What exactly does a salary account mean?
The checking account - everything you should know about checking accounts
From a purely technical point of view, changing the current account is very easy, as your current (new) bank will help you and usually even take care of terminating the previous account. So you only have to tick in the application form that you want to change the account and your new bank will take care of the move.
In practice, however, this approach has not always proven to be particularly useful, as there are usually still payment transactions such as standing orders, direct debits and direct debits to the old account.
As a self-employed person, you should expect that your customers have created their account details in their accounting program and not type the bank details from your bills every time. It may well happen that payment transactions continue to take place on the old current account.
For this reason, it is advisable to continue to operate the old account for about two months and to gradually switch to the new current account.
While standing orders can easily be set up at the new bank, you have to explicitly point out to direct debits, direct debits and also to your customers that you have a new account and want to settle the payment via the new checking account.
You should make a list of all addressees and send them a short message with the new account details. The best way to create this list is to go through your bank statements for the last twelve months and check each time you make a payment whether it was paid by direct debit or direct debit. Such a long period is unfortunately necessary because many insurance premiums, club memberships and taxes are only debited once a year.
For all business transactions, it is also recommended that you write an explicit reference to the new account details on your invoices.
After a transition phase of around two months, all your customers and all payees should have your new account details and you can close the old account. As a rule, a brief, informal termination at the bank is sufficient, stating where the remaining balance of the current account is to be transferred.
Note: In the future, it will be easier and easier for consumers to switch to a new bank with their current account. A European law recently made it mandatory for banks to help customers move their current account. For example, the new bank has to notify the insurance companies, telephone providers and electricity suppliers of the new account details. She is able to do this because she receives the data for the past 13 months from the old bank. If she makes a mistake, she is liable.
However, since your bank does not necessarily have all the information, you should not completely hand over responsibility in this case. This is especially true for checking accounts that you use for your company.
How many checking accounts you can operate
In this context, one or the other might wonder how many checking accounts one is actually allowed to operate.
There is no legal regulation and theoretically you could open a whole range of checking accounts.
But apart from the fact that in most cases it makes little sense to maintain 20-30 current accounts, business relationships such as the operation of a current account will always be reported to SCHUFA. It could make a somewhat bizarre and dubious impression there if you have such a number of checking accounts.
If you also want to use an overdraft facility on these accounts, you can assume that most banks will reject you. The risk that you will run out of credit everywhere and then disappear is too great.
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