Apr
4
Opening a Bank Account
April 4, 2007 | 3 Comments
My consulting business seems to be something ad-hoc – something I do whenever the opportunity arises, but not necessarily a huge business so far. I do not think I need to hire top-notch services yet. So far it is something I have been able to handle with just basic reading – no lawyer to set up the LLC, no accountant to do the taxes (Turbo Tax for Home & Business will do the job), and the bank is no exception.I had very simple requirements for my bank:
- It had to have branches near my home.
- It had to have free – no fee – business checking.
- It had to accept international wires in an easy and inexpensive way ($12 + $5 fee).
In the end I chose Citizens Bank. They are a nice regional bank in the New England area. Branches everywhere. However, unlike the big banks like Bank of America, their branches still offer that personalized feeling and the low fees that make them competitive. So far, I have been happy.
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[...] Set up a business bank account for the LLC I incorporated. (With international wire capabilities). [...]
[...] Many business owners frame the first dollar they are paid in some visible location on their establishment. I don’t happen to have an establishment (other than my briefcase), nor I think I will get payments in paper money. However, I feel proud to have received my first payment in the consulting business in the way of an International Wire. It arrived on 2007-04-20 09:21:27.19, and I guess the confirmation statement sent by the bank will have to serve as that first dollar to post somewhere.The actual mechanics of this ‘first dollar’ have been more complex than operating a cash register. I have had to set up a bank account first – opposite of what you usually do which is open an account once you have the money. That account was needed so that the customer could wire the payment. I also had to invoice for the services. [...]
I have also heard lot about Citizen Banks, one of my friends owes an account there.
Recently they have opened a new Brach my area and I am thinking to have an account there. Thanks for this information.