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4 Replies Last post: Mar 8, 2008 6:37 PM by Uncle Leon

Business Checking Account

Mar 3, 2008 2:58 PM

Click to view ndp125's profile Authority ndp125 18 posts since
Feb 5, 2008
Hello all,
I would like to know if there is a website that helps evaluation good business checking accounts. I currently know only of Bank of America Economy Checking and ING Business Savings.

There seem to be different loops and hoops..here
like if I have a BOA personal checking I cannot transfer money between my personal checking and Business Economy unless I pay $15/month

For ING - I can only have ING Business Savings and would require a Business Checking account setup somewhere. Also I there is no way I can trasnfer money from my personal Saving to my business Saving irrespective of whether it is S-corp or LLC etc. (I am doing S-corp)

So I am not sure how I can transfer money back and worth from Business to Personal..which is a requirement for me.
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Click to view grantsforce's profile Mogul grantsforce 64 posts since
Feb 17, 2008
1. Re: Business Checking Account Mar 3, 2008 3:13 PM
Try Citibank. Last year they provided this feature to me for one business checking account.
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Click to view Lighthouse24's profile Mogul Lighthouse24 2,241 posts since
Oct 10, 2007
2. Re: Business Checking Account Mar 3, 2008 3:13 PM
Is there a reason for not just writing a check from one entity that's payable to the other and depositing it? Since you and your business are separate legal entities, money is being transferred from one to the other for some reason -- e.g., a salary or profit distribution that your business pays to you, a capital investment that you make in your business, etc. It seems that writing a check would be one of the simplest ways to account for and ensure that you had documentation to support the transaction (and it would be free, assuming you're not being charged for writing a check or making a deposit).
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Click to view ndp125's profile Authority ndp125 18 posts since
Feb 5, 2008
3. Re: Business Checking Account Mar 3, 2008 4:12 PM
in response to: Lighthouse24
Thanks for the response LightHouse.
No there is no reason to not write a check.The only reason I was considering is that electronic transfer gives me the ability to transfer funds electronically and fast saving me the trouble of going to the bank or restricting the transaction for at least one business day
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Click to view Uncle Leon's profile Mogul Uncle Leon 50 posts since
Dec 28, 2007
4. Re: Business Checking Account Mar 8, 2008 6:37 PM
in response to: ndp125
There's no reason why you can't write a check from one account to the other, or to electronically transfer funds from one to the other. I've done this in BOA regularly. There many reasons why you might do this. For the sake of record keeping, just label each transaction clearly.

Perhaps there was a misunderstanding when discussing this with the banker. (They sometimes are in a "learning" mode).
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