Anybody on here ever switch banks for their company's main operating account

Just the entire deal. We obviously have checks we are writing out, have outstanding checks, outgoing and incoming wires and regular deposits, payroll, 401k, HSA, etc. It's not like there is enough cash from other sources to float one account while we get everything moved over. It's going to be a cluster. I guess I am just bitching about it creating more work for me to do since I didn't want to switch. This isn't even counting AP and AR fcking shite up.

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It's not like there is enough cash from other sources to float one account while we get everything moved over. It's going to be a cluster.

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It sounds as if cash management is a problem for your company without the change of bank issue. Otherwise there shouldn't be a need to float any accounts.

It is not as difficult as you think if the change is planned properly. Communicating with your customers and vendors in advance of the change eases the change. You establish a cut off date for stopping payments made from the account(s) you are closing. When that date arrives you should know exactly what checks are outstanding, and you leave sufficient money in the account(s) you are closing to cover those checks. The day after the cut off you begin making payments from your new bank accounts. You close all account(s) after a reasonable time, 30 days works for me, for the outstanding checks to clear. Any presented for payment after 30 days will be rejected, and you will have to issue new checks.

As far as payments received, you provide your customers with the new banking information they require and the date to begin using that new information. You have to monitor the old account(s) for any unexpected credits while you wait for the outstanding checks to clear.

There may be some additional work for the accounting people for 30 days, but it shouldn't cause any crises.

1) Change your remittance instructions on all outgoing customer invoices to begin sourcing incoming funds into the new account 2) stop writing checks out of the old account 3) transfer any cash in excess of o/s checks on the old account into the new 4) wait for o/s checks to clear or put a stop after 30-60 days 5) close old account

I'd also suggest setting up a separate account for your payroll and benefits.