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For all you guys that do basic services, do you have a business checking account?

Discussion in 'Business Operations' started by DSF1983, Apr 20, 2011.

  1. DSF1983

    DSF1983 LawnSite Member
    from CT
    Messages: 32

    Is it worth having a business account from a bank or just have a separate basic checking account?? People's bank has a limit for DBA's which is like 300 check transactions for the month and I have about 20 Customers a week and pay me weekly. Wouldn't I hit my limit down the road lol?? I think they even charge like 30 cents off every check!!! This is stupid!!! I am not that cheap but this stuff adds up in a business.

    What banks do you guys have and what are the limits and fee's???

  2. weeze

    weeze LawnSite Fanatic
    Messages: 11,874

    i just use my own personal checking account and my customers make their checks out to me...keeps it simple
  3. DSF1983

    DSF1983 LawnSite Member
    from CT
    Messages: 32

    But they wouldn't build business credit or if you want to get a business loan down the road right?
  4. jsslawncare

    jsslawncare LawnSite Bronze Member
    Messages: 1,673

    Don't use credit with lawncare. I use a dba account. Company name with my name, works great-Regions is free.
  5. DSF1983

    DSF1983 LawnSite Member
    from CT
    Messages: 32

    I am a sole Prop and using have the DBA paper work to show the bank. So I should just have a separate checking account not a business checking account? What is the point for banks making that account?
  6. ChristianJ318

    ChristianJ318 LawnSite Member
    Messages: 102

    I use my personal account for my lawn business but have a separate account for my other business (which is my full time job) with Chase bank. Its like $10 a month i believe with no limits on transactions. Now that Chase offers deposits by atm and iphone I never have any problems depositing checks from my lawn customers in either account and its EXTREMELY convenient since you can deposit your checks on your time vs trying to make it before closing or waiting till next business day.
  7. JB1

    JB1 LawnSite Fanatic
    Messages: 5,903

    you really need to separate it out.
  8. TuffWork

    TuffWork LawnSite Senior Member
    Messages: 506

    I have a DBA account, and it is free. The only difference between it and when I used a personal account is that people can write me a check that says my business name now. It can also make it easier to keep your accounting for income and expenses if you do it like this: Only deposit money you made on the job, only take out stuff that's an expense. Then deposit slips are how you claim income, and receipts backed by bank statements are how you claim expenses. With the exception of checks you write yourself (Lawn Service to Personal checking). That's the money you are "paying" yourself with. Do some math on how much you need to keep in there to pay your taxes based on your tax bracket. Then either quarterly or yearly depending on how your set up give your accountant a book with copies of all receipts, deposit slips, and bank statements. Then let them crunch numbers and write them a big fat check. Pray you have some left over.
  9. meets1

    meets1 LawnSite Gold Member
    Messages: 3,850

    I used to do it all the time. Got married, had the joint acct and my acct solo for lawn care. Got bigger, no business credit, which i needed. Bid bigger jobs, etc. Now incorporated, business checks, QUICKBOOKS and all things run smoothly.

    I would seperate but dont know your life involvments or obligations so therefore its your call.
  10. DQL10

    DQL10 LawnSite Senior Member
    Messages: 292

    Seperate accounts. One for business and one for personal.

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