burn the next 48 hours by arguing with the provider or writing them angry emails. Use them instead to protect your records, your payments, and the replacement routes your business needs. First, save everything as long as you still have access. The closure notice, your bank statements, the transaction history, and everything that you used in order to apply for the bank account in the first place. Second, save the funds that are still in the account. Typically, you have a time window in which you're allowed to transfer funds out of the account, but you shouldn't transfer them anywhere. Don't send them to a friend. Don't send them to you personally. Only transfer them to an account in your business's name because that's the only thing that's typically allowed so that your funds are now safe in another account and you can continue operations. Third, start replacement applications with providers that actually support what your business does. Most of the closed accounts or frozen funds originate from the fact that your business carries a risk profile the bank doesn't actually have an appetite for. Therefore, find providers that match that risk profile and you continue your business as usual.
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