closing an old account of my business

[ketanco]

Hi,
I have an LLC business which I founded formally 4 years ago and right after that opened a checking account with a major bank. I then opened two more checking accounts last year. The first one I opened with the major bank is not free and I am not happy with that. I want to close that account because I now have other account for my business anyway. My question is, if I close the account with the major bank, might there be a negative effect later? Because that account is the oldest account for my business. I had heard the older the account the better it is for you, but does it really matter?

[Evan]

Checking accounts are as pretty disposable as they come. They're not credit cards.

[tmerrill]

I agree. Close down the account, and don't worry too much about the credit consequences. Even if there are some credit consequences, they would probably easy to fix.

[jamesray50]

Not a problem to close, just make sure all the checks have cleared. If not, research why.

[AccountantSalary]

I've closed and re-opened many business banking accounts since they always seem to be raising their rates every time they get swallowed up by a larger bank. It's not an issue at all, other than that you have less pull in negotiating better rates with new banks than you do with a bank you've had for awhile.

[BNB]

This won't effect your business at all... unless you are tying to get a loan from the bank you are closing the account with. And even then, it might be trivial.