This Working Life

This Working Life: What to look out for when switching bank accounts

You may be dreading the administrative headache of your small business having to change banks, but it’s still important to act now to avoid cash flow problems

When switching banks, remember that any missed payments made as a result of the switch will affect your businesses credit rating. Picture: Getty

Mark O’Rourke is managing director of Bibby Financial Services Ireland

With some businesses forced to seek out new financial providers due to the imminent departure of KBC and Ulster Bank from the Irish market, SMEs here could be forgiven for looking at the prospect of switching with a healthy dose of wariness.

Not surprisingly, many business owners are putting off the inevitable, as they know it will be a serious administration headache. In fact, recent ...