What do you need...Bank!

[Serenity]

I'm going down to open a bank account for my business, I just want to make sure I have all the documentation I need to make this happen. I was told just my doing business as paperwork is good enough to get a checking account opened up. Is this true or should I have my tax ID number as well?

[bigjon0107]

You should probably bring bring your tax ID number just in case as well as any other paperwork you think you may need. I would rather show up with too much that not enough.

[Howard Barlow]

In Texas, if it is a sole proprietorship and your last name appears in the business name, you don't need anything. From Bank of America. Other banks may vary.

[PhotosbyHollyWood]

depends on what bank!!!

mine required that I had a Tax ID number!

[bondarnes]

My bank required a tax ID number and a copy of my assumed name certificate (sometimes called a DBA).

[Howard Barlow]

That's what I said, folks. Banks vary. BA requires nothing. If you follow the link I included above, you will see their site states that very clearly. When I opened my business account there, I provided no information other than my DL. They do not require sales tax permit...nothing, as long as your last name is in the sole prop business name.

If you operate in any fashion other than a sole proprietorship, or if your last name does not appear in the business name, then, yes, you have to have all the necessary documents.

Other banks do, in fact, have different requirements. I had to give CapOne, when they were Hibernia, my DBA and tax permit.

................

eta... Glad to see you back online, Don.

[Boomer]

My bank required both a DBA and tax i.d., and both were an amazingly easy process, although I was able to go in the middle of the day both times.

[Gateruner]

Originally Posted by bondarnes

My bank required a tax ID number and a copy of my assumed name certificate (sometimes called a DBA).

Ditto

[SCone]

The bigger question is, "Are you operating as a corporation or a sole-proprietor?"

There are advantages of keeping the bank account in your own name. Easy access to loans, over-draft, etc. If you set things up in the business name, then the business will have to apply for loans and stuff.

May not be a big deal for you, but it's soemthing to consider.

The last business account I set-up was using my name with the business name on the second line of the checks. More to keep the checks separated than anything.

File the DBA to keep the name of your business secured for future use.

Also, BEFORE you settle on your business name, secure your web name. People go to alot of work to name thier business only to find out they cannot have the biz name on the internet.

[CaptainTom]

I recently went to my bank and had a personal account converted to a business account.
They had a dba form available and as long as my name appeared in the business name, it was fine.
I also have an account with a business name that does not have my name in it. I had to provide my DBA and a tax ID number.

Most banks are opening business accounts with no charges, etc. Get one that is close by, and that doesn't kill you with incidental charges.

[SCone]

Originally Posted by CaptainTom

...doesn't kill you with incidental charges.

Tom's right here, watch out for the charges. Business accounts tend to have bigger costs. Make sure you're not getting an "introductory rate" for opening the account.

[ndsimm]

When I opened mine at Chase, they only wanted my DBA and didn't need the Tax ID since I was Sole Prop.

The others are correct about fees though. I'm leaving Chase now, because they started charging maintenance fees, etc... because my average balance is below $6K

[Howard Barlow]

When I opened my business account with BA, they waived all fees for two years, as I have a personal account, as well. However, CapOne does not charge fees on a business account, at all, if you have a personal account. Plus, they are now advertising they provide free checks for both accounts, but I have not had need to pursue that, yet.

[hhscr]

Ditto on watching out for those service charges. I just went back to my bank and amazingly enough when I questioned them on the recent service charges that were now showing up, they told me it was because of the drop in the interest rates. Well to make long story short after a conversation, they said they could change the account type to a Small Business Account and avoid all fees no matter what as long as I did not make too many items go through the account in a one month period.

[jss001]

I opened a BOA small business account yesterday - no DBA, no proof I was even starting a business - just told her I was :)

We have had a personal account there for over a decade and because of the balances we maintain for that, they waived all business maintenance fees for 2 years. The lady said that I'd have to come back in in two years to get it waived again, but that it would be. For the amount of transactions I expect, I will easily NOT exceed there transaction maximums. I had the lady clearly understand that I was wanting an account that had no fees at all based on the usage I was expecting - my philosophy was to incur no expenses if I didn't use it very often (ie minimize the losses I promised my wife). I also received a debit card.

Jeff