# Business Bank Account Required for Wholesale?



## karlking85 (Sep 26, 2007)

Hey guys,

I got most of my business setup accomplished today, but the last step left me with one more question to solve. I did not yet open an actual business bank account, and as I am filing as a sole p, I don't forsee too many problems with that. However, I have heard before that some wholesalers will ask for bank account information (which makes sense) and I am afraid that without the business account, I may not gain approval from some vendors. 

Has anyone ever had a similar issue with this topic in the past? Any ideas?

Thanks everyone.


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## peteVA (Nov 11, 2007)

It's not really an issue with most. Some may want to see a blank check to see that it's in a company name, as will some trade show promoters.

I personally recommend you get one right away, you can find many banks now have free checking for small businesses. And it makes it a lot easier keeping your money straight if you deposit every penny in sales into the business account and pay all bills from it.

Digging into a common pocket for business and personal will have you scratching your head wondering just where you stand.

Having said that, if you don't want to open a seperate account here's a trick - 

Go to one of those cheap check websites and order the $ 9.95 special. You'll have to fill in the blanks with your name and all. Just add "dba KarlKing Tees" (or whatever) in the second line and you'll have some checks in about a week.

The bank won't care, they never look at them, it's all run through so quickly no one can see them.
.


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## karlking85 (Sep 26, 2007)

Neat trick. I plan on opening one anyway, the only reason I didn't open one today was due to the fact that I hadn't registered a dba yet and the bank required one in order to open a business account (whereas the local county tax office did not.) 

Once I do switch over, I will have to contact everyone and change my information over I suppose.


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## pwapparel (Feb 16, 2007)

get the DBA you'll need it in the future!

also legally, you MUST separate business accounts from personal accounts in order to deduct business expenses from your taxable income. the accounting principle is called "separate entity"

just my twoCENTS


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## Chani (Jun 18, 2007)

pwapparel said:


> get the DBA you'll need it in the future!
> 
> also legally, you MUST separate business accounts from personal accounts in order to deduct business expenses from your taxable income. the accounting principle is called "separate entity"
> 
> just my twoCENTS


Does that hold true for sole proprietorships as well?

I have one (and we're about to get another), but I didn't know that it was REQUIRED for ALL businesses (including SP's and Partnerships).


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## peteVA (Nov 11, 2007)

So much of this varies from state to state. Even by city, county, town, etc.

DBA's are also called Fictitious Name filins, T/A Trading As and probably other names around the country.

Generally a corporation may just have divisions under one name, where a sole prop can either trade under their own name or a fictitious name doing business as.

Some states regulate this, in others, it's a local thing. 

The main "rule" about this is there is no hard and fast rule, it depends on where you are.
.


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## karlking85 (Sep 26, 2007)

Well, I am keeping my business and personal funds seperate anyway. Who says you have to have a business account to accomplish this? I have two different accounts, one for my personal funds, and still another for my business funds. Just because it isn't called a "business" account doesn't mean it doesn't do the same thing.


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## Girlzndollz (Oct 3, 2007)

When I got paid in my company name, and not my name, my bank would not cash or deposit the check or money orders I received. I had to open a business account to deposit them into.

With Wachovia, business checking is free for the first year. We didn't discuss rates for after the one year mark, I suppose they are scary so he avoided it. 

I will find a free checking in the meantime, if possible, but for now, I was able to convert those instruments into cash, and that was the only way possible.

The SBDC director told me if I use my last name as part of my company (SP) I did not need to file for a ficticious name in PA. Otherwise, I did have to file for one.

It is a very good idea when setting up shop to contact your local Small Business Development Center. Their name says it all. It is run out of your local college or university and its a free resource. They have tons of information that is specific to your region, and offer resources to help you succeed. 

By the way, best of luck, Anthony, I wish you much success. Are you there already, or still in the process of moving? 


Question: Pete, just a quick question, did you have any names of banks that are giving free business checking? That's my newest search... Thanks!


