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Thread: Bank Accounts + Phone Accounts......

  1. #1
    Member of forum SM MOWING's Avatar
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    Default Bank Accounts + Phone Accounts......

    Been bank and phone shopping of late to get the best deal. I know that as a business we are technically required to setup "business" accounts with the banks. But after reviewing a number of banks the business account deals are way over priced compared to "personal" accounts. Most basic personal accounts cost nothing and have unlimited free transactions for everthing except for special items like purchasing cheques etc Where as most business accounts you pay a monthly fee and only some transactions are free where as some you pay for per transaction. I guess my question here is... do we really need a business account or can get away with using a personal account since we are mostly sole traders??
    Independent and i know it

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    Senior Member PaulG's Avatar
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    Default Re: Bank Accounts + Phone Accounts......


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    Member of forum watlebird mowing's Avatar
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    Default Re: Bank Accounts + Phone Accounts......

    I did the same looking around and in the end just decided to use a personal acc, Iv'e had no probs so far the only catch is I can only deposit cheques if the are made out to me not the biz name but makes very little difference other wise for a sole trader
    Cheers
    Ben


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    Member of forum Antic's Avatar
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    Default Re: Bank Accounts + Phone Accounts......

    Yes,I had a similar situation.

    In the end I decided to stay with my personal account, you can still have cheques made out to your business name as long as "bearer"is not crossed off.
    Which means you can present the cheque for deposit into your personal account cause it is made out to "Jo Blow or "bearer" of the cheque.

    Never had an issue so far.

    As far as phones go I just switched over to a Galaxy 2 Smart Phone, mostly cause I can get he BOM Wether Radar up on the screen and see if and when the rain will pass over or not, or if there is anything following the storm.
    Also I can send and recieve e-mails on the run and lots more......bloody awsome really......
    Never argue with an idiot, they will drag you down and beat you with experience

  5. #5
    Senior Member happymowin's Avatar
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    Default Re: Bank Accounts + Phone Accounts......

    personal

    they cant "make" you get a business account

    i just get all clients to make any cheques out to me personally (i dont have a business name anyway)

    most pay cash or direct deposit now;

    "a cheque? whats that?" the kids ask nowadays - lol primitive money, son

  6. #6
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    Default Re: Bank Accounts + Phone Accounts......

    probably best if using a personal account for a business account to open a separate account and as others have said the only problem can be cheques if the client writes them out to your business name you may have to get them to rewrite them
    Anything Ian says may or may not be garbage, it may also be his own opinion or it may not be his opinion at all, it may just be something he felt like stating anyone following his advice does so at their own risk and may be doing something Ian would actually advise against.
    And if you don't like what Ian has to say use the ignore function if you don't know how ask i will gladly tell you

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    Member courty's Avatar
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    Default Re: Bank Accounts + Phone Accounts......

    I find it easier to have a seperate business account. If they want to charge fee's,tell them you will go else where,worked for me.
    "I'm not alone cause the tv's on yeah,I'm not crazy cause I take the right pills.... everyday" Jimmy Eat World

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    Member Tender Lovin Lawn&Garden's Avatar
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    Default Re: Bank Accounts + Phone Accounts......

    I have a commonwealth account they gave me a immediate 500 overdraft and it only costs me $10 a month ive never had transaction fees not sure if there is some after a number of transactions but i do lots of transactions and cheques.

  9. #9
    Member Redeye's Avatar
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    Default Re: Bank Accounts + Phone Accounts......

    use a building society or preferably a credit union, open a personal account as "joe bloggs t/a jbmowing" (t/a = trading as)




    http://curraronggardening.com/

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  10. #10
    MEMBER Pulse's Avatar
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    Default Re: Bank Accounts + Phone Accounts......

    In NSW we Have ING Direct , they have a Business Optimiser account. It has no frees, Charges or Minimum balance.
    It payes A welcome rate of 5.75% ( variable) for the first 6 months then it goes back to 4.50% .

    Check out there web site.

  11. #11
    Senior Member BLACK BEAR's Avatar
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    Default Re: Bank Accounts + Phone Accounts......

    Quote Originally Posted by Antic View Post
    Yes,I had a similar situation.

    In the end I decided to stay with my personal account, you can still have cheques made out to your business name as long as "bearer"is not crossed off.
    Which means you can present the cheque for deposit into your personal account cause it is made out to "Jo Blow or "bearer" of the cheque.

    Never had an issue so far.

    As far as phones go I just switched over to a Galaxy 2 Smart Phone, mostly cause I can get he BOM Wether Radar up on the screen and see if and when the rain will pass over or not, or if there is anything following the storm.
    Also I can send and recieve e-mails on the run and lots more......bloody awsome really......
    The wife is wanting an apple 4 and I also may be looking that way. Never thought i would but email, radar, good camera and other things - and apparently even old ba*****s like me can use them quite easily.

  12. #12
    Member andy056's Avatar
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    Default Re: Bank Accounts + Phone Accounts......

    Quote Originally Posted by BLACK BEAR View Post
    The wife is wanting an apple 4 and I also may be looking that way. Never thought i would but email, radar, good camera and other things - and apparently even old ba*****s like me can use them quite easily.

    Yeah I have always been against the apple iphones etc, until recently I went and got one for me and the business partner each and they have been great, able to check weather, send email especially about jobs booked in etc, camera, send invoices using invoice 2 go etc it is much easier than before

  13. #13
    Member Tender Lovin Lawn&Garden's Avatar
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    Default Re: Bank Accounts + Phone Accounts......

    Quote Originally Posted by andy056 View Post
    Yeah I have always been against the apple iphones etc, until recently I went and got one for me and the business partner each and they have been great, able to check weather, send email especially about jobs booked in etc, camera, send invoices using invoice 2 go etc it is much easier than before
    I would think they would get killed by the sweat and dirt
    Tender Lovin Lawn and Garden Care
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  14. #14
    Senior Member PaulG's Avatar
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    Default Re: Bank Accounts + Phone Accounts......

    Quote Originally Posted by Antic View Post
    As far as phones go I just switched over to a Galaxy 2 Smart Phone,
    I've had one now for about a month or two also. There's a lot I like about it and a lot I don't. I'm with Vodafone and keep getting network dropouts, some days going for most of the day without service. The mouthpiece microphone seems to be very lousy too as 1 in 2 of my callers say there is a lot of interference and crackle.

    It's handy being able to check weather and emails though. Waiting for the day when I can sync software with the phone for invoicing emails to clients.

  15. #15
    Senior Member PaulG's Avatar
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    Default Re: Bank Accounts + Phone Accounts......

    Quote Originally Posted by Tender Lovin Lawn&Garden View Post
    I would think they would get killed by the sweat and dirt
    They are definitely more maintenance than a regular old digital phone and are so hungry on the battery that I have mine on the charger constantly.

    Heavier and bigger in the pocket too.

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