Post: #1

I'm ready to open a new Business Checking account (for my new LLC, can't just use a second personal checking account - banks don't allow LLC names for those) and I've been comparing between banks. Almost all charge more fees and have higher minimum deposits/balances than personal checking accounts.

There are lots of variations in benefits and the fine print between banks, so it's much harder for me to compare than it was for me when I shopped around for a personal checking account.

I've tried searching google and the forum high and dry on this, and came up virtually empty. I did see one short thread here on this, which recommended the TD bank - which sounded great. But TD is not available where I live, unfortunately.

Here are some options I am considering:

1. BofI Federal Bank
2. Everbank
3. Citibank
4. CapitalOne 360

I'm leaning towards BofI Federal Bank, but I don't know how safe or sound they are. Everbank is probably safer, but requires a $1,500 initial deposit whereas BofI is only $1,000. The other two big boys Citi and Cap One require minimum balances, under which monthly fees will be charged.

For personal checking, I have Schwab. No minimums and no fees. Maybe I'm spoiled with Schwab (they don't offer business checking) and should expect to cough up a monthly maintenance fee for a business checking account? At least until I earn enough money to keep the balance above a certain minimum?

I know credit unions offer better deals, but they are location restrictive and not ideal for online banking as a prospective expat/mobile freelancer.

Any advice would be great.

Post: #2

I don't know, but keep the following in mind: if money is stolen from a personal account due to phishing or someone hacking your computer, the bank is required to refund it. Not so with a business account.

Best to choose a bank with good security, and maybe use a separate device with a strong password to access internet banking (eg. an old iPhone/iPad).

http://krebsonsecurity.com/2014/06/rulin...t-victims/

http://krebsonsecurity.com/online-bankin...usinesses/

Post: #3

Thanks DaveR. You're right about choosing a bank with solid security. I'm not sure I would go so far as to use a separate device just for banking, but I probably should avoid banks that are loosey goosey about their security.

Wells Fargo comes to mind. They are like Fort Knox when it comes to security.

Their simple business checking account is $10 a month, which is waived as long as I maintain a balance of $500 or above, and get online statements only. That's not too bad, considering the $50 initial deposit to open the account. The more I think about it, the more I think I should go with one of the big boys.

Anyone else can chime in on what they use? Come on, I know there are lots of business freelancers here... don't be shy!

Post: #4

I didn't know Crapital One 360 had biz accounts, but I have no complaints with them so far on the personal end. After the takeover from ING direct (had savings account since 2003 there) they have so far managed not to fuck things up, other than changing the color from orange to red on my debit card.

Pros:
- Big nationwide network of member ATMs (allpoint usually)
- Check deposit by phone camera
- Authorization codes for third party access (Mint, etc.) which can be easily revoked without fucking your account up

Cons:
- No way to deposit cash
- Some weird law about how many transfers you get per month

They've always had hardcore security to my eyes, much better than my local B&M bank where my primary checking is held. I would say the general rule is the bigger a pain in the ass their security measures are the safer it is.

Post: #5

Decided to go with Wells Fargo. I live right next to its branch, so I just walked in and asked questions about the business account... learned a couple new things to help me make my decision.

Plus, I have a new banker on my "money team" along with an attorney and CPA. When I'm overseas, I can just shoot her an email if I have any problems.

Post: #6

I use Wells Fargo for my business account, other than a small international fees when using my my debit card I have no real complaints.