If you are thinking about switching or closing your business bank account, it’s important to update your Primary bank account on Forwardly as soon as possible to avoid payment delays, returns, or failed payouts. Forwardly cannot automatically detect bank changes made outside the platform, so keeping the business's information up to date is the responsibility of the users with banking access.
What you need to do depends on whether you currently have payments in progress or any active Auto Payment authorizations in place.
Before switching bank accounts, check for processing payments
Before changing anything, confirm whether you have payments that are still processing, including:
- Payments marked as pending or processing
- Recently sent ACH, same-day ACH, or instant payments
- Payouts that have not yet landed
If you have processing payments, then contact Forwardly Support immediately. Fees may apply to reversed payments, and some payments may not be able to be stopped to or from your old Primary account. Our team can help confirm status, explain next steps, and advise on possible timelines.
If you do not have processing payments, then you can safely proceed with updating your primary bank account.
Switching bank accounts if you have active Auto Payment agreements
Auto Payment agreements are tied to a specific bank account. When you mark a new bank account as a primary account, Forwardly will warn you that you will need to update the bank account attached to all of your active auto payment agreements.
Once you update the Auto Payment authorized bank account, all future payments for that authorization will go to the account you indicated.
What happens if funds are sent to a closed or inaccessible account?
In the event that a payment or payout is sent to a closed or inaccessible bank account, then return handling fees may apply. ACH reversals and traces are handled by our banking partners and are not instant. Forwardly will assist where possible, but cannot control bank timelines.
Why it’s important to let us know about new bank accounts early
Forwardly relies on the bank details you provide to process payments. If a bank account is closed or changed without being updated in Forwardly, we won’t know until a payment is returned or fails, which can result in unanticipated transaction fees.
Letting us know the moment a bank change is planned or completed helps prevent disruptions, delays, and unnecessary headaches. In addition, if you've closed your account, we can also remove the old account from your bank list.