Checking Account Troubles: Business or Personal?

[SusanK]

What type of checking account do you have. My bank set me up with a business account and I am a little uncomfortable with it. All I want is a checking account with overdraft protection in case any customer's don't clear by the time I submit the show. Does having a business account change taxes at all? It seems to be a lot more work -- I was filling out the overdraft line of credit form and they wanted all sorts of corporate information (including Secretary of State).

 

[pamperedbecky]

I just have a regular separate checking account for my PC business. It's a free checking account and I don't think it earns interest. That doesn't matter really since the money doesn't stay in there long. It does have overdraft protection, actually it's a line of credit they'll draw from if needed. I wouldn't do anything too complicated!

 

[DebPC]

I have a 2nd regular checking account for my business too. My bank has all sorts of extra charges for a business account, so they suggested I just get another regular account. It's great for accounting purposes to have a seperate one from your personal account.

 

[kitchenqueen]

Me too, I just have a regular checking account for my business. Most banks offer overdraft protection with regular accounts. Don't you have to have a certain amount of money going in with business accounts? I think I heard something along that line.

 

[Christyinhi]

I use a regular checking account also. I added a savings account linked to it. I transfer my commision into the savings account.

 

[Nell's-a-Cookin']

checking/using excelI also use my regular checking account, but it is basically just PC stuff. I keep my account straight on Excel and have it formulated to figure my balance as I enter new credits/debits. I put all that on "sheet 1" on "sheet 2" I itemize all my deposits for reference and "sheet 3" I keep track of people that owe me money (family/friends outside orders, etc.) I just make a new document after a couple months and put the old balance at the top of my credit line. It has worked great. It is so much easier for me!

 

[PamperYourKitchen]

I also have a PC acct, and I put DBA Pampered Chef on the second line, so not only do all of the bank workers know my business, but checks, etc have it on it. They lined it up as a business acct, but there's no other difference from a normal acct from my credit union.