Best Online Business Bank Account, and do I need checks?

[CYC]

Hi Everyone,

I just set up an LLC for my ebay business and am shopping business bank accounts. I of course would love to have low fees or no fees. I’m also looking at B-corp banks and/or banks that have a positive social impact such as Aspiration (online only), Amalgamated, etc. None of the banks I am finding have local offices so they would be completely online for me.

My question is, do I need checks (many of these banks don’t seem to offer them)? Has anyone else had experience with these banks or do you have an online bank you recommend?

I was looking at local banks, but I don’t want to support banks that funds things I am not agreement with. I’d rather my money go to things I support.

Any insights or suggestions are greatly appreciated!

 

 

 

[gargolfer]

@CYC – I use Charles Schwab online bank. I am not sure what you are looking for as far as what they fund, but this bank is awesome. Free checks and they reimburse you any fee you are charged at any ATM to withdraw funds. Also pays interest on checking and savings. I have 3 checking accounts tied to one account with them (1 Ebay, 1 for me, 1 for my wife). We also have our savings and roth IRA’s in this account. We can transfer funds as needed between accounts. I believe they require you to open a brokerage account that is also tied to it, but you don’t ever have to use it if you don’t want. Their customer service is also amazing anytime you have any issue. Super easy to get someone on the phone and they are very quick to resolve issues or help you with any account.

If you decide you want to use them, let me know. I can send you a referral code and they will give you $100 for free if you fund your account with at least $1000. My son opened one a few years ago for his eBay store and he got the $100.

[CYC]

Thank you @gargolfer I will check them out!

[ctebay]

Perhaps also look at credit unions instead of just banks based on your criteria above.  They are less likely to have as many fees and often are more local, community-based, more positive impact

[Jay]

We just chose our little local bank with three branches. They mainly invest in the local area, giving loans for local home owners and businesses. Plus, its nice that we can always talk to someone in person who knows us.

[So Cal Joe]

I haven’t ordered checks in years.

If I actually have to send one, I can do it on the bank website and a physical check gets mailed to the other party. I have a routine service done at my house once a year and this is how I pay for it.

Otherwise, all my banking is done online. If I choose, I can even deposit checks through the bank App, but I prefer to use the bank ATM to do this.

As a rule, physical checks can be risky, because your account number and routing umber is printed on them.

[CYC]

Thanks @ctebay and @Jay those are good points. I think I may be leaning in that direction. I’ve been doing some research today and found a local small bank which may meet my needs. I do like the idea of being able to speak to someone or drop in if needs be and of a smaller organization.

 

[CYC]

Thanks @so-cal-joe that is a good point. I wasn’t certain how checks could even work if I didn’t have a paper one on hand 🙂 So thanks for explaining how that would work. Things have changed so much that even talking about checks seems so old fashioned but I KNOW there will be that one instance when I would need one!

[Author]

Posts