Biz Miss

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4 Responses to “Business Checking Round-Up”

  1. rena Says:

    ooh how do i waive the int’l wire fee from WAMU? i could have sworn they told me they were free when i signed up, but i get hit with the $20 fee every time..

  2. bizmiss Says:

    Just open a free personal checking account (you only need $1 to do this) and transfer the amount you want to wire from your business account into it. You can do this at any ATM or have the banker who’s handling your wire do it for you. Then wire the money from your personal account. WaMu doesn’t charge a fee for international wires from personal accounts, just business ones.

  3. Torbu Says:

    Hi bizmiss,
    how does the Free Business Checking work these days with WaMu in bankruptcy and parts of it being acquired by chase?

    Re: your comment on how to avoid the int. wire fee, doesn’t this pose the risk of mixing personal and business and opening the door for law suites to impact your personal finances?

  4. bizmiss Says:

    Hi Torbu,

    Those are great questions. So far there has been no change to my WaMu Free Business Checking Account. If you have one already, it operates exactly the same as it always has. If you want to open one, you can still do that, too. Basically, JP Morgan Chase has way too much on its plate to make any immediate changes to the way WaMu accounts operate, though this may change in the future. For more specific info about the takeover, here’s what Chase has to say.

    You’re right that it’s always best to separate personal and business finances, but in the case of my WaMu accounts, there are no personal finances in my personal account. There’s no money in it at all, in fact. I just use it as a wire transfer funnel to avoid huge fees. Nobody can sue me for doing this since the WaMu bankers taught me how.

    From a general liability standpoint, as a sole proprietor, I AM my business, so my personal assets are vulnerable to a lawsuit against my business and vice versa, regardless of what type of bank accounts I keep them in. If you’re in the type of business in which you are likely to get sued, you may want to consider setting up a Limited Liability Company. In California LLCs are more expensive and complicated to operate than sole proprietorships, but they do offer some protection from lawsuits.

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