When you come into the bank to set up your business account remember one thing “THIS IS YOUR BUSINESS” not your personal checking account. The difference is humongous because you are setting up a relationship where it is beneficial for both of you. You as the business owner are bringing in money that they the Bank may never have seen. See most make the mistake of treating their business account like their personal account but with this account you have a say in what you want it to be. Treat the bank on business like the separation of church and state, like the DMV, like the guy you know who steals from someone and that means you don’t trust them but you have to deal with them!
How to pick a bank for your business:
- Make sure it’s close to where you live, where you intend to put the business and your normal driving routes.
- Make sure you find someone you feel comfortable with in the main branch you plan to use.
- Make sure they offer Notary Public service for FREE, so you don’t have to pay for this ever.
I always demand free business banking. If the account manager says anything about it like there are fees I let them know they get to loan out my money to other people so they already have a benefit, them charging me fees is overkill. If that doesn’t work just grab all your stuff and shake their hands and say thank you but you are going to whomever their competitor is like Bank of America, Chase and even a local small bank. Then they will change their mind for sure. Remember there are a lot of banks out there who would gladly take your small business money because unlike the petty check you get from work they never know what you will turn out to be. A business can make millions tomorrow and that’s a lot of leverage for you as a Banks only purpose in this world is to loan your money out. Use the leverage!
What should you demand from you Business Bank Account:
- Free Checking Account with unlimited check writing (some banks want to limit the checks you write)
- Unlimited Deposits (I’ve seen some banks say you can only have so many like 100 a month, it’s B$!)
- Free Business CHECKS (the account person can waive the fees, but they like to charge you B$ for this)
- At Least 5 Free Wire transfers a year (when you’re business grows people will want to wire money in)
- Develop a relationship with your account manager that will notify you of a low balance.
- Online Banking, Overdraft Protection, International Wiring capabilities
- Make sure before any bank fees are charged you’re notified of them (they like to make up B$ fees alot)
Now before all this starts you have to get your company recognized by the city and have your Tax ID. They will keep harassing you to do your payroll taxes or all kinds of crap but it’s unnecessary. Free is Free so keep track of your statements from the bank because they like will sneak some B$ fees in there as they still try to do it to me.
Remember this is Business and the Bank isn’t your friend because if you don’t pay attention they will charge you for breathing! Don’t walk in there playing games with people and keep all your interactions all business until you develop a natural relationship with someone in there. Even then never think anyone in the bank is your friend as they aren’t and never will be! They will close you down if you are late with one payment on a loan from them so treat them the exact same way!
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Boy oh boy do you hate the banks! You got pictures of the devil on here freeman lol! I get it don’t owe anyone especially those in the business of loaning money. I get it but Damn!
everyone should know by now that banks are grimey….excellent advice, thanks :~)
@Califormula – Man the banks are set up to do one thing! SWINDLE YOU out of your money. So since we know their nature we have to make sure we treat them as such. I carry a knife just in case I have to stab someone or if a wild rotweiler gets loose. So to me it’s just knowing the nature of the beast.
@Keish – Believe me everyone doesn’t know as they like those commercials that say B of A is helping the community. If a robber or thief said but he helps tutor kids would that change your opinion of them?
I’m not the biggest proponent of banks and I think Free, you might be even less of one. I’m from the old school where you tuck your cash under your mattress or brick it up in your home safe; I’ve never met a bank I liked and I hope I never do so I can keep sharp on the Bull they try to run.B
I hate them period and when I get to the top I’ll make my own. Its a losing relationship to say it the nicest. You put your money in and they hassle you to take it out. Then they say you can only take 300 out of a ATM, they don’t care about service and they nickel and dime you. Even cats who own a house and have equity have to pay a interest rate to get it out. The devil is definitely in the bank. People just believe the hype when it comes to those commercials and how they are serving the community. Mfers are the blood suckers of the world straight up!