I’m looking for a good small business account. I’m thinking probably I just need a savings account, since I just have a small LLC, do about 4 to 5 deposits a weeks, which are mostly checks, sometimes a credit card which I use Square to process. My personal checking has a mobile app which I can take a picture of the check with my phone to deposit it, and I love it. I don’t want to have to mail checks in, or find an ATM. I don’t bring in a ton of money, probably $1000 a month, so I don’t want a ton of fees. Mainly, I want a way for someone to write me a check with my business name on it, instead of my name. I’ve done some searching, and Citibank seems like an option, but I thought I’d crowd-source it before I made any decisions.
BTW, my personal bank doesn’t do business accounts or dba’s.
Have you searched for a credit union in your area? My credit union has business accounts and none of the garbage fees that banks charge. You may want to see if there is a credit union where you qualify for membership and check out what types of accounts they offer.
You must have a really small personal bank if they don’t do business accounts.
Not knowing your location doesn’t help us much. I use Fifth/Third Bank, no fees. The only thing I don’t like is I can’t link my business and personal accounts online, but they say that’s a because of regulations not just them.
You should get a checking account though or checking and savings - surely your business will have to write checks?
My personal bank is USAA, so they’re not that small…just don’t do business accounts.
I’m in Central Texas if that’s helpful. I don’t really need to write checks. I’m a flight instructor, so I just show up, do my thing, and collect payments. I have very few expenses, so I just use a separate credit card for those.
Is this a side business or one you intend to become yoru full time occupation?
If it is to become a full time job, find a small, local bank. The large banks will offer you nothing but fees. And when you go to the large banks for capital, forget it. I have had much better success going with a small bank.
My bank gave me a machine that sits on my desk for depositing checks. It was free. Most banks want to charge $50/month fo rthe use of the deposit machine.
I just opened a business account at a local credit untion. Monthly fees are $0.00. Find a credit union that is geographically desireable for you. Then thumb your nose at the big banks who want us to bail them out and then screw us with new fees.
I am in Austin.
Look up the Business Bank of Texas. That is who I use.
Great people. And you won’t have to drive to a bank to make your deposits.