Changing Banking Details – What to Consider

We recently updated our banking details. Well, more like forced to. We originally were given until the end of the year to move banks but were abruptly advised at the end of June that we barely had a month to make the changes. Here are some things we either already knew or learnt as we went about this process.

What We Needed to do

Most of you already know what you need to do to change your company’s banking details, and it’s usually a nightmare. From creating a new bank account which needs a million documents and almost needed to produce a birth certificate, to importing & exporting beneficiaries, ordering new cards, and updating new card details for all automatic payments. Lastly contacting any debit order suppliers. 

How we Achieved this Quickly

Using the arsenal of tools at our disposal like Teams and Planner, we could put together a plan pretty easily to get all this done. In Planner, we created a checklist of important tasks with a due date and assigned the relevant people. From there we exported lists of customers, suppliers and beneficiaries into excel format and shared the lists over Teams. This allowed us to collaborate on the same lists in real time and track progress together.

A Customer Story (Air BnB)

One of our customers told me about a recent occurrence where she had to travel quite a distance to attend an important meeting the next morning. She had made a payment to someone through Air BnB, but when she arrived at her accommodation and knocked on the door, the person opening the door wasn’t exactly expecting guests. It turns out scammers have made their way onto this platform.

The Most Crucial Lesson

Firstly, anytime you or a customer/supplier changes their banking details, this must be confirmed with the regular accounts person you deal with over the phone. Emails get hacked and appear to be legitimate, but a phone call is the only real way to confirm the changes. I hope this helps someone from running into a potential scam.