personal vs. small bus. bank account

mindyandmike

Yesterday I went to my bank (Wells Fargo) to deposit some checks from my Norwex (home party) business. I have a personal account I use that is separate from mine & hubby's joint account. On friday I am meeting with one of the bank employees to talk about possibly opening a small business account as suggested by the employee. The more I got thinking about it later what would be the advantage of me getting a small business account if I am already using a separate account? I know this is all stuff that will be discussed on Friday but I figured if I had a heads up it might be good.

jeffstaci

My husband works at wells fargo, not as a personal banker but he knows all the personal bankers in the downtown branch and he would tell you that they would seriously tell you whats best for you. The personal banker would do whats in your best interest, after all they don't get paid any extra for opening you an account.

mz-n-ss

I'm sure it would be set up as a DBA...basically if anyone would make a check out to the business you would still be able to deposit it into your account.  If they made it out to you individually it would work as well.   It would be a good way to keep all your business seperate for tax purposes at the end of the year as well.   Just be cautious of the type of account they put you in.   there are multiple business accounts that come with some heavy service fees.   There are plenty of business accounts out there with no fees...if you have questions, let me know.