Can I Get an MCA If I Just Opened a New Business Bank Account?
Sometimes. If the business itself has been running a while and you only moved banks, funders will look at statements from both the old and new accounts together, but if the business and the account are both new, expect fewer options until the new account shows a few full months.
What counts as new: the account or the business?
There are two very different situations behind this question. The first is a business that has been running for years and recently switched banks for better fees or after a fraud problem. Funders see this all the time. They'll ask for the last few months from the old account and whatever exists on the new one, and they read them as one continuous history. The switch itself isn't a red flag as long as the deposits line up. The second is a brand new business with a brand new account. There isn't much history to read, and funders price that uncertainty in. Some funders in our network work with shorter histories, but the amounts are smaller and the terms are shorter.
What do funders check when the account is new?
- Whether your sales moved over. They'll look for the same processor deposits and the same customers showing up in the new account.
- Whether the old account closed with a negative balance or unpaid items.
- Whether there are two accounts still active, and which one the payments will come from.
- Whether the account is in the legal name of the business on your paperwork.
What helps a file with a new account?
Keep the old account's statements, even if you've closed it. Download them before online access goes away. Move every deposit source to the new account at once so a funder doesn't see half the revenue in one place and half in the other. And when we talk, tell us why you switched. A plain reason makes the file easier to present.
When does waiting pay off?
If your new account only has a few weeks of history, you have a choice to make. Shop the file now with the old statements doing most of the work, or wait until the new account has a full month or two. Waiting is often the better move when the old account had problems, like frequent negative days, because a clean new history resets the picture. Shopping now makes more sense when the old account was healthy and you have a real need for the money. Either way, don't open a third account while the file is out. Every new account raises a question, and the funder will want to know where the money is going and why it moved again.
How can Afterfirst help with this?
Send us statements from both accounts, the old and the new, and call 877-FUND-654 so we can hear the story behind the switch. We'll tell you which funders read split histories well and whether it's worth waiting a month before we shop it.
What else do owners ask about this?
- Do I need a business bank account to get an MCA?
- What if I switched banks in the last few months?
- Do all owners have to sign a merchant cash advance?
More short answers on this topic are on the applying FAQ, and the funder fit checker runs the numbers for your own file.
Have a question we didn't answer?
Ask us on the call. Call 877-FUND-654 with any question. We call you back, usually the same business day, and we always talk with you before we shop your file.