Business bank account question.

[juicegoose]

Ive recently setup my DBA and was wanting to setup a bank account to keep everything separate. I went into bank of America and they said i would have to keep a minimum of 3k in the account or at least spend 250 a month with it!! Obviously thats outta control. Can i use a simple checking account or does it need to be a business account? If the later is true what do people use?

 

[e.rose]

If they write out a check to the business, you HAVE to have a business checking account to deposit the check into. They won't put it into your personal account.

That being said...

Dude, look around, haha. Step AWAY from Bank of America... Far, far, away.

I have a local bank here in Nashville that let me open a business account... free checking... I can have a $0 balance, there are no yearly fees... it's amazing.

Check around at the locally based banks and see what they have available to you.

 

[juicegoose]

Ya i know there are other option it just really caught me off guard.

 

[ronlane]

That's just one of the big banks trying to take advantage of people. As Emily said, check around. I've set up DBA accounts at local banks that offered free checking.

 

[remylebeau]

I have a business account without annual fees or minimum balances, but I'm restricted by the number of free transactions per month before I incur service fees. That was the best way for me to get started as I don't usually accept payment by check it's not an issue. I use the Square payment device and all on my Samsung Galaxy and with an iPad. You need a business account to register with Square and get the free device, but now I accept all major credit cards. Square deposits the money usually within 24 hours too and their rates are very reasonable.