It pays to know what you need
Your small business may need a variety of deposit services and credit products. Deposit services range from how your business accepts payments from customers to how you handle cash requirements. Credit needs include getting a loan for inventory, new hires, and expanding your business. Maintaining good credit and avoiding scams are also important for your small business. Here are some ways to keep you and your business on the road to success.
Personal and business deposit accounts
Keep your personal and business accounts separate. Here’s why:
- The separation makes it easier to authorize employees to handle day-to-day business banking tasks on behalf of your business without accessing your personal accounts.
- The Internal Revenue Service recommends separating your personal accounts to make recordkeeping easier for tax time.
- Some consumer laws do not apply to business accounts – for example, the Electronic Fund Transfer Act and Regulation E, which establish liability limits for unauthorized electronic fund transfers, error resolution procedures, and certain disclosure requirements; and the Truth in Savings Act and Regulation DD, which require disclosures about the terms, fees, and other features of deposit accounts.
There are some services your bank can provide to support your…
