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Business Checking/Savings Account

Discussion in 'Business & Tax Advice' started by theadultsplayground, Jan 24, 2009.

  1. theadultsplayground

    theadultsplayground BANNED BANNED

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    For those of you that have a Corp, what bank do you use. I am looking for one that I can use for my out of state corp at the moment. Prefer one with low minimum (checking or savings)
     
  2. caretaker2007

    caretaker2007 Power Member

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    I use the bank in wal mart. $100.00 min though.
     
  3. theadultsplayground

    theadultsplayground BANNED BANNED

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    For business account. Thats a low minimum. I just don't want a minimum of like $1000. Plus I need to be able to complete everything online since I don't live in NV.
     
  4. ukescuba

    ukescuba Jr. VIP Jr. VIP Premium Member

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    wells fargo - free business checking $100 down, very professional, i sat down with the business advisor to open the account and they gave me a load of freebie stuff too... the binder for the business checks that come in 3 rows, the business checks in 3 rows, an ink stamp with my business name on it, a coosie, a cash wallet, etc

    they have cool ATMs and good online service too

    been v. pleased with them so far :)
     
  5. dumdum4gumgum

    dumdum4gumgum Power Member

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    have to aggree wells fargo
     
  6. pantheos

    pantheos Newbie

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    You can sign up online with Wachovia for a free business checking account. You will need an address in that state. I just used my registered agent address. You'll have to fax/email ID, etc. but it's not too bad. Wachovia is now Wells Fargo, so it might work with WF too.
     
  7. Tom

    Tom Regular Member

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    In my experience most the large nationwide banks have low minimum accounts on basic business accounts
     
  8. theadultsplayground

    theadultsplayground BANNED BANNED

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    Thanks a lot guys. I guess its Well Fargo/Wachovia
     
  9. billion

    billion Newbie

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    Very informative thread. For those of you who opened a business checking account with Wells Fargo/Wachovia what kind of ID was required please. Any credit check on your personal credit? Thanks.
     
  10. alcapon3

    alcapon3 Junior Member

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    PNC got me a business checking account no minimum. Comes with a debit card, binder of checks, cash wallet and other stuff.
     
  11. plunge

    plunge BANNED BANNED

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    to open a business account they'll check you on chexsystems, but not your credit. you'll need government id (drivers license or equivalent), and documents for the business itself.

    the documents for the biz depends on what type of entity, for a c or s-corp you'll probably need a resolution signed by the corporate officers (which may just be you) and the articles of incorporation. for an llc you'll need the articles. etc.

    hope that helps.
     
  12. billion

    billion Newbie

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    Just went to Wells Fargo's website, it asks the SSN to check credit. I'm incorporated (S-corp) in Wyoming since my biz is all internet related so I don't have to pay local/state taxes/ business licence, etc Anyone here who's trying to make a financial comeback had any luck opening a business checking with an organization that does run credit checks...Trying to keep the biz and personal totally separate. Nominee services are hella expensive.
     
    Last edited: Jul 1, 2009
  13. Thenewrich

    Thenewrich Newbie

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    1. google bankrate (a website)
    2. Locate the checking accounts which will filter by interest rate and deposit. Your budget can determine which one works for you

    3. Netbank was pretty easy for me to join years ago. Online banks tend to be easier in setting up biz accounts. Bank of America relies on your credit score for approval. Wachovia typically uses check systems. Washington Mutual uses experian or transunion unless something changed (your transunion score is typically higher)

    Also...If you are properly incorporated, and have your articles of incorporation, telephone number etc many banks do not need your ssn, etc as its the corps account, technically not yours. I opened my BOA account over the phone without having to provide my ssn, just the tax ID of my business. The same directions above still apply, just check for business accounts from the same bank.
     
  14. mr.breakit

    mr.breakit Jr. VIP Jr. VIP Premium Member

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    wells fargo is good same company as wachovia, my partner is on the east coast and they don't have wells out there but they do have wachovia and the min amount is 100 dollars
     
  15. PlatinumPi4u

    PlatinumPi4u Junior Member

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    For what its worth, sometimes there are special offers for Chase bank.

    Bring in a print out of said coupon from the interwebs from chase, to any chase branch, and upon opening a new account, with a min of 500, receive an additional 200 after 7 days. Or something to that effect.

    There are 2 coupons. the $100 and the $200. When I brought in the $200 coupon, plus my $500 plus my articles and signing statement, the girl was surprised and had not seen the 200 one before, however upon entering the coupon code, she seen that it was good and I was good to go.
     
  16. LilithX

    LilithX Registered Member

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    Since there have been changes made since the last post. Does anyone know of any banks that offer free business checking anymore or at least ones that have a low balance requirement and no maintenance fees or is that a thing of the past?
     
  17. jonnyquest

    jonnyquest Regular Member

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    Don't think you can get an instant online Corp account with any bank. The bank needs to see the Articles Of Incorporation and proof that you are an officer of the Corp + a SS#.

    Maybe just stick with a community bank where the local manager can get to know you and can turn you on to others with his/her circle of influence to boost your business.

    I ask take my local banker out to lunch once a month to get info out of him. He knows it and has a great time at the strip joint.

    JQ
     
  18. LilithX

    LilithX Registered Member

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    I actually have an LLC and also have my EIN # all set. I just want a small business checking account but haven't really found any good ones in my area.

    I think the closest to my requirements is BOA but I've heard so much about their customer service, I just don't want to deal with them.
     
  19. fuzzy_corleone

    fuzzy_corleone Regular Member

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    I have the same problem. People tell me to go with a credit union instead of a big bank.
     
  20. thatotherguy

    thatotherguy Power Member

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    Chemical Bank in Michigan is the best.