This section of the forum is for discussing the business and finance issues of the t-shirt industry. Which business structure to use (sole proprietor, LLC, S Corp, etc), how to handle billing, where to register your business and get the proper licensing, etc.
Unless things have changed since the last time I opened an account, banks don't check your credit for checking accounts. They only check that clearinghouse to make sure you haven't stiffed another bank with unpaid overdrafts.
I don't know what state you're in, or what your circumstances are, but here's a couple of tips:
1. When you're looking around for a business checking acct (and other needs) stay away from the big guys if you can. They'll kill you with fees. A locally based smaller bank will usually try harder to get and keep your business.
2. If you're looking for credit card processing - DON'T. Don't do ANYTHING until you've been around a while. Use paypal if you're processing on line. If you're selling locally, don't sign any contracts. I've been burned TWICE - and I'm on my third processing company in a little over 2 years. It's an area where mistakes are VERY expensive. (that's another post - one I may make some day - but it'll be very, very long). Keep in mind most companies WILL check your credit for credit card processing.
actually part of my bad credit.. is actually bank related, had a bank that was mine that my father ran up a HUGE overdraft on that I could not afford to pay, So they shut it down, so am I in trouble with this? I am in the process of paying it back
Sounds like the only way that you may find this out is to try to open an account and see what happens. I agree about the smaller banks. I've switched banks several times since I started, as banks kept swallowing each other up and the fees would change. If you shop around, it's likely that you could find one with no monthly fees.
we have no monthy fees at washington mutual for our business account.. the only fee we have is if we deposit more than like 4,000 in cash a month they they charge us a small fee.. we can deposit all the checks we want..
I know this makes no sense.. but its the rule there..
But our business is not really a cash type business anyway so it doesnt matter to us..
what we needed to open a business acount was the info that we had filed our dba..
thankee
sue
I've been burned TWICE - and I'm on my third processing company in a little over 2 years. It's an area where mistakes are VERY expensive. (that's another post - one I may make some day - but it'll be very, very long).
I'd like to see that post & hear more about it. We've had a merchant account with one outfit for 2 year now with no real trouble, so maybe we've just been lucky.
Irun, you're best bet is to go talk to a bank & see what they'll do. Shop around and talk to the actual banks rather than speculating what they might or might not expect. If you haven't filed with your state for a business license yet, do that first.
2. If you're looking for credit card processing - DON'T. Don't do ANYTHING until you've been around a while. Use paypal if you're processing on line. If you're selling locally, don't sign any contracts. I've been burned TWICE - and I'm on my third processing company in a little over 2 years. It's an area where mistakes are VERY expensive. (that's another post - one I may make some day - but it'll be very, very long). Keep in mind most companies WILL check your credit for credit card processing.
Good luck!
Im on my second cc processor for my business. (its a actually store)..
We left the first one cuse we thought the rates were to high.. the second one sounded better.. but they are tricky as in how they write their contracts.. and we are still paying too much..
I pay hundereds every month.. and It drives me nutz..lol..
We have alot of credit card business.. but still.. its one of those things that bugs me
As soon as my contract is about up.. I will be shopping around again.
IRun, go to equifax.com and get a credit report for yourself. Have your partner do one as well, while you're at it. Even if you had bad credit in the past, if your recent credit is good it might not be as bad as you think it is.
tho i dont think equifax.. will show the problem per say if it was a checking account problem he had before. If you go here https://www.consumerdebit.com/consum...port/index.htm
you can get a free copy of anything chexsystems has on you.. which is what banks check when you open a bank account.
If you have a small local credit union you might find some help there, they're often more likely to give you a chance -- especially if you are able to keep a small savings account as well to kind of "back up" your checking account in case of a problem. Good luck to you.
Business Bank Account 
