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Confused About Checking Accounts

In summary, a checking account is a bank account that allows for regular deposits and withdrawals, often used for everyday expenses. To open one, you will need to visit a bank or credit union and provide personal information. Multiple checking accounts can be opened, but fees may apply. A savings account is for saving money and typically offers a higher interest rate with limitations on withdrawals. Keeping track of your balance can be done through bank statements, online banking, or mobile apps.
Y
Yakmama
199
I've tried to read around about this- but I guess I'm pretty dense because I still don't understand.
When I started PC I opened a separate checking account from my personal account. It is an official Business Account from my bank. The name of my "business" that appears on my checks and debit card is "Sonia Yaksich, Independent PC Consultant".

I've been using it for a little over a month now- with no problems. Do I need to change it to a personal account? What are the consequences of having a business account? Are there some kinds of penalties or investigations come tax time?

DH and I used to operate an ice cream store- and we had a business account- but we also had a professional do our taxes and the store's income was around $400K/year-- so it was totally different.

so to recap- my main question is: Why would it be bad to have a business account vs a separate personal account?
 
The only issue with a business account is if your bank charges fees. The good thing about a business account is that if someone writes a check to Pampered Chef you can sign it "your name DBA The Pampered Chef" - can't do that with a personal checking account.
 
  • Thread starter
  • #3
thank you! Luckily my bank has free business checking- no fees as long as you stay under 200 transactions per month.

Thanks again!
 

1. What is a checking account?

A checking account is a type of bank account that allows you to deposit and withdraw money on a regular basis. It is often used for everyday expenses such as paying bills, making purchases, and withdrawing cash.

2. How do I open a checking account?

To open a checking account, you will need to visit a bank or credit union and fill out an application. You will also need to provide personal information, such as your name, address, and social security number. Some banks may also require an initial deposit to open the account.

3. Can I have more than one checking account?

Yes, you can have multiple checking accounts. Many people choose to have separate accounts for different purposes, such as one for personal expenses and one for business expenses. However, keep in mind that you may be charged fees for each account.

4. What is the difference between a checking account and a savings account?

A checking account is designed for frequent transactions and allows you to easily access your funds. A savings account, on the other hand, is intended for saving money and typically offers a higher interest rate. Additionally, savings accounts may have limitations on the number of withdrawals you can make per month.

5. How do I keep track of my checking account balance?

You can keep track of your checking account balance by regularly checking your bank statements, using online banking, or utilizing mobile banking apps. It is important to keep track of your transactions and ensure that you have enough funds to cover any expenses or payments.

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