Small Business Bank Account?

[Former_Member]

Hi All,
I'm looking to open a bank account dedicated solely to my business (I've got my business license now so I'm good to go), and was wondering if anyone had any good or bad experiences with banks out there. Any recs?

Thanks!

[NeedlesnPinsStichery]

I have a business checking account, credit card, and I accept credit cards as I do a lot of markets and craft shows. Most big banks(Wells Fargo, US Bank etc) have business accounts that incorporate all of these in a business package. If you have one in your area maybe look into one of those. :)

[correenscdesigns]

No problems here - have had a business account with Fifth Third for about 9 years now. Totally free with no minimum balance.

Good luck!

[Former_Member]

When your opening a business account be sure to find out about the minimum you need to keep in your account and what the fees are for dropping below that amount. My sister just had a terrible experience with her business account. She dropped below by a couple dollars and before she knew it she was over drawn by over $80. Yes, they took all the money she had and kept charging her every couple days until she checked her account and saw what happened.

[Former_Member]

Oooh these are great things to keep in mind! Thanks all. Just wondering now if any of those 'big banks" are particularly good for small crafters like ourselves.

[Former_Member]

I have Wells Fargo and love them. No issues, no minimums, no fees. The only catch to the free business checking is I have to have $100 transferred to my savings automatically every month. Once the transfer is made I can do whatever I want with it. They have been great to work with so far and my Paypal money clears within 2 days of the transfer.

[Former_Member]

Thanks for posting this. I've been wondering about that myself. I'm just starting out so I don't see the justification quite yet for the checking account.

I did just find out this morning that PayPal has an app where you can scan checks to deposit them into your paypal account. I was almost considering just using Paypal as my "checking account" and just opening an ING Business Saving account. I'm not sure if that would work out, but it's something for me to consider as I continue along this path.

[Former_Member]

Interesting StitchSilly! I wasn't aware PayPal had such a service. I want to do craft fairs in the fall, so I'm looking for something that's pretty "full-service." I like the "one-stop" shopping :P

[Former_Member]

Plaid, I think it is a new service. But I think well worth it. I am selling my nap blankets at my son's daycare and am accepting checks from them. So I will be testing this feature very soon.

I think there are even some free apps for scanning/swiping credit cards as well, I haven't looked into them much yet as I'm not sure the craft fair scene will work for my products, but if you're making that venture it's worth looking up.

[Former_Member]

HIya,

I opened a business account with HSBC and they have been fabulous, impeccible service and very helpful.

I am in London, so it may be different for us over here but they are an international bank.

They also often offer no fees for the first 18 months.

Good luck!

[CatsDivinelyDesigns]

Just opened an account with Novo.  Free, no hidden fees; excellent opportunity!  Check them out.

banknovo.com/r/azlo/7ef4e2b6