The banks are bending us over!

[Rant on] OK, so I started my own business a while back. I keep getting checks payable to the business name instead of mine. So I open a business account at Bank of America. They say that it'll cost me $35 per month because of my low balance, unless I use my debit card once a month. I'm fine with that. Then we are discussing all the terms of the account. She says, there are non fees unless you write XX checks per month. I don't care, I don't write many checks. Then she says, once you made more than XX deposits a month there will be a charge per deposit, and if you deposit more than XXXX per month there will be a deposit fee as well. So I asked if she was serious or if I was being punked or something. She assured me Ashton wasn't going to come out and over-act his way to oblivion. So, I assured her once my business takes off and I am depositing more than XXXX per month I'll be taking my business elsewhere.
How can they charge more because I'm giving them more of my money to use as they wish? This makes no sense to me!

why are you using that bank. Try another one that doesn't have all that bull. Competition works.

I've been reading all kinds of outrageous things about Bank of America recently.

Credit Union

Bank of America is the single worst bank right now. Over 50% of my clients are in their respective pickles because of them.

Go to a CREDIT UNION and don't ever look back.

I talked to our local bank about opening a business account for the one I'm starting. They have all the same outlandish fees, etc. Then she told me all I really need is a Personal checking account that also lists the business name under mine.

I don't know if that might be a poor choice after the business grows, though.

I was working with a guy from S. Carolina last week, and he was complaining about how much it was costing him to use his account up here. When he told me some of the fees he pays at home, just for routine stuff, I couldn't believe it. I thought our banks were expensive, but he was paying 5-10 times what I pay.

Another option is do your banking through ing direct or schwab online..

I tried my CU, they also had the monthly fees but no way to get out of them like Bank of America. I will start looking elsewhere though. Those fees are stupid. I mean, you will charge me MORE to put MORE of my money in? But if I don't put that much in, you'll charge me still? Just doesn't make sense. Ignorant, tell me more about "ing". I'll look into schwab as well, thanks.

I've been using ING direct for years as a "high" interest savings account. I don't know if they have a checking setup, but they have a business savings with 1.4% interest. http://home.ingdirect.com/products/products.asp

I think schwab has checking and an atm card.

Datsun1500 wrote: Don't open it as a business account. Open it as a Dr. Boost DBA account. It has none of the business fees and you can deposit and cash checks made out to you or the business.

I asked at the CU, and they said the only way to be able to deposit a check written out to the business name is to have it as a business account. Do you think this would be different from bank to bank? I suppose I'll to some checking around.

I have my money in 2 different c.u.. One is local and one is worldwide. The local one charges me if I fall below a certain balance on my checking account, charges me for checks, charges me market rates for "bad checks" I receive from others (has never happened), and well, charges me....not a lot, but charges me for what a "regular bank" would charge. The worldwide c.u.? Here's what they think of their members: I've had a credit card with them FOREVER, it was a 12% APR but about 2 years ago they (finally?) switched to a rewards-type card. At the same time, they LOWERED the apr on the card to 8%. BTW, no charges for anything....falling below a certain balance on savings or checking....nothing, of consequence. Gotta love the NFCU.

Not to be a downer but this is pretty stagering. A good friend of mine works in high finance as a contractor to the Fed (the FDIC.)
My friend is currently out on Flagstaff, AZ working on the behind the scenes activities to assure the proper activities because The Fed seezed the assets of a big bank AZ and have consolidated them with a bank of Tustin, CA.

The stagering part is that my friend informs me that The Fed plans to seeze (consolidate) failed banks at the rate of 4 per week through the end of the year. The only reason that The Fed is not doing more than that is because The Fed do not have the money to do more.

if you are in the North East.. I recommend TD bank.. once known as Commerce. One of the first banks to go 7days a week, low fees.. very easy to deal with

As if you needed another reason not to bank with BofA (worst bank ever IMO) - they discriminate against disabled people

BofA treated me like I was disabled. No thanks, on that one.

A personal account with the business name should do fine...

...BUT when you get to a size where you need to make payroll deposits, you will need a business account with an employer ID.

Certainly, if the bank offers you poor service, find another bank.

Problem's Cause: BoA.

I use BoOK. Free business checking, no minimum deposits, no "you gotta do this," no interest paid (they gotta make some bucks too). A personal account somewhere with a Doing Business As certificate from your local county (probably) government for a few dollars will do what you need as well.

I use a sole proprietorship account, my name dba whatever co. I have no problems with anything. Pretty happy with Wells Fargo in general.

aussiesmg wrote: I use a sole proprietorship account, my name dba whatever co. I have no problems with anything. Pretty happy with Wells Fargo in general.

I don't have any commercial accounts with them, but I've been pretty happy with Wells Fargo for my personal banking and mortgage.

I have my account with Wachovia (now Wells Fargo) Fees last month equaled 0. We make a bunch of deposits and write a pile of checks every month including payroll. They have free business checking. Make sure you don't use your company account for any personal expenses. It will make your taxes a nightmare.

One fly in the ointment, my business isn't a simple sole proprietership, it's an LLC.

I don't think it matters, you should be able to open any account you want. So, you COULD use a personal account.

BUT, you're gonna need a business account with your EID on it soon. Look for the best deal you can find on a business account.

Yeah, you just need a "free checking business account" in your LLC name and EIN. My business entity is a L.P. I just shopped around until I found a free business account and opened it. You'll need your EIN paperwork from the Feds and whatever paperwork you got back from your Sec. of State for your corp.

I just have a real problem paying someone to hold my money.

Dr. Hess wrote: I just have a real problem paying someone to hold my money.

Amen brother! Not only that, but they charge me MORE money to hold MORE of my money. If you were decent about investing, you wouldn't need to charge me money to use my money.