Resource One Credit Union Business Account Switch Kit Frequently Asked Questions

1. Who would I speak to about switching my accounts from another financial institution to Resource One?

To speak with a live person about switching to Resource One Credit Union, call 214.319.3100 in Dallas, 281.720.0550 in Houston, 800.375.3674 Nationwide or visit a location near you to speak to a friendly Service Center Specialist.

2. Will I be charged for switching my accounts?

Other financial institutions may charge a fee for switching or closing your account. You will need to contact them to verify.

3. What information will I need to open a new Executive Suite account with Resource One Credit Union?




Step 1 - Research

• Print our Business Account Checklist to ensure you have all the needed information
• Choose the Executive Suite Package that best fits your business financial needs.

Step 2 - Locate Required Documents

• Bring them when applying for your new Executive Suite Package.

Step 3 - Apply

• Apply by visiting a location near you



4. What is the normal length of time for my former financial institution to close my account?

The normal length of time a financial institution will close an account can vary. You will need to contact your former financial institution to verify that they have received all information needed to close your account and to confirm the number of business days they predict the account will be closed.

5. What should I do with the Account Transfer Letters?

Make sure to keep copies of all correspondence for your own records. Send the Account Transfer Letter to your merchant credit card processor, payroll services provider and all companies that debit/credit your old account.

6. What should I do with the Account Closing Letter?

Make sure to keep copies of all correspondence for your own records. Send the Account Closing Letter to your former financial institution to inform them to close your account and mail your remaining balance.

7. What is the purpose of the Small Business Organizer?

The Small Business Organizer is a tool to help you organize and track the names of your business vendors/providers that need to be notified of your new Resource One Executive Suite account.

8. Is it possible to cancel or switch my automatic payments by phone or online?

The cancellation/switching policies from one payee to another will vary from company to company. It may be possible to cancel/switch your payees online, especially if you manage your account online. However, you will need to contact each payee for the specifics of canceling/switching your automatic payments.

9. How will I know when my automatic payments have been switched to my Resource One business account?

There are several ways to monitor whether or not your automatic payments have switched:

• Use Resource One Online Service Center to confirm if a payment has been debited from your new Resource One Executive Suite account.
• Check all paper/e-statements from other provider(s) to confirm that they are debiting your new Resource One Executive Suite account.
• Check your paper/e-statement from your new Resource One Executive Suite account to confirm that a payment has been debited from your new account.
10. At what point do I need to close out my old account?

You will need to complete the following:

1. Open a Resource One Executive Suite business account
2. Discontinue using your former account
3. Wait a minimum of 10 business days for all outstanding checks, debits and automatic payments to clear
4. Switch all automatic payments to your new Resource One Executive Suite account
5. Contact your payroll provider to switch your payroll over to your new Resource One Executive Suite account
6. Contact your merchant card services providers to switch your services over to your new Resource One Executive Suite account
7. Once again, make sure all outstanding transactions have cleared your former account
11. Where would I locate the Resource One Credit Union routing number and my account number?

The Resource One routing number and account number are located at the bottom of your new Resource One Executive Suite account checks. The nine-digit number on the left side is our routing number and the number on the right side is your account number.




12. What form do I use to switch my merchant or payroll services my Resource One Executive Suite account?

Use the Account Transfer Letter to send to your merchant credit card processor and payroll services provider to switch those services over to your Resource One Executive Suite account.

13. How can I expedite the process to switch my account(s)?

Enclose a voided check from your new Resource One Executive Suite account with the paperwork to your former service providers. A voided check from your new Resource One Executive Suite account provides them with your new account number and routing number.

14. How do I "void" a check?

Write "VOID" across the middle of the unsigned check.

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• Dallas: 214.319.3100
• Houston: 281.720.0550
• Nationwide: 800.375.3674

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