For the past decade, I’ve had a small biz checking account with an out-of-state, primarily on-line bank that specialized in banking services for entrepreneurs, gig workers and super small businesses. Yesterday’s mail contained an envelope with the logos of my bank + another bank on the outside. There’d been some major changes back in the spring, so I thought maybe this was the official notice that my bank had merged with another one.
My former financial institution merged with another one – but not by choice. The FDIC shut it down and sold the assets to another bank. The letter was quick to provide assurance that my money was safe. I could still access funds, use my debit card, make remote deposits, etc. The receiving bank would be in touch regarding account updates after the transition period. Curious, I visited the new bank’s website to view business accounts and services offered. Well-capitalized, yes, but not geared toward remote small business customers like me.
So, after Day 2 of Quilt Camp, I headed to my credit union to open a basic business (no monthly fee) checking account. I actually took the checkbook from my other account with me. At the advice of the credit union representative, I wrote a physical check for the exact remaining balance in the existing biz checking account and added $100 cash to make my opening deposit. Why? There’s an automatic 10 business day hold on any checks deposited within the first 30 days of a new account opening. The cash provides a bit of cushion until the electronic transfer from quilt camp fees posts- no holds there. Yes, it’s a bit annoying, but I can deal with it.
Now we wait. According to the letter and FDIC notice received in the mail, I have to officially close the account with the receiving bank once the balance reaches zero. Apparently they don’t just assume I want it closed.
Come Stitch With Me 