SheckyS01

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Sep 14, 2021
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Hi all,

So I'm buying a business and I'm new to this.

I have an attorney who is about to create an S-Corp for me. It should be done by tomorrow. And then next step is - I need a bank account.

How does this work? Do I need a special commercial bank? My current bank that I use for my personal stuff is a credit union. And they say they can set up a commercial checking account for me. Is that what I want? Is there such a thing as a commercial saving account? Is checking all I need?

What should I be looking for in a commercial bank account for my S-Corp?

Are there some big national bank chains that you would recommend?

TIA
 

VirtualGlobalPhone

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Apr 22, 2016
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Emphasize on product and service you are planning to offer to customer instead of deep diving into a simple bank account. There is not much you can take advantage of what type of bank account u have .. its how much value you earn from the product / service.

Best wishes.
 

SheckyS01

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Thanks. But that's really not helpful and doesn't answer the questions I was asking. :(
 

djbaxter

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Unless you have legal advice that says otherwise, I would say just go with your current credit union's offer to set up a commercial account for you. Much simpler, they already know you, and you can probably manage both accounts online with the same login.
 

SheckyS01

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Unless you have legal advice that says otherwise, I would say just go with your current credit union's offer to set up a commercial account for you. Much simpler, they already know you, and you can probably manage both accounts online with the same login.
Thanks. The only thing is... the credit union doesn't offer credit cards, only debit cards. So I am wondering if I really NEED a credit card. In my personal finances, I almost never use credit cards, it's always debit. I don't want to pay interest. So I am only spending money I already have.

Not sure if that's wise for a business. I suppose I can always get a credit card from someone else and just not use it unless I need it.
 

djbaxter

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I rarely use credit cards these days. I have a verified business PayPal account linked to my bank account so it's rare that I even need a credit card. And as you say, you can always get a credit card elsewhere.
 
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