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Training 04 - Bank Accounts
Open Bank Account
Choosing a bank account for your business is a critical point in the weeks leading up to your opening. Here are some suggestions which may help you decide which bank would best suit your needs:
You must set up a business account if you have a legal business structure. You will also need the FEIN above. It is best to keep your business account separate from your personal accounts.
Even if you have a personal account with a particular bank, and you may feel comfortable dealing with them, they may not offer the best deal for your business. You should compare banks according to their various costs and charges.
Bank Charges: How much will your account cost? Are there levels of charge depending on the number of transactions processed per month? Is there an introductory period for new businesses?
Online Banking: The Company treats this as essential; you may want to do the same. You can check transactions online in a fraction of the time even spent on a phone call.
Interest: interest rates can vary between banks, and between accounts at the same bank. Some well-known banks pay no interest on your account balance; others may have trade-offs between free transaction costs and interest rates. Consider the benefits each account would provide in your case.
Small Business Team: Many banks have specialized small business units: these will offer a simple setup process and dedicated small-business bankers. You may have regular contact with your bank, so we urge you to consider banks that offer such dedicated relationships. Will the bank provide you with credit lines, credit cards, etc.? It’s helpful to set up credit lines early on and not wait till you need them.
Credit Card Charging Service: Having the ability to charge customer credit cards is a high priority, but not all credit card services allow CBD companies to use the accounts. Common services are fairly expensive, shop around and ask questions about fees. Paypal does not have a real policy but will allow you to fly under the radar, but label your products without using words like CBD or Cannabis.
Square.com has a special CBD program, it is worth signing up for it, you may need a test report to show that your products do not have mor than 0.3% THC. Contact us for the test reports. https://squareup.com/help/us/en/article/6821-square-cbd-early-access-program-faqs
Ask about CBD and Cannabis related banking. Most banks may frown on this type of business, check with your local credit unions who are often more favorable. Call us for more options.