EIN Checking account

[Anonymous]

I'm starting my own business as a sole proprietor. I will be using my name for company so I didn't register to a corp or anything like that. I did get my EIN number this week. I'm just a little bit confused as to how I should apply for a checking account with the EIN instead of my social security. Also, when you apply with your EIN and give them your social security, do they check your credit? What is the procedure? I have a negative account on chexsystems which I'm currently making payments to the bank but it wont be settled until probably late May. Any help on this is greatly appreciated. Thanks!

[Anonymous]

Typically, since your business has no credit history they will check your personal credit using your SSN.

[Anonymous]

When I last opened a biz checking account-

I just took my Business License to my bank and they opened a new buisness account w/o and issue or credit check-

[2Bfree]

Timothy, What about home base businesses such as Avon who advise you to open a business bank acct seperate from your own personal acct.  I have to pay under Quick Pay which I pay for my shipments than I collect the payments from my customers.  Could I set up a business acct?  Do I need to apply for an EIN number?  I have an EIN number from a former business that I decided not to go with, but I never open any acct before under any personal business.

Do anyone have any banks they suggest would be good to go with when opening a business bank acct and maybe want pull a hard inquiry?

[Anonymous]

You should no comingle you biz and personal accounts-

Her in AZ all businesses need to be licensed-

I just took the license to my bank-

You don't NEED and EIN unless you have employees-

An EIN may make it easier to seperate your biz from personal credit when it's a SP.

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2Bfree wrote:

Timothy, What about home base businesses such as Avon who advise you to open a business bank acct seperate from your own personal acct.  I have to pay under Quick Pay which I pay for my shipments than I collect the payments from my customers.  Could I set up a business acct?  Do I need to apply for an EIN number?  I have an EIN number from a former business that I decided not to go with, but I never open any acct before under any personal business.

Do anyone have any banks they suggest would be good to go with when opening a business bank acct and maybe want pull a hard inquiry?

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[Anonymous]

My career is based at home and I travel 6 week-ends a year to conduct sales.  I still keep business and personal accounts separate, including savings accounts for each.  Then I run a pay myself and my  assistant on a fixed payroll, keeping most of the money in the business just to keep the business growing in a positive  direction.  Occasionally, I might have to make a business purchase from my personal account, however, I immediately reimburse myself from the business -- with a check having a notation of what the additional payment is for -- to keep records accurate.  If you are opening a business account with the bank where your personal accounts are, there won't be any problem with credit pulls.