To answer the above, I went to two Ai Chatbots: Duck.ai at DDG (DuckDuckGo) and LuxChat at Luxxle and asked each two separate questions:
1. Should I have a separate bank account for my small business?
2. Why should I have a separate bank account for my small business?
Both DDG and Lux answered Q 1: Should I with 5 different responses, all in the affirmative. OK – so a small business, i.e., a notary, needs a separate account. Hey, I was a believer before.
Q 2: Why should I, gave me 7 reasons from DDG and 6 from Lux, which was more verbose than DDG. Lux also gave Practical recommendation, Quick rule of thumb & What to do (recommended numbers + routine)
Hey, I’m not going to give you the results I got! That’s not a judicious use of my time, when you can input the same questions into your favorite AI ChatBot.
So, two ChatBots agree with each other and with me – you should have a separate bank account for your small business. So what’s keeping you from having it – bank fees, the bank is intimidating, bank may pull your credit report? Have I got the bank for you! No Fees, No Credit Checks, Apply in the privacy of your home, No initial deposit, And get a debit card to boot.
Here’s a list of four no-fee, on-line financial institutions (banks) that I have investigated for your consideration. There may be others, but my main criteria was no-fee, thus allowing me practical experience with each of them. In alphabetical order:
Chime – Visa https://www.chime.com/online-banking/#pay-anyone
Discover - Cashback Debit https://www.discover.com/online-banking/
SoFi – MasterCard https://www.sofi.com/
Spendwell – Visa https://www.myspendwell.com/
Each of the above online “banks” is tied to a reloadable debit card, there are no fees, and usually no credit checks or credit reporting. For a comparison of SoFi versus Chime, go here: https://www.fool.com/money/banks/reviews/comparisons/sofi-vs-chime/
For SoFi versus Discover: https://www.cnbc.com/select/best-no-fee-checking-accounts/
As usual, if you have any questions, concerns, disagreements, suggestions, etc. please post a comment, I’d love to hear from you - All death threats call 800-700-7000
Enkidu45 out.