open new acount after closing old

[kevins4]

I am part of a small non profit. We change officers every year and as a result names and credit card s change.We need to start again. Can we close the old account and open new? It will have diff bank account and names?

[sharpiemarker · Accepted solution]

@kevins4 

Sure. I think its better that way because having to change account holder is a PITA process and could slow down or even interrupt the use of your account due to the identity verification. Just know that payments may be subject to funds availability hold for up to 21 days but there are things you can do to get the funds sooner:

https://www.paypal.com/us/smarthelp/article/all-about-payments-on-hold-faq665

https://www.paypal.com/us/smarthelp/article/my-payment-is-on-hold.-why-is-this-happening-faq3297