Tuesday, June 17, 2008

Business Bank Account

You should never, ever mix personal with business finances. Set up a separate bank account for your business.

Bank of America and Washington Mutual were the two banks I looked at to open a small business account. I've had a personal account at B of A for several years and figured their small business offerings were worth a look. Being a personal account holder afforded certain fee exemptions and programs, but B of A has fees for almost everything: minimum daily balance, minimum monthly balance, transaction limits, and on and on and on.

Fortunately, WaMu is just across the street and offers a business account with no fees, online access, and a 1% cash back credit card. With the articles of incorporation, operating agreement, 2 pieces of ID, a deposit of at least $100, my separate business bank account was open in 30 minutes.

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