Just noticed my business checking account now has a $15 monthly fee. It used to be free if I kept a minimum balance, but they raised the threshold to $10k. I don't keep that much in there. Anyone else deal with this? Thinking of switching but dread the paperwork.
Banking
My business bank started charging a monthly fee
Which bank? That matters a lot. Some will waive it if you have a personal account with them too.
Mine did the same last year. I moved to a local credit union and haven't looked back. Business accounts there are free with a $500 balance.
Honestly $15 isn't terrible compared to some. But it adds up. Have you calledd and asked them to waive it? Sometimes they'll do it for a year if you push.
Credit unions can be great but check their online banking. Some are stuck in the stone age.
I switched to an online business bank last year. No fees, but no physical branches. Depends on whether you need to deposit cash.
jaxson5 - which one? I looked at a couple but they had limits on cash deposits.
I use Novo. They don't take ccash at all, which is fine for me. But if you handle cash, look elsewhere.
Also watch out for the the fee on the old account if you close it. Some banks charge a closing fee. Ridiculous.
It's a regional bank, not one of the big nationals. I called and they said the fee is new policy, no waivers. So I'm leaning toward moving.
I've been with a big bank for 12 years and they started Charging $18/mo last spring. I stayed because switching felt overwhelming, but I regret it. Do the switch now before you get stuck.
Switching isn't that bad if you do it methodically. Open new account first, move direct deposits, then close old one after a month. Just keep a buffer in both.
That's the way. I did it in a weekend. The worst part was updating autopay on a few vendor accounts.
And don't forget to update your payment info with the IRS if you do estimated taxes. I almost missed that.
Also check if your state requires a specific bank for sales tax deposits. Some do. Probably not common but worth a quick search.
Never heard of that. But I'm in a state with no sales tax, so.
Good point on the sales tax thing. I'll look into it. The online bank option is tempting but I do deposit cash occasionally, so maybae the credit union is the better fit.