See Dave Ramsey site for more info.
Dave Ramsey Show
Posted: 16 Sep 2009 03:30 AM PDT
As I mentioned in a list on the steps in setting up a corporation, obtaining a business bank account is a good idea. The reason being is that the customers can pay you via company name instead of personal name. As well, it helps during tax season when business income/expenses are separated from personal income/expenses.I’ve discovered that most small business bank accounts are expensive. The big banks really try to scrape every penny out of business owners via business products, it’s almost nauseating. Thankfully, I own shares in most of the big banks which helps calm my stomach.
The small business accounts offered by the big banks really vary in terms of cost and features. I went through the lowest cost accounts possible (I don’t like bank fees) and what they offered.
Generally speaking, all the banks offered both a set monthly fee plan where you get so many transactions per month in addition to offering “pay as you go” plans.
As of August 2009:
Looking at the table, it was a no brainer to go with the BMO small business account as it offered free banking if I keep a balance of $4k. In addition, they waive the fee for the first 3 months for new start up businesses.
Do you have a business account? If so, who did you go with?
|You are subscribed to email updates from Million Dollar Journey ||Email delivery powered by Google |
|Google Inc., 20 West Kinzie, Chicago IL USA 60610 |