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Hi all!

 

I'm starting to do my business banking research. I've heard some say that it is wise to use a completely different bank than the one used for personal banking. I use BofA for my personal accounts, have been with them for almost 10 years and love them so if it makes sense economically (account fees, etc.) I'd like to stick with them for my separate business checking account. Still, if it's wise to keep the accounts at different banks OR if I can find a good incentive or low/no fees account elsewhere, I'm fine going that route.

 

What have you all done? Personal and business with the same bank? Separate?

 

Thanks in advance!

 

Marie :balloon:

 

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Hi Marie,

 

I use the same bank for business and professional checking accounts. I suppose it might be better in some instances to use a separate bank for business and professional accounts. I live in a very small town and I know the bank and they know me so this makes much more sense for me. I tried one of the larger banks that moved to town and they thoroughly screwed up my accounts and made promises that were cancelled by the 'fine print'.


Namaste,

 

Jenny McKinney

 

www.clpublishing.net

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I have both at the same. However, I was recently informed by my new banker and my Lawyer that I should have my business account listed under my TIN and not my SS since I have an LLC. This keeps the integrity of having an LLC intact and completely separate from me personally.

 

I was not told this when I first opened my account because I went to a regular banker but when I was able to sit with a business banker I received this information, so I would suggest that you go directly to the specialist (business banker) the first time and they will be able to help you with all of the banks services for businesses and not just an account, if you're interested.

 

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I believe it is more of a personal preference. Location, incentives, business structure and comfort all play a part in the decision. My business is run as a corporation, so I felt it would be better to have my business entity 'bank' in a different environment. Not only does it help me with meeting my state's guidelines on running a corporation, it helps me visualize the business as a separate entity as well.

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Both of mine are at BOA (and yes, you need to open a new account if you get a TIN, in some cases, they can update, but usually, just open a new one). I have them linked online to my ID so I can transfer between them or whatever I want to do. That there is enough reason for me to pay whatever fees they charge us ;)

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I used to have them the same but my bank (actually a credit union) recently changed rules and I couldn't deposit checks in my personal account that were Pay to my business name - even though my last name is part of the business name. Another thing to consider - I had a joint savings account with my husband that I put most of my business funds in. Now he and I are having problems and the account is froze so I can't take the money out.

 

Karen

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Guest

Thanks for the advice ladies. I think I'll poke around out there to see what some of my local community banks offer in the way of business banking and how they compare to BofA, and then decide. My main concern was any legalities having to do with having both accounts at the same bank, but as I have a TIN and will open my biz account using that and not my social, seems it's completely up to me where I bank.

 

Thank again and have a great Tuesday, all!

 

Marie :balloon:

 

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Marie,

 

If you do have both accounts at the same bank, make sure your bank doesn't link the two accounts together by adding overdraft protection (if-you-go-below-our-set-minimum-we-will-just-help-ourselves-to-your-other-account). As already mentioned, it does help to use your EIN # for business and your Social Security # only for your personal account.

 

Debbie Lynn

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