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  #1  
Old 05-11-2012
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Default DO you have personal or business bank accounts?

for amazon and paypal deposit
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Old 05-11-2012
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Both when I need to - prefer personal because business accounts usually have a set FEE on deposit and no interest accrued.
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Old 05-11-2012
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I just use personal accounts, since in the UK you are not legally required to have a business account if you are only a sole trader. Some banks may not like you doing this (since they charge a monthly fee for business accounts, and with personal accounts there is no charge), but that is a different story. I just tell that that I keep getting rejected for business accounts (which is true), so they open me more basic personal ccounts without any further questions.
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I only use business accounts - experience has shown they are less trouble

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I cannot even get one (a blessing perhaps?) so never bothered, and to open the amount that I require would just lower my credit score even more. At least I do not get fees and no longer have to worry about my credit score, I think to myself. Also I have not found a single bank that would allow multiple business accounts anway. Basic accounts are far better to me than business accounts, after taking all of this into account (lol).

Last edited by Elijah; 05-11-2012 at 12:17 PM.
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No fee business accounts? Hmm guess a negative of having a business account in Canada - well for the banks that I know.
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All business accounts in the UK charge you a fee, although some are free for the first 12/18 months.
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Old 05-11-2012
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I just use private accounts. Though if my sales jummmmpppp way high then I would go for a business account
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Old 05-13-2012
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Personal accounts. Looked at business accounts, fees were horrendous
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I do both.

Most banks only hit for you 4-8 dollars a month which is extremely low for the cost of doing business.

There is always ways to make up for a few extra dollars here and there to pay for bank fees as long as they are not crazy more then normal fees.
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Old 05-14-2012
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Business accounts if I have DBA associated with pp account. Just takes away the whole matching name nonsense...
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Business only.. everything in business name/address creates a lot less problems once you are recognized by your local state...
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Old 05-14-2012
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Default Help please

Njmax. Can u give me some input. Im trying to figure out the bank account issue making up new stealth account. I have not registered fir any bank yet. Im worried about the mismatched name issue. What happens when you try to transfer for firstt ime from pp to new bank account with mismatched names, and the bank rejects it? Does that raise an immediate flag with pp and make that account toast?
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Default Dba

I read stealth guide and mentions dba, but doesnt explain much. I am thinking of going this route. Lets say my name is john doe, and im banned. So i set up dba with state as say john doe dba joe smith, my stealth name. Is that the route to go? Or should it be like joe smith collectibles? And then what do i open up bank account as?


I appreciate the valuable advice guys.
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Quote:
Originally Posted by pitviper View Post
Njmax. Can u give me some input. Im trying to figure out the bank account issue making up new stealth account. I have not registered fir any bank yet. Im worried about the mismatched name issue. What happens when you try to transfer for firstt ime from pp to new bank account with mismatched names, and the bank rejects it? Does that raise an immediate flag with pp and make that account toast?
You need to spent more time reading.

Many have huge amounts of accounts and no DBA, LLCs, etc and never have issues with money being transferred.

Read or search for banks that allow mismatched names. Many of them out there.
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  #16  
Old 05-15-2012
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Quote:
Originally Posted by newjerseymax View Post
Business accounts if I have DBA associated with pp account. Just takes away the whole matching name nonsense...
As Sandy said there are many that do not need it. Its a personal preference. Simply add bank account to PP and withdraw...
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Quote:
Originally Posted by newjerseymax View Post
Business accounts if I have DBA associated with pp account. Just takes away the whole matching name nonsense...
I totally agree!!!
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  #18  
Old 05-15-2012
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What say you incniu?
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Old 05-15-2012
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Quote:
Originally Posted by rsot View Post
Both when I need to - prefer personal because business accounts usually have a set FEE on deposit and no interest accrued.
That suxs.

Real clowns in Canadian banking I guess

Even OZ bank business accounts give interest. (Not every bank)
Have to keep a minimum balance but that's doable.
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Yup many Canadian banks do NOT give interest, DO have minimum monthly fee, DO charge even for deposits (!!!! ugh)
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