Business Banking

[zetta]

Where do you have a business checking account? What is the minimum balance to avoid fees, and the monthly fee if you fall below that balance? Does it earn interest?

I'm currently using Wells Fargo, and am looking for a better deal. The minimum is $6000, or a fee of $12/month, and it does not earn interest.

Unfortunately as a contractor I can't do direct deposit to my regular checking account, so I need a business account. Also, I've been unable to set up business checking with Etrade because they won't process the application without a business licence and a DBA (doing-business-as) certificate -- which I don't have because my city doesn't require a license and the business is registered as "MyName Consulting" (thus eliminiting the need for a DBA in CA.)

[glock35ipsc]

I use Wamu free business checking. From their website:

* No monthly fee, no matter what your balance
* No transaction fees for checks written or deposited
* 24/7 account access online or by phone

But there is a $100 minimum balance to open the account. But no minimum balance to maintain. I also have a business debit MasterCard for the account. I have had it for three years and have not had a single problem with them.

[glock35ipsc]

Also, I've been unable to set up business checking with Etrade because they won't process the application without a business licence and a DBA (doing-business-as) certificate -- which I don't have because my city doesn't require a license and the business is registered as "MyName Consulting" (thus eliminiting the need for a DBA in CA.)

I missed this part. From their website about what is needed to open the account:


What information is needed to open a checking account?

That depends on the type and location of your business. Additional information may be requested at account opening, but we will need:

* Employer Identification Number, Tax Identification Number, and/or Social Security Number
* Identification such as a driver’s license or state-issued identification card
* Second piece of identification that has an identification number, name and signature of presenter (like a major credit card)
* All signers of the account will need to be present with personal identification