Try to Open Business Bank Accounts For Bad Credit?
For most people, getting a business bank account is not an easy task, especially when you have a history of bad credit. In fact, perhaps, you have been denied for so many times. But I can tell you it is not a big challenge at all, if you learn the right method.
There are so many banks or financial institutions can offer a special checking account for those who have a poor history of bad credit. What they require is just a certain amount of initial deposit. For example, some banks request just 500 or a little more dollars as initial deposit.
And then you can get a “secured account”. Later, If the account can be carefully kept in good standing for 12 months long, the bank may consider converting the account over to another type of account with standard business function.
So, the advantage of this method is that you can easily go ahead and set up merchant services for those things such as credit card processing and so on. But the disadvantage is that you have to pay the banks more higher service fees for the kind of accounts.
Another Good Method of Getting A Business Bank Account For Bad Credit
You may have heard of the second chance checking account. Sure, it is another good method for you to open a new business bank accounts. It is just an online banking service which will not support those checks written although the bank will send you a real debit card.
And you should know it has been listed in the Chex Systems although the second chance system is another solo database. All the banks will report mishandled financial and bad credit accounts here.
At the same time, you can acquire another specialized credit card for you to pay as you go and use it as a common bank account. You can also deposit money into this kind of bank account. What you should pay more attention is that you should pay more higher fees for such an account than other common bank account. Please be sure that you have check all the terms provided by the banks so that you can know clearly that what bank account you are opening.
At last, if you have a good relationship with some banks, you can also get a new account even you have a bad credit history. In such a case you can also check into a special account named “DBA”. The type of accounts may depend much more on personal information such as a tax ID or employer ID number. In fact, there are many independent contractors and sole proprietors like to use such DBA accounts. There are also many financial sites supporting the transactions online, if you heard of the famous “PayPal” which allow the user to accept credit card payments if your identity has been verified.