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    4 Replies Latest reply on Mar 8, 2008 6:37 PM by Uncle Leon

    Business Checking Account

    ndp125 Adventurer
      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
      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.
        • Re: Business Checking Account
          grantsforce Adventurer
          Try Citibank. Last year they provided this feature to me for one business checking account.
          • Re: Business Checking Account
            Lighthouse24 Ranger
            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).
              • Re: Business Checking Account
                ndp125 Adventurer
                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
                  • Re: Business Checking Account
                    Uncle Leon Tracker
                    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).