Author Topic: Opening small business checking account  (Read 819 times)

FrugalHeights

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Opening small business checking account
« on: December 28, 2016, 04:30:08 PM »
Hello all,

I am researching options for checking accounts for small businesses. I do not expect more than 50 transactions a month, no employees.

Did anyone have good or bad experience with small business checking accounts?
Any advice on banks and types of account?
Pros and cons of having an account in an online-only bank?
Pros and cons of having checking and credit accounts in the same bank? Should I consider how good credit card options in this bank are before opening a checking account? (I am thinking I may want to have a credit card in the future as well).

Thanks a lot!

BlueHouse

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Re: Opening small business checking account
« Reply #1 on: December 29, 2016, 04:30:07 PM »
I have my business account at BoA and they do nothing special to me.  I've found their business credit card to be absolutely unusable.  They set up their business credit card statements so you can't really track the statement back to the purchases and you can't ever know when the card is paid off. 

I just have a different credit card -- no need to have it at the same bank. In fact, I just have a personal credit card that I just use 100% for the business account.   

FrugalHeights

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Re: Opening small business checking account
« Reply #2 on: December 29, 2016, 05:00:47 PM »
Thanks a lot for sharing!
I am thinking to go with CapitalOne Spark Business Checking. CapitalOne looks better so far based on my research, although I would love to support a smaller, local bank (Huntington, City National, etc.). I wanted to open a business account with my Credit Union, but it is in another state, and they would not open an account if I do not reside and do business in their state.

I am hoping to use the Checking account for as long as I can, and not get a credit card. However, maybe it is not financially smart not to get a credit card - I may collect travel points/cash back on it.