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What’s the best Small Business Bank Account?

Category : business, Getting Started, revenue

As like all you 4HWW-ers, I’m gearing up my muse and getting the funds rolling in. I started an LLC using the Company Corporation (my recommendation if you’re trying to keep it simple and cheap – no need for expensive lawyers), making it a Delaware-registered LLC and then possibly registering as a Foreign LLC in my state, if need be. I then went to the IRS website and got an employer Tax ID #, which only took 5 minutes, tops. Armed with both of these, I’m ready to

Now I need a place to put the incoming funds. As you all know, you need to use a business bank account for your revenue — no mixing personal and business revenue streams. I’ve recently been banking with Bank of America, but not out of pleasure — just convenience. Since my new muse doesn’t require me to be physically close to my bank account (almost all incoming funds are electronically deposited), I am open to better options. BofA fees you to death. And their service is sorely lacking. If it weren’t for their omni-present branches and ATMs, I wouldn’t have even bothered. But then again, I didn’t bother in the first place — they just kept buying all the banks I actually did do business with!

So, let’s leverage the power of the Internet and networking– have any of you had good experiences with a bank that caters well to the Small Business? One that is low in fees, high in service, makes it easy to do the odd in-person deposit (or allows you to do e-deposits like K-Bank does), has low or no balance minimums, allows you do to things like ACH Debits and Credits as well as online banking and has a decent online web experience? Would love your thoughts and help!

Updated: I just checked out the First National Bank of Nevada… While it’s no where near where I live, I’m intrigued by: * free business checking and *e-deposits that allow you to deposit physical checks without ever having to leave the office. A 4HWW-ers dream? I’m not sure if they’ll do business with me in my state, but I’m wondering if there’s anything similar somewhere else or if anyone has experience with something like that?

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This blog is a personal blog written and edited by me. For questions about this blog, please contact Rex at info [at] fourhourworkweekdiary [dot] com. This blog accepts forms of cash advertising, sponsorship, paid insertions or other forms of compensation. The compensation received may influence the advertising content, topics or posts made in this blog, including the article written above. That content, advertising space or post may not always be identified as paid or sponsored content. The owner(s) of this blog is compensated to provide opinion on products, services, websites and various other topics. Even though the owner(s) of this blog receives compensation for our posts or advertisements, we often give our honest opinions, findings, beliefs, or experiences on those topics or products. The views and opinions expressed on this blog are purely the bloggers' own. Any product claim, statistic, quote or other representation about a product or service should be verified with the manufacturer, provider or party in question. This blog may contain content which might present a conflict of interest. This content may not always be identified.

Comments (1)

Try USBank – they have excellent service, great small biz plans and merchant services whereby you can use them to accept Credit Card payments. You don’t have to use them as a gateway, if you want to use Authorize.NET or something similar, but I think they should be short-listed for any bank you may be considering. One additional benefit: They deposit Credit Card batches at the end of same business day! This is a GREAT benefit when you consider many other merchant accounts will hold your funds for 3 or more days before processing the deposit to your actual bank account.

We have been using them for business banking for about 3 or 3.5 years. I have ZERO complaints.

-M

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