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## peteVA (Nov 11, 2007)

I've got two free business accounts with BB&T. I think SunTrust and BankAmerica offer them, as well.

I was using a local bank for a number of years, until they closed my nearby office. When I told the manager BB&T had free business accounts she told me she'd do it for free, also. 

When someone tells me that, it's a guaranteed thing that I leave. If they can do it when cornered, but won't offer it voluntarily, I move on. Of course, I'll give them a chance to make it right. I'll ask for a refund of the last two year's charges. 
.


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## Girlzndollz (Oct 3, 2007)

Haha, thanks Pete. I'll check to see if either one of those are available locally. 

Funny thing, when I read your post about that bank saying they can offer you free checking as well, I thought what a good "negotiating tool" you had there, and I thought I may try to strike a deal with someone local as well based on that approach, then you said you'd be guarenteed not to use them. Isn't it funny how the same thing can be seen from such different angles?? 

For me, and I'm not a bad person, I don't really care how bad of a deal the next guy is getting - for banking or cars - as long as mine is good! In my view, I think businesses do what they have to to remain competitive, I just didn't realize banks would negotiate those fees. Everything seems negotiable these days. Thank you for reminding me of that again - with your post. 

Business banking fees maybe negotiable and I appreciate you sharing that experience with us. I will definitely work that angle if needed. Cheers, and best regards!


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## karlking85 (Sep 26, 2007)

Hey Kelly!

I am here, I arrived early Sunday morning, and I am going to meet with the management at the market tomorrow morning. 

On a side note, I was with BB&T for years in Gatlinburg, and I absolutely hat them. Suntrust does have a free business checking account with more features than you can shake a stick at. That is who I will be going with once everything falls into place. 

Oh, also I did set up accounts with several vendors today without any trouble, with the exception of SanMar (they really do act like they don't want any new business!) I am going to give most of my business to Broder Bros. and Bodek & Rhodes. They both have warehouses in Orlando as well, so I can save on shipping!


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## peteVA (Nov 11, 2007)

Yeah, I don't have much good to say about BB&T, except the ladies working there are great. Really good folks. But the company isn't much.

Main reason for me is acessiblity. I can get in and out a lot quicker than Sun or BA. And they don't have the tellers behind cages or want fingerprints, etc. At least they treat you like a person. The other two are machines.
.


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## Girlzndollz (Oct 3, 2007)

karlking85 said:


> Hey Kelly!
> 
> I am here, I arrived early Sunday morning, and I am going to meet with the management at the market tomorrow morning.
> 
> ...


 
Oh, yeah!! Congratulations. I hope once in a while you send a PM so I can keep up on your latest adventures. I'm really very happy for you, and wish you every success that can be had. I'm not surprised that you probably haven't even unpacked and you're already at work setting up shop! 

Please do consider getting in touch with your local SDBC, just to have them on stand by if you need them. I met with my guy almost 2 years ago, and he just sent corrospondence last month. He still has my other business on his mind and is thinking up ways for me to grow it. He sent me a list of all my local biz's with their sales for the year and employee count. He came up with a marketing plan for me to pursue and gave me every contact in my county. I just can't say enough for these people, they are amazing. If I make a call, he will see me. They are wonderful. I hope you seek yours out and I hope they are as good as mine.


That said, thank you for letting me know about Suntrust. They probably aren't local for me, but may have a sister branch, who knows these days. I was under the impression when I bought my Chevy it was a Chevy, but is was really a Toyota, so with that, seems like you always have to connect the dots, and I'll try to find them up here or someone offering a similar package. I will use their business checking as a model if you think it is that good. 

I use Alpha shirts, and just got my Broder catalog in the mail the other day. I think Alpha is owned by Broder now. Great news for you on saving shipping. Alpha is in Philly, on my husbands route, but they don't stock much there, so it's not a help, but it would be if we could do pick up there, so I'm happy for you.

