0
There are many reasons for a business to have multiple bank accounts, depending on the size of the business. Most companies start with an Operating account, as the company grows, they may add a payroll account to keep their Operating funds and Payroll funds separate. As they continue to grow the would most likely add an investment account and change their operating account into a Sweep account. What this means is once their operating account gets above X number of dollars the surplus is "swept" (Transferred) into the investment account so the money can earn interest (most operating accounts do not pay any kind of interest). If the company receives alot of check payments by mail (like utility companies) they would also use a Lockbox account. When you send a payment to a PO Box, those payments are heading to a bank to be processed and usually aren't handled by the company you are paying. The bank will process the mail and deposit the funds into an account, and send a report showing who has sent in payment back to the company. This is just a small portion of the types of accounts a business may want or need as it grows in size
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
How do you apply for a bank account?
If you are more than 16 years old you can walk into any bank with a valid identity proof and address proof and open an account. The bank would ask for other documents from you and if you provide them, your account would be opened. It is always a good idea to take someone who has an account with the bank already, this way the account opening process gets easier because of an existing customer referring you.
Can you reopen a bank account that's been closed?
No. Once a bank account is closed, the account number remains unused by the bank for seven or more years (it varies by individual bank). You may reopen a new account with the same bank, provided the first account was not closed by the bank for improprieties perpetrated by you.
How do you open offshore bank account?
Opening an offshore bank account varies depending on the country. It depends for what you want to use the bank account. If it's a corporate bank account for running a business, then proof of your company and proof of the resident directors' addresses will be required. Some jurisdictions (countries) require a minimum amount of investment that is very high; some do not require any. What matters more is WHERE you want to set up an offshore account. Some places, like Hong Kong and Singapore, are world-renowned for their business tax breaks and many people choose to open bank accounts in these jurisdictions for ease and security.
What is it called when two or more people share a bank account?
A joint-account
How do you register more than one account us bank?
You go to bank and open another account like you did the first time.
How does one get a bank loan for starting a business?
You can get a bank loan to start a business by going to your local bank, where you have an account. The bank where you have an account will give you a load more quickly. Ask them which options are available for you.
How do you have a joint bank account?
You can have a joint bank account when two or more individuals especially in a partnership business opens an account with the firm name and have more than one signatures.
How can you open an account if i dont have an introducer in sbi bank?
Yes it depends on tha bank in which you are opening an account. nowadays banks want more business so they allow you to open an account without an introducer I have opened my account without an introducer
Would a large check cause your bank account to be frozen?
Possibly. Contact your bank for more information concerning why your account is frozen and how you should proceed.
Who signs a cheque?
The authorized signatory or signatories of the bank account. If it is a personal bank account this would normally be the owner of the account. For a company, it would be any authorised person, whose specimen signature the bank holds. Sometimes, cheques require more than 1 signature.
How do you apply for a bank account?
If you are more than 16 years old you can walk into any bank with a valid identity proof and address proof and open an account. The bank would ask for other documents from you and if you provide them, your account would be opened. It is always a good idea to take someone who has an account with the bank already, this way the account opening process gets easier because of an existing customer referring you.
How you get interest rate?
First you need a bank account and money you put the money in the bank account, wait for a year or two and then you get more money in your bank account
Where can one find bank account offers?
There are multiple places to find out more about bank account offers. The best place to search would be on the bank website itself. Try various banks like RBC, TD and BMO.
Can you reopen a bank account that's been closed?
No. Once a bank account is closed, the account number remains unused by the bank for seven or more years (it varies by individual bank). You may reopen a new account with the same bank, provided the first account was not closed by the bank for improprieties perpetrated by you.
Where can I get a business auto loan in the US?
A business auto loan in the US can be obtained from a bank, credit union or from the automobile dealership from which the car is located. The larger and more successful the business, the more likelihood of the business obtaining the auto loan from a bank or a credit union using the business as an entity instead of the individual requesting the auto loan. Simply select the bank that has more desirable interest rates and loan term and then complete a loan application using the business name. The business will have to set up a bank account using the business name to get the business loan. Again, the business loan can be obtained from any financial institution that offers loans to businesses.
Do concession stands have to have business licenses?
Generally, yes. You also have to have a business bank account for tax purposes. Once your business is established, you can write off most or all of your supplies and equipment. For more information about business licenses: [url=http://www.businesslicenses.com]Business Licenses[/url] For more information about concessions equipment / supplies: [url=http://www.missionrs.com/mm5/merchant.mvc?Search-Result=concessions]Concessions Equipment & Supplies[/url] For more information about business bank accounts: [url=http://homebusiness.about.com/od/getstarted/a/business_bank.htm]Business Bank Accounts[/url]
Can i have more then 10000 in your bank account?
Yes.
