I posted the other day on the topic of finding a good bank for small businesses. I got a few great recommendations and ended up settling with Provident Bank, a regional bank in the Virginia, DC, Maryland, and Pennsylvania region. They offer free business checking accounts with no minimum balance requirement, the offer bill payment, merchant services, and even do the Remote Deposit option that I was so enamored with. And, as a bonus (until February 14, 2008), they will even give you $122 for opening an account with them. Whammo! Can’t lose on this one. Opened it up today with a $50 deposit, configured my Amazon.com, Google Adsense, and Cafepress revenue sources to point to this new bank, and away I go! I already made a few bucks on this deal.
I’ll let you know how it all turns out, but you can’t beat that for a muse bank account.
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?