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    6 Replies Latest reply on Jun 16, 2009 11:17 PM by thetaxclub

    Business Checking Account

    Davecore Wayfarer
      Well I just filed my LLC Articles, got my FEIN, and ready to begin business. But I need to open a checking account for it. My issue is I want one that

      1. can use online
      2. No monthly fee

       

      I dont plan on having a average of $4M in the back every month so I don't want one that waivers the monthly maintance fee if I have some high balance monthly for a small website business.

      I've looked at Chase? Looks pretty good. Any say?
        • Re: Business Checking Account
          bmt2008 Adventurer
          Why don't you start with a local bank in your area. They usually offer business accounts with minimum requirements and some now offer either free business accounts or low minimum interest bearing. You could also consider a local credit union. Shop your banking local if you plan on being a local company. Most all financial institutions offer online banking.

          Business Money Today
          www.businessmoneytoday.com
          • Re: Business Checking Account
            amspcs Ranger
            I see you're in Florida as I am. We have two business accounts one at B of A and one at Bank Atlantic. The Bank Atlantic account is completely free and offers online banking , but they don't have that many locations, and gas prices as they are, who needs to drive all over town when you need to visit a branch? On thte other hand, B of A branches are all over the place. The B of A account, also with online banking, is free with a caveot--you have to either maintain a minimum balance or use the debit card attached to the account at least once per month---otherwise the fee is $16 per month which is kind of steep. If you need credit card processing services, both institutions have referral deals with processors, but that convenience comes with a rather stiff price since it involves adding an additional middleman to the pricing structure (the processer pays referral fees to the bank which of course they pass on to the end user) which raises the cost of processing to the consumer. So if you need cc processing, better to go directly to the processor yourself instead of via your bank. Please review the website below for details. Good luck in your new biz.

            AMSPCS
            amspcs@juno.com
            www.MerchantServices-help.com
            • Re: Business Checking Account
              Davecore Wayfarer
              Thanks for the replies. I've been looking at either the B of A now and the WAMu/Chase account.

              With the B of A account it says you can waiver the monthly fee if you are registered with Business Fundementals and use the card once a month. So what is the Business Fundementals thing?

              Also so If I just charge say my web hosting cost once a month to my card or something like that I will be able to waiver the fee?
              • Re: Business Checking Account
                Davecore Wayfarer
                Also does the Bank of America Free Economy Checking charge for direct deposits? or ACH transfers?
                  • Re: Business Checking Account
                    DomainDiva Ranger
                    Dave these are things that you should be asking BofA, you need to get direct answers from the company you expect to do business with, Second hand (although it may be correct) information may be good to get started but if you are plannaing on having a business relationship with a financial institution then you need to pay someone a visit and get that process started.
                  • Re: Business Checking Account
                    thetaxclub Newbie
                    Bank of America has different fees for different types of accounts, but I've used them for several years and have been very happy. Their online functionality is much better than most banks I've seen.