Add, update, or change your Settlement bank account

You can add a new bank account, change the one that receives your Settlements, or link a bank account to a specific store directly in the Teya app. This article explains what you can do, what details you need, and what happens if your bank account cannot be verified.

What I can do in the app

In the Teya app, you can:

• add a new bank account for Settlements
• change which bank account is linked to a store
• link one bank account to one or more stores
• remove a bank account you no longer use

Before I start

Have these details ready:

• your sort code and account number
• the account holder name exactly as it appears on your bank account

How do I add or change a bank account?

Step 1: Open bank account settings

1. Open the Teya app.
2. Tap Explore.
3. Tap Settings.
4. Tap Destination Bank.

Step 2: Add a new bank account

1. Tap + Add New.
2. Enter your bank details:
   1. sort code 
   2. account number 
3. The app will automatically check your bank account details.

Step 3: Link the bank account to a store

1. In Destination Bank, tap the bank account you want to use.
2. Tap Link stores.
3. Select the store or stores that should receive Settlements into this account.
4. Confirm your selection.

What happens next: Future Settlements will go to the new account. Any Settlements already in progress will still go to the previous account.

What happens when my bank account is checked?

When you add a bank account, Teya automatically checks the account holder name against your business details.

How can I avoid verification problems?

To help your bank account pass verification first time:

• use the exact name shown on your bank account
• check a recent bank statement if you are not sure
• for limited companies, enter the company name exactly as registered
• check that your sort code and account number are correct
• make sure you have not swapped any digits by mistake

Example

If your bank account says J Smith Trading, do not enter John Smith.

If your company is registered as ABC Services Ltd, do not enter ABC Services Limited or ABC Services.

Why did my verification fail?

If you get a not matched result, it usually means the name on the bank account does not match the name registered with Teya.

Common reasons include:

• the bank account is in a personal name, but your Teya account is registered as a limited company
• there is a spelling difference between your bank records and your Teya registration
• your business name or structure has changed, but your Teya details have not been updated yet

What I should do next

• compare the account name on your bank statement with the name registered with Teya
• if your business details have changed, update them in Settings > Business Information
• then try adding the bank account again

If it still does not work, tap Need help? in the app to chat with Team Teya. Manual verification can take up to 4 working days.

What if I use a Teya Business Account?

If you have a Teya Business Account, your Settlements may go there instead of to an external bank account. This is common if you signed up for Instant Settlement, because Instant Settlement requires a Teya Business Account.

How do I check where my Settlements go?

1. Open the Teya app.
2. Go to Explore > Settings > Destination Bank.
3. Check which bank account is linked to each store.

Can I switch from my Teya Business Account to an external bank account?

Yes. You can add a new external bank account and link it to your store.

Important: If you switch away from your Teya Business Account, Instant Settlement will be turned off for that store.

What if I want Instant Settlement?

You need a Teya Business Account. You can open one in the app from Settings or when adding a bank account.

Can I use different bank accounts for different stores?

Yes. You can add more than one bank account and link different accounts to different stores.

How it works

1. Add each bank account you want to use.
2. Each account will be checked separately.
3. Open Destination Bank.
4. Tap the bank account you want to assign.
5. Tap Link stores.
6. Select the store or stores you want to link.

Important: Each store can only be linked to one bank account at a time.

When do I need to contact Team Teya?

Most bank account changes can be done in the app. You need to contact Team Teya if:

• you have an active Cash Advance (MCA)
• verification keeps failing after you have checked your details
• you are changing your legal entity type, for example from sole trader to limited company

If you have an active Cash Advance (MCA), contact Team Teya before changing your bank account because your Settlement routing may be managed differently.

Quick answers