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Best way to set up bank accounts?

Discussion in 'Business Operations' started by recycledsole, Sep 4, 2013.

  1. recycledsole

    recycledsole LawnSite Gold Member
    from MD
    Messages: 3,253

    Hello everyone,
    thanks for your helpful contributions to this and all questions.
    I am wondering how you all have your bank accounts set up?
    Do you have a separate account for your business name? Or just a "DBA" on your personal account?
    Also can you recommend any type of bank account, or 'rewards' programs?
    Thanks so much I appreciate it. Good luck on your ventures.
  2. jsslawncare

    jsslawncare LawnSite Bronze Member
    Messages: 1,673

    I use a dba account
  3. szykan

    szykan LawnSite Member
    Messages: 68

    Use separate accounts. I like US Bank, great service. They have phone ap that helps you do banking on the go.
  4. CalebK

    CalebK LawnSite Member
    Messages: 99

    I use a completely separate bank for my business vs personal accounts. My business bank is less than a 1/4 mile from my house which makes it very simple to make deposits every day or two. I'm not the best at keeping track of checks so this makes it easier for me.

    I have a savings account at this bank in which I set aside money for taxes. I use my checking account there to keep everything going. The accounts are in "my name"/"DBA my business name".

    I will point out that I'm a one man show, part-time. I'm sure things will get more complex as I grow.

    Until I get to a certain size, I'll continue using a spreadsheet to keep track of my income and spending.

    Hope this helps at least a little
  5. cpllawncare

    cpllawncare LawnSite Silver Member
    Messages: 2,659

    You definitely want to keep your business totally separate from your personal, I started with a checking and savings and now have that and payroll account. At a certain point you'll want to look into going to a LLC or one of the other entities, for tax purposes. Your CPA will know when it's time.
  6. RSK Property Maintenance

    RSK Property Maintenance LawnSite Bronze Member
    Messages: 1,504

    I use one bank primarily even though I have accounts else where. they literally don't get used at all.

    I have my landscaping checking bank account at first niagra. which used to new alliance, which used to be savings bank of manchester, which used to be fleet bank. lol

    then I have my tax account at first nigara that's also a dba.

    then I have my tree service checking at first niagra.

    then my tax account for my tree service which is setup as an LLC.

    then I have a checking account with bank of america
    a bill pay account with bank of america.
    a savings account with bank of america

    then a checking account with american eagle federal credit union.

    all have active debit cards linked to them as well. only reason I keep my accounts at first niagra is they have a branch in a grocery store 10 miles away that is open from 10am-7pm m-f then until 3 on saturday and 2 on sunday. and there are 2 branches within 5 miles of my house. which are open until 6 on thursdays.
  7. cpllawncare

    cpllawncare LawnSite Silver Member
    Messages: 2,659

    dang RSK i would go crazy keeping up with all that LOL
  8. recycledsole

    recycledsole LawnSite Gold Member
    from MD
    Messages: 3,253

    thanks for everyones input.
  9. RSK Property Maintenance

    RSK Property Maintenance LawnSite Bronze Member
    Messages: 1,504

    well I literally only carry the debit card that is attached to the rsk property maintenance checking account. all the other stay at home. as for Rsk Tree service that hasn't be launched yet so, not really much to keep track of and bank of america will eventually be used for my personal account once I get to that level. right now I don't really see enough steady profit to use a personal account.
  10. JBNC

    JBNC LawnSite Member
    Messages: 200

    Definitely keep them completely separate from personal accounts.

    I do lawn care full time, but have a mobile detailing business on the weekends. I opened a FREE business checking account at PNC and have been happy with it. My personal accounts are with the NC credit union but they do not offer accounts for businesses. PNC is the only bank I could find that had a completely free account for small business. Every other bank charges you a monthly fee.

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