š£ Note
This article covers a feature that's included in an invite-only closed beta. If you're not a part of the beta, your finance suite will look different, and the help articles you'll want can be found here.
HoneyBook is transitioning to a new banking partner to offer the HoneyBook Finance suite of services. Beta members must switch by August 30, 2024, to continue using HoneyBook Finance. The process involves opening new accounts, issuing new debit cards, and transferring balances. Existing savings buckets will be maintained. Accounts not switched will be closed on August 31, 2024, with balances returned by paper check. Transaction history and account statements will remain accessible.
Why is HoneyBook changing bank partners?
Why is HoneyBook changing bank partners?
HoneyBook is partnering with a new bank to provide enhanced financial tools for your business.
Are my funds safe?
Are my funds safe?
Yes! If you opt to switch to HoneyBook's new partner, your funds will be transferred to your new account(s) within 1ā2 business days. If you opt not to switch, your funds are available in your current account(s) until August 31st, at which point they will be returned to you via paper check.
Directly after completing the switch, and consenting to move your funds to the new bank account you will see your account appear with a $0 available balance. This is normal as it takes 1-2 business days for the funds to move over.
What does the switch mean for me?
What does the switch mean for me?
HoneyBook has coordinated with both its current and new bank partners to ensure a seamless transition for you. Your existing account and buckets will be replicated with the new bank, and all funds moved over in 1ā2 business days. To continue using HoneyBook Finance, you need to switch to the new partner bank by August 30, 2024.
What is the process to switch?
What is the process to switch?
You will receive an invitation to switch to the new banking partner via email. Once you consent to the transition, you will be guided through a brief process to open your new account(s), issue new debit cards, and transfer your existing balances.
There are 2 places you will need to give your consent;
Consent to open the account and the new bank
Consent to transfer your existing balance to the new account.
The migration is not complete until you transfer your existing balance.
If you open the new account, but do not transfer your balance, all new deposits will go to the new account. If you have found yourself in a position where you opened the new account but not transferred your balance, simply return to your initial email and click the link to start the switch again. This will take you to the final screens to complete the switch.
I switched, why is my balance $0?
I switched, why is my balance $0?
Your funds are on route to the new bank account via ACH transfer and will arrive in 2 business days or less. Look out for a transaction labelled "BALANCE" when they land. In the meantime, your new bank account is active and ready to use so any new payments or deposits will arrive in your new bank account, as normal.
What happens after I switch?
What happens after I switch?
Your HoneyBook Finance account has successfully been opened with our new banking partner! Here are a few important updates:
Physical card: Your new physical card is on its way and should arrive soon.
Virtual cards: Your new virtual cards are now available in our app for immediate use.
Immediate actions required:
Update your bank account information:
Payroll: Enter your new bank details in any payroll systems you use to avoid disruption.
Direct deposit: Update your new bank account information for any direct deposits you receive.
Payments: Adjust your payment methods on all platforms to reflect your new account details.
Update Your Credit Card Information:
Pre-authorized payments: Update your credit card details for any automatic payments you have set up.
Online platforms: Update your stored credit card information on platforms such as Amazon, Uber, or any suppliers you regularly use.
Digital wallets: Add your new virtual card to your mobile wallet.
Will I keep my savings buckets?
Will I keep my savings buckets?
Yes, your existing account and all associated savings buckets will be transferred exactly as they are to the new bank. You will see a transaction with ābalanceā in the description in the new accounts showing your balance moving over from the previous bank.
How will this affect my transaction history and account statements?
How will this affect my transaction history and account statements?
All transaction history and monthly statements will remain accessible from your HoneyBook Finance account. You will see a transaction with ābalanceā in the description in the new accounts showing your balance moving over from the previous bank. You will see two statements for the month of August, one for each bank. After migration, you will receive one statement moving forward.
What if I donāt want to switch?
What if I donāt want to switch?
If you choose not to switch, your existing HoneyBook Finance account will be closed on August 30, 2024. Any remaining balance will be returned to you via paper check. You should transfer your funds out of your account prior to this date to avoid receiving a paper check.
If I donāt want to switch, can I close the account before August 30?
If I donāt want to switch, can I close the account before August 30?
Of course! HoneyBook's support team is standing by to assist. Reach out using the chat button in your HoneyBook dashboard, or email [email protected].
How will this affect my QuickBooks integration?
How will this affect my QuickBooks integration?
The QuickBooks integration will automatically switch over to the new bank account. One thing to look out for is the balance transfer - you should see a deduction of the total balance from the old bank account, and the deposit of the balance to the new account. If you do not see the deduction transaction in your QuickBooks enter it manually on QuickBook's general ledger to ensure your books remain balanced.
Still have questions? Feel free to send us a message by clicking the Question Mark icon on any HoneyBook page. Our team is always happy to help!
āHoneyBook is a financial technology company and is not a bank. Banking services are provided by Lincoln Savings Bank, Member FDIC. The Honeybook VisaĀ® Debit Card is issued by Lincoln Savings Bank pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa debit cards are accepted. Honeybook is not FDIC-insured and FDIC insurance only covers the failure of an insured bank.
HoneyBook is a financial technology company and is not a bank. Banking services are provided by Piermont Bank, Member FDIC. The Honeybook VisaĀ® Debit Card is issued by Piermont Bank pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa debit cards are accepted.