Answers

Can I apply for business funding with a new bank account? A plain answer.

Q: Can I apply for business funding with a new bank account?

Yes, as long as you can show the history from your old account too. Funders read several months of deposits, so a business that recently switched banks should send statements from both the old and new accounts covering the full period. A brand-new account with no earlier history is hard to review.

Yes, if you can show the history from your old account too. Funders read several months of deposits, so a business that recently switched banks should send statements from both the old and new accounts covering the full period. A brand-new account with no history from elsewhere is hard to review.

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Can I apply for business funding with a new bank account?

Key facts

Send old and new statements in date order
Add a one-line note explaining the switch
Both accounts should be in the business's name
Personal accounts used for business revenue complicate the review

Why history matters

A deposit-based review reads patterns over several months. If your business moved its banking last month, the new account shows only a few weeks. The old account holds the rest of the story. Sending both, in date order, lets the reviewer see continuous revenue.

What to send

Statements from the old account for the months before the switch.
Statements from the new account since it opened.
A short note explaining why and when you switched.
Confirmation that both accounts are in the business's name.

Avoid these issues

Running revenue through a personal account in between.
Gaps of weeks with no account showing deposits.
Business names that differ between the accounts.
Switching banks in the middle of an existing advance without telling the funder.

Where Canadian files usually start

Monthly revenueTypically from around $20,000 a month in deposits for Canadian files. The exact line varies by funder and by file.

Time in businessTypically about 12 months. Newer businesses can be reviewed, but the options narrow.

Account healthLimited low-balance or negative days. Funders read the last few months of bank statements for this.

CreditScores from 500 are considered. A score of 600 or higher opens more options and better offers.

DocumentsA signed application and recent business bank statements, typically the last four months.

Existing advancesFiles with an existing advance can be reviewed, including second position.

If your question is about your own file rather than the general rule, the fastest route to a specific answer is a review. Send a signed application and your last four months of business bank statements, mention this question in a note, and the response will address it directly. You can also call (305) 384-8391 and ask before applying; there is no cost to ask.

Questions owners ask next

What if the old account is closed?

Download statements before you close an old account, because many banks limit access afterwards. If it is already closed, ask the branch for statement copies or use your accounting software's bank feed export as a backup.

A reviewer mainly needs to see that revenue continued without a break. Statements from both accounts, in date order and in the business's name, are usually enough to show that.

Sources and review

Reviewed by the Merchant Fund Express team on October 12, 2026. Official pages checked as of that date.

Common questions

Will a new account look suspicious?

Not if you explain it and provide the old statements.

Can payments come from the new account?

Yes. The agreement will specify the account for remittances.

I have an advance and want to switch banks. What should I do?

Tell the funder first and agree on the change in writing.