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  1. #1
    Ken Bates's Avatar
    Ken Bates Guest

    Angry Banking--Business or Personal Account?

    Do you deposit your fees in a Business or Personal checking acccount???

    Mianstream and alternate media have been tellling us that banks are going to raise fees, which will raise the cost of banking.

    Well, they were not kidding.

    A few days ago I got a notice advising of an increase in monthly maintenance fees.

    Up from $11 to $25 unless you maintain a balance of $10,000. That's $300 a year!!! Acceptable in good times when you are working your donkey off, but we will NEVER, EVER see those times again. Our country has been irreversibly ruined.

    My wife uses a dedicated personal account with no problems. It uses her own name and does not have a business name. ( no concerns regarding lawsuits and she has a million dollar policy for her professional work which is Electrolysis for women. )

    She says "cash out the business account and use your persoal account" My tax preparer say's "don't as comingling could could be a problem during a theoretical IRS audit."

    How many people have their clients write checks to their own name and how many use a dedicated business account? I only need to maintain a $5,000 balance in my personal acct. to avoid fees. Bank officers are greedy Pr!3ks.

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  2. #2
    Join Date
    Mar 2007
    Location
    Knoxville, TN
    Posts
    2,446

    Default Re: Banking--Business or Personal Account?

    I have a business only checking account, a related saving account (business only) and a business only credit card.
    We use the same bank for our family checking accounts (we have 3), home mortgage, another bank account we use as a floating fund, and the business account. They waive the fees on all of our accounts because of the amount we have in ALL of the accounts.

    I don't mingle personal money with the business money.


  3. #3
    Join Date
    Oct 2003
    Location
    Rockwall Texas
    Posts
    4,519

    Default Re: Banking--Business or Personal Account?

    You should always keep your business and personal finances separate.

    If your ever brought to court for suit purposes, a lawyer will be able to bring all your personal assets to the table for judgement purposes.

    This is why you should have a business credit or debit card for gas purchases for your work vehicle.

    Rick


  4. #4
    Join Date
    Mar 2007
    Location
    Ormond Beach, Florida
    Posts
    26,248

    Default Re: Banking--Business or Personal Account?

    I have separate accounts, I don't pay any fees for either one.

    Bank of America (ugh!) has a small business account which does not charge a fee as long as you use your business debit card at least once each month - and it does matter if you use the debit card to buy something quite cheap ... such as 3 chocholate cookie in a bag for $1.29 ... and I save the $17 dollar per month service charge.

    I had to go off the cookies, so I buy something else which does not cost much, heck, use your debit card to pay for a $17 lunch and consider the lunch as free.

    Jerry Peck, Construction / Litigation Consultant
    Construction Litigation Consultants, LLC ( www.ConstructionLitigationConsultants.com )
    www.AskCodeMan.com

  5. #5
    Ken Bates's Avatar
    Ken Bates Guest

    Default Re: Banking--Business or Personal Account?

    Thanks for the inputs.

    I intended to keep the thread short and not get into all the details.

    Up till now, I also benefited by combined totals of 3 associated accounts.

    Up till a few years ago, I also had a Bank America account.

    I now use a different bank which is also a major bank.

    I used to work pt. time as media technician (set up and operate audio-visual equipment for seminars, focus groups and meetings, etc. etc.) and had access to insider plans and schemes as a fly on the wall. ( I mean big time such as George Stephanopoulas talking about intimate details when he was working for the pres. from Ark. who was diddling an intern who wore beret ) ( weird obscurity is to avoid being catalogued on the NSA Cray) A few were for meetings of top CEOS of major banks. So I know insider info that 99% of the populace does not.

    So my question is this: Will you still keep your dedicated business accounts after they start to SCREW YOU? and THEY WILL!! Will you pay them $25 or more each month?


  6. #6
    Join Date
    Mar 2007
    Location
    Orlando, FL
    Posts
    1,340

    Default Re: Banking--Business or Personal Account?

    Quote Originally Posted by Ken Bates View Post
    So my question is this: Will you still keep your dedicated business accounts after they start to SCREW YOU? and THEY WILL!! Will you pay them $25 or more each month?
    I doubt every bank will raise their fees, especially all at the same time.

    Recently a large bank (BoA or Chase) tried to add a fee, and the backlash was huge. Some local banks advertised their own "no fee" accounts" to attract customers looking to change banks due to new fees.


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