Is it ok to open/use more than one business checking accounts (in different banks)?

Question

I just registered a small business and now would like to open a business checking account. I have been going to several banks in my area to find out which one is best. I am down to three options now.
1. Smaller bank (lack of features) but the banker has been very helpful in answering my questions (and had helped me in registering my business), so I feel I owe him.
2. Large bank (good features) and offer a great incentive of opening a new business acct.
3. Large bank (good features) and has the most ATMs and branches in my area.

Questions:
1. Is it okay to use more than one banks for my business account?
2.What happened if finally I only use one and let the other ones without activity?
3. Which bank would you choose for your small business?

Answer 1

I would go with the smaller bank that works with you but lacks "features". The smaller bank is going to handle most of their decision making procedures in-house which means the local bank will make the decisions about whether to loan you money, ect. They will also be more willing to work with you if you get into a bind and need to make a partial payment or skip a payment on a loan.

As a small business owner, why would you want more than one account? You are going to have to reconcile these accounts monthly, and that takes time away from the business of doing business.

Answer 2

Yes, you can open more then one personal or business. I see no benefit in opening more then on Business accounts if you are in the same area unless more then one business. You might get your self in some unwanted legal problems as it would raise a red flag when you do you taxes.

If you have businesses in different states it would be advise able to have an account in those states. It also makes running the business much easier.

Business accounts shouldn't go without activity again a flag raiser.

I would use your local personal bank if you starting a business. You would more likely get better perks from one you have a existing relationship with. Good luck.

Answer 3

Centier.This is a good bank to do business with.

Answer 4

You can open more than one account. I would get two.

One for your main business and another for credit/debit card merchant account. That if you are going to take credit/debit cards.

Answer 5

open as many as you choose