Switching Guide

Switch to Holdings in 5 steps

Q: What if I miss a recurring payment?

We recommend running both accounts for 30 days. Any charges that hit your old account will still go through. Check your old account weekly to catch anything you missed.

Moving your business bank account doesn't have to be painful. Open your Holdings account today and transition at your own pace — zero downtime, zero fees.

Open Your Account Book a Call

Your switching checklist

Total hands-on time: about 2-3 hours spread over 30 days

Open your Holdings account

5 minutes

Sign up online — no branch visit, no paperwork to mail. You'll need your EIN (or SSN for sole proprietors), business name, and a government ID. Your account is typically approved the same day.

Have your EIN and business formation documents handy

You can start with a small initial deposit — there's no minimum

Don't close your old account yet — run both in parallel

Move your money

1-3 business days

Transfer funds from your old bank via ACH or wire. ACH transfers are free and take 1-3 business days. For larger amounts or faster transfers, domestic wires are also free.

Start with a portion of your balance — no need to move everything at once

Keep enough in your old account to cover pending transactions

Set up your Holdings account as an external account at your old bank for easy transfers

Update your recurring payments

30-60 minutes

Update your bank details with vendors, payroll providers, payment processors, and subscription services. This is the most important step — make a list before you start.

Payroll provider (Gusto, ADP, etc.) — update direct deposit source

Payment processors (Stripe, Square, PayPal) — update bank account for payouts

Subscriptions (SaaS tools, insurance, utilities) — update billing info

Vendors and contractors — send updated payment details

Government (IRS, state tax) — update ACH info for tax payments

Update incoming payments

15-30 minutes

Give your new Holdings bank details to anyone who pays you — clients, customers, platforms. Update invoices, contracts, and payment instructions.

Update your invoice template with new bank details

Notify clients who pay via ACH or wire

Update marketplace or platform payout settings

Update your accounting software bank connection

Run both accounts for 30 days

30 days (background)

Keep your old account open for at least one billing cycle. This catches any recurring charges you missed and ensures nothing falls through the cracks. Monitor both accounts during this period.

Check your old account weekly for any charges you missed

Once 30 days pass with no activity, you can close the old account

Download statements and transaction history from your old bank before closing

Request a formal account closure letter for your records

Switching from a specific bank?

Bank-specific tips to make your transition smoother

From Chase

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Close your account in-branch or by phone. Download statements first — Chase limits online access after closure. Cancel any linked Chase Ink cards separately.

From Mercury

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Close via dashboard or email support. Transfer remaining balance via ACH. If you have Mercury Credit, pay off the balance before closing.

From Bluevine

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Close via customer support. Transfer funds first — Bluevine may hold funds during closure. Download all statements before requesting closure.

From Relay

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Close via dashboard or support. Transfer all sub-account balances to a single account first, then transfer out. Cancel any Relay debit cards.

From Novo

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Close via in-app support. Transfer your balance out first. Disconnect any Stripe or Shopify integrations before closing.

From Wells Fargo

Close in-branch with ID, or by mailing a notarized letter. Download statements and cancel all linked services (Zelle, bill pay) first.

What you get when you switch

Free checking

$0 monthly fees, no minimum balance, unlimited transactions.

1.75% APY

Earn interest on every dollar in your account. No tiering, no minimum.

Up to $3M FDIC insurance

Extended coverage through our bank partner network. Far beyond the standard $250K.

Built-in accounting

Auto-categorization, P&L, balance sheets, and cash flow — no QuickBooks needed.

Unlimited sub-accounts

Organize funds by project, client, grant, or department.

Free cards

Physical and virtual debit cards with real-time controls and spending limits.

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Frequently asked questions

How long does it take to switch banks?

Opening your new account takes about 5 minutes. The full transition — moving money, updating payments, and running both accounts in parallel — typically takes 30-45 days. The actual hands-on time is about 2-3 hours spread over that period.

Will I lose any transaction history?

No. Download your statements and transaction history from your old bank before closing. Holdings imports your transaction data going forward from day one.

What if I miss a recurring payment?

That's why we recommend running both accounts for 30 days. Any charges that hit your old account will still go through. Check your old account weekly to catch anything you missed.

Can I switch if I have a business loan with my current bank?

Yes, but keep the loan account open. You can switch your checking account independently. Just make sure loan payments pull from the correct account after switching.

Is there a fee to switch to Holdings?

No. Holdings has no account opening fees, no minimum balance requirements, and free ACH and domestic wire transfers. Your old bank may charge a wire fee for outgoing transfers.

What about my EIN and tax setup?

Your EIN stays the same — it's tied to your business, not your bank. Update your bank details with the IRS (Form 8822-B) and your state tax agency if they make direct debits.