Business Busines Swit S ch Kit wit

Transcription

1 Business Switch Kit

2 Switching banks sounds like a lot of work, which is probably why you re staying at your old bank even if you re not satisfied. But what if switching was really easy? We put together this simple switch kit to prove how stress-free moving to Generations is. Call our Small Business team at (210) , us at smallbiz@ mygenfcu.org or stop by one of our Small Business branches to talk to a Business Specialist and get started today. 0 Steps With you in mind, we ve included all of the necessary forms as well as a letter to send to your previous bank to close your account. Let s get started: 1. Open a Generations Business checking account. We can help you decide which account fits your business needs. 2. Getting new business checks is as easy as calling our specialist at Harland Clark who can help you get new business checks ordered immediately ensuring you receive a comparable check style with your new Generations business account. 3. Stop using your previous checking account. Allow time for outstanding checks to clear. We recommend about 10 days after writing checks. Destroy any ATM cards, unused checks and deposit slips. 4. Notify your payroll processor of the updated account number from which to debit. Our Generations Small Business team can help you complete the enclosed Payroll Processor Notification Form (Form 1). 5. Notify anyone electronically crediting (insurance, utilities, merchant services, vendors, etc.) to your previous account of your new Generations business account information. Our Generations Small Business team can help you complete the enclosed Automatic Payment Request Form (Form 2). 6. Notify anyone electronically crediting your previous account of your new Generations business account information. Our Generations Small Business team can help you complete the enclosed Incoming Deposit Request Form (Form 3). 7. After all your checks and automatic payments have cleared, close your previous checking account(s). Our Generations Small Business team can help you complete the enclosed Account Closing Request Form (Form 4). Have a question? Call our Small Business team at (210) , us at smallbiz@mygenfcu.org or stop by one of our Small Business branches to talk to a Business Specialist.

3 We have enclosed the proper forms that will help you make the switch to Generations easier. Complete and send the enclosed forms to the appropriate contacts to ensure automatic payment drafts and ACH payments and credits are moved to your new Generations account. In addition, we have included a letter for you to use to close your previous bank account. Below are instructions and tips to help you through the process. Form 1 Payroll Processor Notification Before sending the Payroll Processor Notification Form: 1. Check with your payroll processor to ensure no other forms are required. 2. Use the enclosed form to change the account that the funds should be deducted from for payroll purposes. 3. Maintain the account at your previous bank until the payroll deduction has been switched to your new Generations account. After sending the Payroll Processor Notification Form: 1. Confirm with your payroll processor that the form was received. 2. Monitor your account through (210) or by signing on to Online Banking ( to verify that your payroll deduction has begun. Form 2 Automatic Payment Request Before sending the Automatic Payment Request Form: 1. Review the Automatic Payment Resource information below to identify existing automatic payments. 2. Use the enclosed form to request that your automatic payment be established at Generations. 3. Maintain the account at your previous bank until the automatic payment has been switched to your new Generations account. Automatic Payment Checklist: Insurance Loan/Lease Payments Professional Memberships/Subscriptions Building Mortgage/Lease Building utilities (phone, internet, electric, gas, etc.) After sending the Automatic Payment Request Form: Credit Cards/Check Cards Merchant Services (credit and debit) Remote Deposit Tax Payments (Federal, State and Local) Monitor your account through (210) or by signing on to Online Banking ( to verify that your automatic payments have begun. Form 3 Incoming Deposit Request Before sending the Incoming Deposit Request Form: 1. Check with your contact to make sure no other forms are required. 2. Use the enclosed form to change the account number to be credited. 3. Maintain the account at your previous bank until incoming deposit(s) have been switched to your new Generations account. After sending the Incoming Deposit Request Form: 1. Confirm with your contact that the form was received. 2. Monitor your account through (210) or by signing on to Online Banking ( to verify that your incoming deposits have begun. Form 4 Account Closing Request Before sending the Account Closing Request Form: 1. Check with your previous bank to make sure no additional information or forms are required to close the account or terminate cash processing services. 2. Inquire about any possible penalties, with respect to early withdrawal, before you close your account. If you have Share Certificates (CDs), it is important to check maturity dates. After sending the Account Closing Request Form: Check account statements to verify that all accounts have a zero balance and have been closed.

4 Payroll Processor Notification Form Business Switch Kit Form 1 Please change accounts for my payroll processing. Company Information Date: Address: Payroll Company Name: City, State, Zip: Re: To Whom It May Concern: I have recently changed banks. You are currently processing my company s payroll. Effective, please stop processing my payroll from: Old Account Information Previous Bank: Routing Number: Effective, please start using my new Generations account for processing my company s payroll. New Generations Account Information Routing Number: If you have any questions, please let me know. Thank you. Phone: day/evening (circle one) Signature-Primary Signer Signature-Secondary Signer (if applicable) Company Name Company Address City, State, Zip

5 Automatic Payment Request Form (Examples-Merchant Services Transactions, monthly bill payments, loan payments) Business Switch Kit Form 2 Company Information Date: Address: Company Name: City, State, Zip: To Whom It May Concern: I have recently changed banks and signed up with Generations FCU. You are currently withdrawing $ from the following account: Old Account Information Previous Bank: Routing Number: For (payment reason) On Stop making withdrawals from this account on (date) and start making them from my new Generations account: New Generations Account Information Routing Number: If you have any questions, please let me know. Thank you. Phone: day/evening (circle one) Signature-Primary Signer Signature-Secondary Signer (if applicable) Company Name Company Address City, State, Zip

6 Incoming Deposit Request Form Business Switch Kit Form 3 I would like to change my ACH credit to be automatically deposited to my new Generations bank account to the instructions below. To City, State, Zip _ Address _ Fax Please change my existing Incoming Deposit (ACH) Company Information Effective Date: Company Name: Contact Name: Company Address: City, State, Zip: Daytime phone: Please change my account to be debited to Account type: Checking Savings Money Market New Generations Account Information Routing Number: I authorize (company) to make deposits directly to my Generations account indicated above for payroll purposes, and to make (if necessary) adjustments for any credit made in error to my account. This authority will remain in effect until I have given written notice to terminate this service. Signature Date

7 Account Closing Request Form Business Switch Kit Form 4 Please close my business checking account. Financial Institution Information Date: Address: Financial Institution Name: City, State, Zip: To Whom It May Concern: Effective, please close the following checking account: (account number) and send a check for the remaining balance to the address below. If you have any questions, please let me know. Thank you. Phone: day/evening (circle one) Sincerely, Signature-Primary Signer Signature-Secondary Signer (if applicable) Company Name Company Address City, State, Zip

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