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As your company grows and your financial needs evolve, so should your business bank account.

Say goodbye to excessive fees and restrictive limits—and say hello to an account with tools that support your bottom line.

STEP 1

Become a Business Member

Once you’re a Navy Federal member, you can become a business member and gain access to products and services right for your business.

Gather the documents you need

Apply for your Navy Federal business membership

STEP 2

Open a Business Checking Account Online

Your Navy Federal business checking account aligns with your business to support its growth and maximize your bottom line.

Once your account is successfully set up, sign in and make sure everything is working before making any changes to your old account.

Choose the right checking account for you

STEP 3

Stop Using Your Old Checking Account

Stop using your old account, but keep it open until all outstanding checks have cleared and you’ve moved your scheduled transactions to your new Navy Federal business checking account, business debit card and online banking.

STEP 4

Update Recurring Payment Information

Update all your business’ payment and deposit information, including:

  • payments to suppliers, software providers and business advisors or consultants
  • scheduled payments, such as utility bills and loan payments
  • payroll funding
  • merchant card transactions (If your business accepts payments made by credit and debit cards, you’ll also need to switch the account you deposit these funds into.)
  • automatic invoices or transfers for customers

Be sure to notify your accountant and relevant advisors or consultants of all these changes.

STEP 5

Officially Close Your Old Account

After your Navy Federal business checking account is active and operational, follow the steps provided by your old bank to close your account. Ensure all pending payments clear before shutting it down completely.

Transfer any remaining funds to your new account and ask your bank how they handle payments to a closed account. 

Disclosures

This content is intended to provide general information and shouldn't be considered legal, tax or financial advice. It's always a good idea to consult a tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation.