Self-Service Bank Change
How does it work?
AppFolio has just released a new feature: Self-service bank change. Switching bank accounts is a common occurrence in a property management business and must be done correctly to avoid long-term consequences. In the past, property managers would have to submit a support request to change accounts, which often took days. However, the AppFolio team has finally developed a simple workflow that allows you to change bank accounts on your own schedule without the help of the customer support team. Now you can use the Change Bank Account task on the bank account page to change the bank for all properties and associated cash accounts or update which bank account is associated with a specific property.
Before changing banks, it is important to have recently reconciled your account. If your bank account is reconciled up to a recent statement period, AppFolio will automatically calculate how much to transfer to the new account. However, if your bank account is not reconciled and in balance up to a recent statement period, you can manually enter how much you would like to transfer. This method is not recommended and if used AppFolio will be unable to help with future/past bank reconciliations in both bank accounts.
Should you switch your bank account by yourself?
Although this feature seems like a simple solution to an ongoing problem, it will most likely lead to some serious complications in the future. Switching banks is a quite complex task and if done incorrectly will lead to complicated errors that will be difficult to fix. This new feature really is just AppFolio's way of throwing in the towel after years of dealing with frustrated clients waiting on bank change support requests. However, this new update will likely lead to many mistakes as clients try to change their bank accounts themselves. Here at 221B we highly recommend our clients do not change their banks account themselves and instead reach out to our team to help guide you through the process. With our help you can be sure to have a smooth transition from bank to bank.