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by One of the first steps in getting a business rolling is establishing "business banking." After securing a state-issued Franchise Tax ID from the State Comptroller (in Texas, at least), and then a Employment Identification Number (EIN) from the Internal Revenue Service, a corporation can open checking and savings accounts specifically tagged for business (i.e., not available to non-businesses).
The issue then becomes what accounts to open at which bank. Given a particular business is very small (i.e., any restrictions on number of transactions won’t be a problem, but account balance requirements could be) what’s a simple and effective setup? Here are some parameters:
- Checking, savings, and eventually investment accounts needed.
- Avoiding fees is key.
- The higher the interest rates, the better.
- Banking will likely be done exclusively online.
- Interaction with PayPal, Amazon and AdSense accounts is required.
- Interacting with other bank accounts is required.
- Accepting credit cards is a plus.
- Analysis/reporting tools are a plus.
- Consolidated (i.e., on one site) account access is a plus.
Similarly tagged OmniNerd content:
- Not Quite Peak Oil, by VnutZ almost 2 years ago
- Gas Prices - Where the Money Goes, by VnutZ about 2 years ago
- Trader Vanity Behind $100 Oil While $200 Oil Looms, by VnutZ about 2 years ago
- Comparing Very Small Business Free Checking Options, by Brandon about 2 years ago
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Was hoping... by Anonymous :: NR0 :: Show
this would be advice on where to look…
But looking into this Etrade.com seems to be a good deal, where if you have more than $5,000 in your account it will not charge you for ATM withdrawal and will refund any ATM fee charged to you by the bank that you do withdraw from, see (https://us.etrade.com/e/t/estation/pricing?id=1209020001#__highlight)
Also you have a decent interest rate of 4% as long as you are over $5,000 and avoid the $15 dollar fee (https://us.etrade.com/e/t/banking/checking)
PayPal, Amazon and AdSense can be linked to pretty much any bank account, including Etrade. PayPal will allow you to process credit card transactions…
At least this is what I was thinking… would be grateful to see what other people are thinking…
Compass Bank Promotion by Brandon :: NR9 :: Show
I ran across a Compass Bank Promotion, including:
This seems similar to what other banks are offering. Bank of America specifically had an offer almost identical to this, except they listed the personal checking account as being a requirement, not a "bonus."
In any case, it isn’t exactly for what I’m looking. I want a bank with online-only, high interest bearing checking and savings, with the ability to expand into investments. ING seems close, but they don’t have business checking…
Truly free business checking options by Brandon :: NR9 :: Show
After looking more closely at 7-10 of the bigger name banks, I was able to identify only two truly free business checking options: HSBC and WaMu.
Others, such as Wells Fargo, Bank of America and Compass Bank, all had conditions to avoid the fees – some of which weren’t apparent until getting into the application process.
Coulee Bank by Anonymous :: NR0 :: Show
Coulee Bank ( http://www.couleebank.net ) offers an incredible 6.01% APY with their Rewards Checking account. The rate is easy to earn. All you have to do is make 10 check card transactions a month, use e-statements, and do 1 automatic payment a month (they call it ACH). Coulee Bank pays 6.01% on the first $25,000 and 1.01% on anything above that. The best thing about this account besides the rate is it is FREE, you can apply online, and it is from a great bank with real people that answer the phone. And as they like to say, Banking Green has its Rewards. The Rewards Checking account saves paper and preserves our natural resources. No wonder I feel good about recommending this to everyone I know. Check it out. I guarantee you will love it.