Your advice please on how to do microbusiness banking

1 replies
Hi Warriors,

As I gear up to start offering services and (eventually) products online, I figure I need to have a separate account to use solely for these biz activities and to have a Paypal account that is separate from my personal/original one.

I just called my local credit union and was disappointed to learn that in having a business account with them, I would have to keep $1000 minimum balance to avoid nasty fees.

I am starting very small, and had hoped to take a microbusiness approach because things will naturally be small scale at first. Not only do I not have a grand to start the account with, I simply don't know how well my efforts will do or in what time frame they will grow to where the $1000 minimum balance would not be an issue (though of course I have high hopes).

Does anyone have advice on how to do this? Should I not concern myself with using what they technically call a "business account" and just use a personal account? Does that distinction matter to anyone who counts (tax authorities, etc)?

I would appreciate any info you could offer.

#advice #banking #microbusiness
  • Profile picture of the author specialized
    Really sorry to self-bump, but I am puzzled why I don't get any response for such a really straightforward question and I don't like seeing my thread disappear in to obscurity in a matter of minutes. Am I asking something bizarre here (I don't think so)?

    Am I posting in the wrong forum?

    Please, hasn't anyone started their IM efforts small and without being able to start a $1000 minimum balance bank account? If so, how did you do it/what did you do about the banking?

    Thank you.
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