A bank change is a process where you move your ePay capability from one bank account to another. For example, you've decided to move your accounts across town to a bank that has better service and a more convenient location.
You'll need to apply for a new merchant account if a new legal entity owns the new bank account. For example, you've decided to operate as an LLC or corporation instead of as a DBA.
If the same legal entity owns the new bank account, read on.
- Navigate to Accounting > Banking.
- Add the new bank account to your account.
- Click the current bank account enabled with Epay.
- Click the ePay settings tab.
- Click Edit eCheck (EFT).
- Click Change bank account.
- Complete the form.
You can speed up the change process by clearly explaining your reason for changing banks. "I've found a better bank, with better service, for less fees" is a better explanation than "Just because" because it offers more context about your intentions.
- Next: Review changes.
- Review your completed form.
- Submit changes.
Once submitted, the bank change request will be emailed to Buildium's Customer Care Department for review.
Collect any supporting documents that are necessary. You will need to provide a voided check from the new bank account. You cannot use a temporary check from the new account.
If you haven't gotten permanent checks for the new bank account yet, complete a bank verification form instead.
Once you send in the form:
Your ePay account capability is suspended until the change process is complete.
Your bank change will not be processed until all pending ePay transactions have settled. We temporarily suspend ePay to maintain data integrity in your account; allowing existing transactions to settle and preventing new ones from starting.
We understand that this status change can complicate the bank change process somewhat and we work as swiftly as possible to minimize the impact. Generally people make bank changes in the middle of the month; as far from the 1st as possible.
- Once the change is complete, we'll update your account and send an email to the Buildium account owner. The whole process usually takes 2-3 business days plus any time needed to wait for pending EFT/eChecks to clear.