MochaMama Posted January 25, 2007 Share Posted January 25, 2007 I have checked out my local banks for a business checking account, but I was wonderingif any of you had any luck online securing a checking account. Some of them have such high minimum balances (1,000- 3,000) that a small-timer like me can't handle right now.thanks in advance Quote Link to comment Share on other sites More sharing options...
jldorrington Posted January 25, 2007 Share Posted January 25, 2007 try susquehana (sp?) Me and Brittany just looked there and they have a flex spending one that has no minimum balance $100 to open and its got a 150 item max after 150 transactions on your acct each month they charge you 25 cents per additional transaction. (written checks, withdraws, deposits). Quote Link to comment Share on other sites More sharing options...
mommy2xp Posted January 25, 2007 Share Posted January 25, 2007 Mochamama,You may have to sit down and talk to a banker. Get a DBA (doing business as) account. Mine has to have $500 in the account, or it's charged $6 per month. HTHs. Quote Link to comment Share on other sites More sharing options...
Lorrie Posted January 25, 2007 Share Posted January 25, 2007 Wow, I am lucking. My bank let me me change my personal account to a business account with no minimum balance and no fees other than buying my checks. I would check around with other banks in the area. Some of them are pretty competive on things like this. Quote Link to comment Share on other sites More sharing options...
sudsnwicks Posted January 25, 2007 Share Posted January 25, 2007 If there is a US Bank in your town, they offer free business checking with no minimum balance. Quote Link to comment Share on other sites More sharing options...
Meredith_D Posted January 25, 2007 Share Posted January 25, 2007 Try Washington Mutual:www.wamu.com Quote Link to comment Share on other sites More sharing options...
MochaMama Posted January 25, 2007 Author Share Posted January 25, 2007 Wow, I am lucking. My bank let me me change my personal account to a business account with no minimum balance and no fees other than buying my checks. I would check around with other banks in the area. Some of them are pretty competive on things like this.You are lucky. I talked to both my banks, both of which I've had accounts for years, and they want to require me to open a new business account rather than just a DBA account. That's why I'm looking online - convenient for me also, with 3 little ones! Quote Link to comment Share on other sites More sharing options...
sudsnwicks Posted January 25, 2007 Share Posted January 25, 2007 I talked to both my banks, both of which I've had accounts for years, and they want to require me to open a new business account rather than just a DBA account. That's why I'm looking online - convenient for me also, with 3 little ones!In that case could you just open a separate checking account using your own name? I know a lot of people do that because I've bought things and had to write them a check to their personal name and not their DBA name. It wouldn't be a biz account but would at least keep your funds segregated. I'm not sure how convenient online checking is - if you have to keep mailing in your checks and worry about them getting lost in the mail. Quote Link to comment Share on other sites More sharing options...
MochaMama Posted January 25, 2007 Author Share Posted January 25, 2007 I think I might be a little confused about what I need to do, so I hope you all don't mind me asking a question:I have an LLC (filed w/state of NJ) w/fed tax ID number. I was thinking I had to open an account using this paperworkI read somewhere (after seeing in the thread) that I could get a DBA account - which is what I think I want. I just want people to be able to write checks to the ABC company instead of my personal name. It would also help if I could get a debit card w/ABC name on it too, but that's not a necessity.Maybe I could get this straight, I could go back to my bank and negotiate.Thanks in advance everyone, I really appreciate your patience w/this. Quote Link to comment Share on other sites More sharing options...
Accents Posted January 25, 2007 Share Posted January 25, 2007 I'll second us bank. I don't know if you can apply online, though. Quote Link to comment Share on other sites More sharing options...
sudsnwicks Posted January 25, 2007 Share Posted January 25, 2007 I didn't realize you had an LLC when I posted in #8. I was speaking along the lines of those who didn't have an officially licensed biz and wanted to keep those funds separate. In your case you could just take something showing you have the LLC to the bank and open a biz checking account. There should be different levels and at the most basic level it would either have a low or no minimum balance (although there wouldn't be interest either). Maybe I am missing something, but having an online checking account doesn't sound convenient to me because there would need to be a lot of mailing checks in and worrying about whether they arrive. I know going out is a hassle for you with 3 little ones but having a bank locally where you can go personally if there's any problem is worth it. Quote Link to comment Share on other sites More sharing options...
Trae Posted January 25, 2007 Share Posted January 25, 2007 I use Sovereign Bank and got the free business checking. No minimum balance, free checks and it allows 300 free transactions per month. You also get online banking (which takes a little getting used to) and e-statements where you can see your monthly statement a few days before it's mailed out. Every other bank I went to wanted a $500 minimum. I tried having a separate account in just my name but when I would do fundraisers, I'd have on the form to make the check out to me and since people don't read, they would make it out to the business name. I've been pretty happy with this bank so far. Quote Link to comment Share on other sites More sharing options...
MochaMama Posted January 25, 2007 Author Share Posted January 25, 2007 sudsnwicks: Thanks for the info - of course I should have been more clear at the first question. Trae: I do have a Soverign Bank in my area. I'll check them out.I didn't think about mailing in checks etc. (my mind, I beleive is running on mud this morning). Makes sense to have a bank in the area .....that's why they have drive thrus!!! (I'm so out of it today!)Thanks for all the help and pointing me in the right direction, as always!!! Quote Link to comment Share on other sites More sharing options...
Ashlie K Posted January 25, 2007 Share Posted January 25, 2007 MochaIm also in the state of NJ but I am a sole proprietor.When I spoke to the bank rep, I was informed that if I have a debit card/credit card, some places wont accept it because they dont know if you actually own or work there, and since your name is NOT on there, theres no way of telling. She suggested I use a DBA which I did and I havent had a problem, thusfar, KNOCK ON WOOD!By the way, how much did it cost you to register as an LLC? Quote Link to comment Share on other sites More sharing options...
Allicia Posted January 26, 2007 Share Posted January 26, 2007 Mocha,If you live in NJ try here http://bank.commerceonline.com/information/locations_hours/index.cfm they are located throoughout the state. They have different accounts for small business. Usually the will work with you and are open 7 days a week. I also have a debit card with co name and my name. Quote Link to comment Share on other sites More sharing options...
serenitea Posted January 26, 2007 Share Posted January 26, 2007 Try Bank of America:) Quote Link to comment Share on other sites More sharing options...
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