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Started By
Message
New Business Bank Acct Questions
Posted on 5/12/22 at 1:13 pm
Posted on 5/12/22 at 1:13 pm
This year I took on a new job where I'm a IC. Part of the deal was that they set me up via their CPA, etc. My business is now official, and just got the FED EIN#. Now I'm needing to go get a business bank acct. So I'm hoping that I can get some advise here, as I'm a total neophyte when it comes to starting a new business. Lots of little steps and questions for sure. Thanks!
1. Anything I need to look out for or ask the bank regarding their business accts? I'm open to using a different bank than my current personal one, and maybe even switch over. I do want to stay away from the large ones, and will say I'm a privacy guy so the whole ESG push is kind of concerning. I'm seeing that a lot on the bigger banks websites, even some Credit Unions, from my current research.
I'm not going to have retail payments coming thru. It's for my bi-monthly salary payments via ACH. (though I was asked about something called zelle, which I had never heard of so ACH it is). One of my next things will be to look into a business trading acct, that I will connect to this banking acct, so those 2 things will technically be my "business" for now at least. I'll probably start another thread for that once I get this banking acct thing figured out. baby steps.
2. Am I able to get a business CC pretty quickly with such a new company or how does that work exactly? I don't want it to run it up, but to start credit for the new business. So don't really care for it to have a super high credit amount.
3. I noticed on one website, that they mentioned a regulation from 2016 regarding beneficial ownership, where they need to get full name, SS#, etc for the business owners. I figured all this was the case anyway, so not really my main concern. I am left wondering how that all works though.
Is this just info the back keeps in house in case there is an investigation into my company, that comes with a proper warrant of course. Or are the banks required to send my info to register my acct with the govt or send info regularly with other info ie. transactions, etc to the govt? Just wondering what the actual process for this info is.
I'm sure this isn't that big of a deal, but I just like making sure I'm not missing any steps that will bite me in the future. Thanks for all the help.
1. Anything I need to look out for or ask the bank regarding their business accts? I'm open to using a different bank than my current personal one, and maybe even switch over. I do want to stay away from the large ones, and will say I'm a privacy guy so the whole ESG push is kind of concerning. I'm seeing that a lot on the bigger banks websites, even some Credit Unions, from my current research.
I'm not going to have retail payments coming thru. It's for my bi-monthly salary payments via ACH. (though I was asked about something called zelle, which I had never heard of so ACH it is). One of my next things will be to look into a business trading acct, that I will connect to this banking acct, so those 2 things will technically be my "business" for now at least. I'll probably start another thread for that once I get this banking acct thing figured out. baby steps.
2. Am I able to get a business CC pretty quickly with such a new company or how does that work exactly? I don't want it to run it up, but to start credit for the new business. So don't really care for it to have a super high credit amount.
3. I noticed on one website, that they mentioned a regulation from 2016 regarding beneficial ownership, where they need to get full name, SS#, etc for the business owners. I figured all this was the case anyway, so not really my main concern. I am left wondering how that all works though.
Is this just info the back keeps in house in case there is an investigation into my company, that comes with a proper warrant of course. Or are the banks required to send my info to register my acct with the govt or send info regularly with other info ie. transactions, etc to the govt? Just wondering what the actual process for this info is.
I'm sure this isn't that big of a deal, but I just like making sure I'm not missing any steps that will bite me in the future. Thanks for all the help.
Posted on 5/12/22 at 4:23 pm to HagaDaga
quote:
1. Anything I need to look out for or ask the bank regarding their business accts?
I'm assuming you are set up as an LLC?
You need to ask about fees. Some banks really nail on fees.
quote:
Am I able to get a business CC pretty quickly with such a new company or how does that work exactly? I don't want it to run it up, but to start credit for the new business. So don't really care for it to have a super high credit amount.
You will likely need to personally guarantee it, at first, so if your personal credit is fine, you will be fine.
quote:
Is this just info the back keeps in house in case there is an investigation into my company, that comes with a proper warrant of course. Or are the banks required to send my info to register my acct with the govt or send info regularly with other info ie. transactions, etc to the govt? Just wondering what the actual process for this info is.
They don't "register" your account like that... but they are required to collect that information under federal regulations. Which of course means if the government asks for it, the bank can give it up.
Posted on 5/12/22 at 6:22 pm to LSUFanHouston
Thanks for your response.
Correct an LLC. From ones I've seen online with different type of setups and their fees I think I'm able to meet their min requirements. I'm going to start with $5k to open. Any other kind of hidden fee types you think?
My personal credit is fine I believe, so that shouldn't be a problem.
Ok cool. That's what I figured, but just wanted to make sure.
Thanks again.
(Though not sure why I got a downvote)
Correct an LLC. From ones I've seen online with different type of setups and their fees I think I'm able to meet their min requirements. I'm going to start with $5k to open. Any other kind of hidden fee types you think?
My personal credit is fine I believe, so that shouldn't be a problem.
Ok cool. That's what I figured, but just wanted to make sure.
Thanks again.
(Though not sure why I got a downvote)
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