Yeah, Anthony, keep following your dream, and never let anyone slow you down.

Best regards,
Kelly


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## Girlzndollz (Oct 3, 2007)

peteVA said:


> Yeah, I don't have much good to say about BB&T, except the ladies working there are great. Really good folks. But the company isn't much.
> 
> Main reason for me is acessiblity. I can get in and out a lot quicker than Sun or BA. And they don't have the tellers behind cages or want fingerprints, etc. At least they treat you like a person. The other two are machines.
> .


 
Geez, Pete, thanks for the update on the banks. I just don't like a company without some sort of personality or human touch. For that, I would not deal with a bank, the ones that are like a machine. 

I miss the days when a bank would call if your balance was low and a check came in for payment * BEFORE * they run it through 3 times in one day - racking up a $100 bill in fees.... to think, those days really existed. Seems like a fairy tale now.... I like real people in a bank. Thanks!!


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## peteVA (Nov 11, 2007)

You just have to see for yourself. Across town they may be just the opposite. It's really up to the manager how things are done.

Both the local BA and Sun have long lines, totally crappy parking / in and out / atm's. They were built 40 years ago with half the population and 1/4 the traffic and they are just jard to get in and out.

May be entirely different where you are. 
.


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## karlking85 (Sep 26, 2007)

The Suntrust branches in TN. were great, they had a very small town feel to them. The one I went to here however, did have those bulletproof teller windows and voiceboxes and everything. The managers of the branch were as nice and helpful as any I've ever dealt with however.


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## Comin'OutSwingin (Oct 28, 2005)

I've got my business accounts with Suntrust. Having done business with a number of banks in the past, Suntrust ranks up there with some of the best.

Whenever I've had any sort of problem or concern, it was always dealt with swiftly and professionally. 

My checking accounts are free, and they do have LOTS of other extras for businesses.

Anthony, it just depends on the area of the branch if you get the bullet-proof windows or not! I live in a city just outside of Nashville, and all of the branches have a small town feel to them. No bullet-proof windows in any of them.

In Nashville, though, there are several that have them.


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## karlking85 (Sep 26, 2007)

Well, like you said Greg, it just depends on the area I guess. Before I moved here, I kept hearing about how shady the entire area around Daytona was, and I haven't seen anything too rough yet. Central Daytona (mainland) and pretty much all of the shores are as nice as anywhere I've ever lived.

East Tennessee is probably one of the safest places I've ever been aware of, but like anywhere there are good and bad spots everywhere.

Oh, for an update: The main reason I didn't open a business account was because I was told that I couldn't do so without the DBA, which I had not registered yet. The branch manager at Suntrust called me back this early evening to let me know that they could after all, and that it was ony a miscommunication on their part. 

So I will be going over tomorrow morning to set up my account after all. It's official, now I'M official.


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## karlking85 (Sep 26, 2007)

It's done, I now have a business and personal account with Suntrust, all I need is a steady stream of cash flowing into those accounts.  We'll see, I have Speedweek, the Daytona 500, and Bike Week all coming up in February, so I should be rockin!


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## Comin'OutSwingin (Oct 28, 2005)

Yeah, you should!!!


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## karlking85 (Sep 26, 2007)

I hope so!


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## peteVA (Nov 11, 2007)

Make up a bunch with Tony Stewart in a Toyota! 

I know they would have to be licensed, but wouldn't that be cool.
.


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## Comin'OutSwingin (Oct 28, 2005)

Little E with Hendrick!!!!!


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## karlking85 (Sep 26, 2007)

All great ideas!  

Or maybe Gordon on a rainbow parade float?


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## Comin'OutSwingin (Oct 28, 2005)

Watch out! I'm a 24 fan!!!


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## karlking85 (Sep 26, 2007)

Haha oops!  j/k I got nothing against him, Jeff's one of the best drivers out there. Just an easy target I guess.  Drives better than me though. lol


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