Recommended checking account

Discussion in 'Trucker Taxes and Truck Financing' started by DLJ, Feb 21, 2020.

  1. DLJ

    DLJ Light Load Member

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    I just acquired a company and looking for recommendation on bank. I have personal checking with BoA for 10 yrs if that helps and cc with them as well as Chase
     
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  3. kemosabi49

    kemosabi49 Trucker Forum STAFF Staff Member

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    Establish a business account. And keep your personal account personal. As far as the bank, I always preferred a smaller, more local bank, but to each his own.
     
  4. AliciaRyann

    AliciaRyann Bobtail Member

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    Depends on your available balance you can keep in the account at all times what sort of bank is best for you.
    There are accounts that will pay you $50-1500 for starting an account with them and maintaining a balance. Some require direct deposits to be switched. Citi gives $200 if you keep $5000. M & T gives $200 if you transfer any direct deposit. Chime does to but pays $50.
    i do a lot of “churning”, where I open a bank account and put in required money for required time or set up my direct deposit with them as long as it’s needed to complete contract. Usually 60 days. So in a one year period by getting direct deposit switched every 2 mos to a new bank, I can get like $4000 in extra money usually (see below). It doesn’t hurt or use your credit either.
    I wouldn’t keep large sums over $5000 for sure in just checking so I’m never going to get those sexy “deposit $50000 with us and get $700” type bonuses, but again there are many that don’t require any specific balance and just require direct deposits totaling like $500 over 60 days.
    If you have more than one pay sources you can double dip multiple accounts at once.
    Example
    Pay source A open one checking account and set direct deposits
    Pay source B open different checking account and set direct deposit
    Balance $5000 goes in 3rd account
    In 60 days move balance to 4th account
    In 60 days open account 5 for direct deposit from funding source A
    In 60 days open account 6 for direct deposit from funding source B
    Repeat every 2 mos (in this example) and in a 12 month period you’ve had 18 bank cards and made $7200. And there’s over 40 banks that do this, so you could repeat next year with new accounts. And don’t forget your significant other can do it same time to double profits.

    It’s not exactly that easy, theres some overlap of getting direct deposits changed over at work etc. But if you open the account a couple weeks before your planned swap, it is actually pretty easy. And bank to bank transfers are free and pretty easy (I use ally and chime to get all my funds into my “main” account so on payday I send everything from the new bank to my main account and other than getting access on a Monday and not a Friday, it’s no different. And technically you can keep your money in the new accounts. I just open them, and as soon as money hits them (so that I fulfill my contract to get the bonuses) I move the money out to my main one.
    Sorry if long winded or not your cup of tea.
    PS if as an owner/operator you can institute your own direct deposits, you could technically pay yourself “daily” vs weekly (as in direct deposit every Monday for Monday’s work, every Tuesday for every tuesdays work, etc) and have 5-7 direct deposits going at once.
    x2 if couples.
    From what I hear of people doing this way better than me, a married couple each opening accounts has made over $15000 in one year in total with 80% of that not requiring you to keep money in account other than a direct deposit into accts which you can immediately pull out.
     
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  5. DLJ

    DLJ Light Load Member

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    we have a factoring and they pay by ACH weekly , we have banks relatively close by so so we write check and go to the bank in person ( they charge $25/m, if we do direct deposit ) we have chase for the current company we are using , we are in south florida
     
  6. Dave_in_AZ

    Dave_in_AZ Road Train Member

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    They're all the same.

    Mine is at BBVA.

    Home offices Birmingham Alabama
     
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  7. JDstrick

    JDstrick Light Load Member

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    lordy mercy...is that what they call roun and round she goes where she stops nobody nknows?!!
     
  8. jamespmack

    jamespmack Road Train Member

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    Do not under any circumstances have your spouse on the account. No one except legitimate business partner. If its you solo. You can add TOD and name beneficiary. Transferable on death. Try and keep it out of probate court.
     
  9. JoeTruck

    JoeTruck Heavy Load Member

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    A too big to fail bank for checking and a small local bank for savings.
    A visa and a master card in case one of their systems goes down.
    Never use a debit card because you are giving someone access to your account.
    Always carry 1500 in cash to get home.
    Belt and suspenders.
     
  10. chalplec

    chalplec Light Load Member

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    I bank with Wells Fargo. I used to have Capital One personal and they are great but didn't offer business accounts in my area. I switched everything to Wells Fargo because it's the only bank in my area with local branches. The smaller local credit unions here are either for military or state employees. I still have an account open at my credit union back in my hometown in Virginia though. I never use them though. The hold times are just as long if not longer than any Wells Fargo or Capital One. Their website and slow and outdated and they don't even have a mobile app. And they won't even let me take out loans anymore since I'm not setup direct deposit through them anymore. Wouldn't even accept a $500 personal loan to build my credit history. Capital One gave me a $5,000 credit card upon signing up.
     
  11. Accidental Trucker

    Accidental Trucker Road Train Member

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    I prefer smaller, local or regional banks, because if you run into an issue, you can just call your local branch manager, and they can fix things. Try that with BofA. Done that, been there, what a mess.

    second, be really careful with putting loans, personal accounts and business accounts all at one bank. Almost all use contracts with cross-collateralisation clauses. That means that if you default on he terms of your loans, or even on loans not with that bank, they can just grab whatever you have in your other accounts and pay towards the loans. That can make a temporary little cash flow problem a business ending event.

    Good luck.
     
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