How to Manage Account Transitions for a Seamless Switchover

Shutting Down an Old Business and Starting a New One

If you are closing an existing business and launching a new one, you will need to close the Truss account associated with your old business and open a new account under your new business's Employer Identification Number (EIN). Because each Truss account is tied to a specific business entity and EIN, you cannot simply rename or repurpose your existing account — a new account is required for the new business.

Transitioning from a Sole Proprietorship to a Registered Business Entity

If you originally signed up as a sole proprietor using your social security number (SSN) and have since formed a business entity with its own EIN, simply apply for a new Truss account using your business's EIN. You can open the new account and close the old one whenever you are ready.

Why Keep Both Accounts Open During the Transition

When moving to a new account, it’s essential to minimize disruptions, especially for tasks such as completing payments or transferring funds. Keeping your old account active temporarily ensures you can finalize all pending activities while your new account is set up and operational.

Step-by-Step Process for a Successful Switchover

1. Open and Set Up Your New Account

Begin by opening your new account. Ensure that it is fully set up, which includes activating any new cards and configuring essential features, such as online banking or direct deposit arrangements. This will prepare the new account to take over all operations.

2. Transition Payments and Fund Transfers

Once your new account is active:

Move any remaining funds from your old account to the new one.
Update any recurring payments, subscriptions, or payroll details to reflect your new account information. This step ensures a seamless continuation of all financial activities.

3. Keep Both Accounts Operational Temporarily

Maintain the old account as a fallback while you confirm that all transitions to the new account have been completed successfully. This overlap period gives you time to resolve any issues that may arise during the switchover.

4. Close Your Old Account

After ensuring all funds, payments, and account arrangements have been transitioned to the new account, you can proceed to close the old account. Verify that no activity remains to avoid unnecessary fees or missed payments.

Tips for a Seamless Transition

Take note of all regular payments tied to the old account and update them to the new account promptly.

Export your data and statements from the old account before requesting closure.
Set a reminder to close the old account once the transition is fully complete.
Monitor both accounts during the overlap period for any anomalies or issues.
If you are unsure whether your situation requires a new account, contact Truss support for guidance — our team can help you determine the right path forward.

By following these steps, you can ensure a smooth transition between accounts with minimal risk of disruptions.

How Should I Manage My Accounts During a Transition to Ensure a Seamless Switchover?