The Money Mustache Community
Learning, Sharing, and Teaching => Entrepreneurship => Topic started by: seabiker on September 04, 2018, 07:35:28 PM
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I'm restructuring my sole proprietorship into an s corp and need to open a business checking account. Can anyone recommend a basic, no-fee account for small businesses? Here are some specifics on my situation:
-My s corp will handle $3-6,000 per month, so not huge
-I don't plan to keep much cash in this account at any given time (say $500 at most)
-I want to be able to deposit checks to this account via mobile app
-I may be moving soon, so a local bank/credit union would not be ideal
-My personal checking accounts are at Wells Fargo (I know...), and it looks like their Simple Business Checking account could be an option (https://www.wellsfargo.com/biz/checking/simple/) ...has anyone used this?
A few other banks I've looked into that seem to offer no- or low-fee business checking accounts, but not sure what might be best:
Beneficial State Bank (a B corp, which sounds appealing)
Cathay
US Bank
First Citizens Bank
Thanks for any suggestions!
(I posted this in Ask A Mustachian and got no replies, so figured I'd try here...couldn't figure out how to move or delete that one; apologies mods, if this is an issue.)
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I use Spark Business by Capital One. I have no need for fancy features, so this works for me.
I can deposit checks, and move money to external accounts. That's all I need, and there's no fee.
I did just see MMM had an issue with funds getting frozen by Capital One (and I've read a couple other horror stories of the same online), so you may want to wait for other opinions.
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Thank you! I saw that, too, about MMM's bad Capital One experience. I don't anticipate moving such vast sums of money that it would trigger a fraud alert (but one can dream!), so it's probably still an ok option for me. But I might just end up going with Wells Fargo though to simplify things...