Opening a business checking account
It’s long past time for me to open a business checking account. I know that it’s much, much better to separate out business and personal finances, but with me being a sole proprietor it just seemed like too much of an hassle. But I finally bought the bullet and opened a business checking account this week.
I went with Wells Fargo because I have too many accounts at too many different locations already. If I have to have yet another account (which I do) I wanted it to at least be where some of my other accounts are. At first I thought I would need to bring some paperwork into a branch to open the account, but then I saw that you could do it online. So I began that process, but ran into a snag. I ended up opening the account over the phone instead.
Since I was already an existing customer, the process was very simple. I just had to email them a copy of my newly-acquired trade name and they got things set up. I was able to send in my signature card via email as well, so that was nice.
Now begins the process of getting used to keeping payment methods separate. I have always kept careful records, so that part is no change. It’s just a matter of changing my habits. It seems like “changing habits” is my theme for this year. May as well get it all over with at once, I suppose.
Anyway, if you are thinking of starting a business, take my advice and separate things out right from the start. It’s much easier than trying to change later.
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March 6th, 2009 at 6:26 am
This move is definitely going to make your life easier especially if issues arise and you need to track something on the business side. Or, lord forbid, you get audit on the business. I know it is a hassle now, but one you should be grateful later you made.
If you decide you need an ING Business Savings – let me know. I already have a Business ING Account, but couldn’t find a referral to open it. :-( So, I missed out on the bonus, wouldn’t want you to lose out too.
March 6th, 2009 at 8:06 am
I need a new business account. I’d love to see a posting in the future about all the Well Fargo fees. I thought that account really nickel and dimed you.
March 6th, 2009 at 9:56 am
What was the factor that finally made you open one up? Is there a certain level of money you should have first before opening up a business account?
March 6th, 2009 at 11:46 am
Dedicated, doh, I didn’t even think of using ING as a checking account. That might have actually been a better idea. I don’t think I need a business savings at this point, but if I do I’ll let you know.
dogatemyfinances, the fees are supposed to be $8 per month based on my estimated level of use (which will likely be pretty low). Hopefully it doesn’t turn out to be more than that, although I’m not especially thrilled with even $8.
Craig, no, no certain level of money. I think it’s probably best to open one immediately actually. But what made me open it was a requirement from someone I hope to do business with. It was one of those things that I’d been meaning to do, but apparently I needed a kick to actually get it done.