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Home Movers and Shakers What Can You Do About Business Bank Account Right Now?
  • Movers and Shakers

What Can You Do About Business Bank Account Right Now?

By
Andy Jacob
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    If you’re a business owner, then you know that it’s important to have a bank account specifically for your business. But what do you do if you’re having trouble opening one? This blog post will discuss the options available to you and how to proceed.

    bank account

    How to open a business bank account

    A business bank account is important for several reasons: it helps to keep your personal and business finances separate, makes bookkeeping simpler, and can make your business appear more professional to customers and suppliers. In this case, to start a new account, you have to first choose a bank and then visit the branch to open an account. When you go to the bank, make sure to bring your business license or formation documents as well as your Social Security number or Taxpayer Identification Number.

    Reasons for having trouble getting approved

    * Credit score

    If you’re having trouble getting approved for a business bank account, it may be because you don’t have a good credit score. It’s also possible that the bank is concerned about your business’s ability to generate enough revenue to cover the account’s monthly fees. If this is the case, you may need to provide additional documentation such as a business plan or financial projections. For more detailed information visit Gordon Simmons Service Credit Union.

    * High-risk industry

    Another reason you may have trouble getting approved for a business bank account is if your business is in a high-risk industry. Banks are often reluctant to work with businesses in industries such as gambling, cryptocurrency, or adult entertainment. If your business is in one of these industries, you may need to look for a bank that specializes in working with high-risk businesses.

    How to proceed if you’re having trouble getting approved

    If you’re having trouble getting approved for a business bank account, there are a few things you can do. However, you have to keep in mind that the options available to you will depend on the reason why you’re having trouble getting approved in the first place.

    If it’s because of your credit score, you may need to wait until your score improves or look for a bank that’s willing to work with businesses with bad credit. If it’s because your business is in a high-risk industry, you may need to look for a bank that specializes in working with businesses like yours. In either case, it’s important to do your research and make sure you’re choosing the best option for your business.

    * Try another bank

    Not all banks have the same requirements for opening a business bank account. If you’ve been having trouble getting approved, it may be worth trying another bank. This is especially true if you’re having trouble because of your credit score or industry. Nevertheless, some banks specialize in working with high-risk businesses, so it’s worth doing your research to find the right one for you. More often than not, you will find these banks online.

    * Look for a credit union

    Credit unions are another option to consider if you’re having trouble getting approved for a business bank account. Credit unions are often more willing to work with businesses that have bad credit or are in high-risk industries. Just remember that you’ll need to become a member of the credit union before you can open an account. This means that you have to meet their requirements, which can vary depending on the credit union.

    * Use a business checking account service

    There are also several business checking account services that don’t require a credit check. These services can be a good option if you’re having trouble getting approved for a traditional bank account. However, it’s important to compare the fees and features of these services before you sign up. Also keep in mind that some of these services don’t offer a debit card, which can be a problem if you need to make frequent purchases.

    * Apply for a business credit card

    A business credit card can help you build up your credit score and show the bank that you’re capable of managing your finances. If you’re having trouble getting approved for a business bank account, consider applying for a business credit card. Just make sure to use it responsibly and pay your bill on time to avoid damaging your credit score. Rest assured that in time, you’ll be able to find the right business bank account for your needs.

    bank account

    Opening a business bank account is an important step for any business owner. But if you’re having trouble getting approved, don’t worry – there are still options available to you. Just make sure to do your research and choose the best option for your business.

    • TAGS
    • bank account
    • Bookkeeping
    • Business Bank Account
    • credit score
    • credit union
    • cryptocurrency
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    Andy Jacob
    http://www.AndyJacob.com
    Andy Jacob, Founder and CEO of The Jacob Group, brings over three decades of executive sales experience, having founded and led startups and high-growth companies. Recognized as an award-winning business innovator and sales visionary, Andy's distinctive business strategy approach has significantly influenced numerous enterprises. Throughout his career, he has played a pivotal role in the creation of thousands of jobs, positively impacting countless lives, and generating hundreds of millions in revenue. What sets Jacob apart is his unwavering commitment to delivering tangible results. Distinguished as the only business strategist globally who guarantees outcomes, his straightforward, no-nonsense approach has earned accolades from esteemed CEOs and Founders across America. Andy's expertise in the customer business cycle has positioned him as one of the foremost authorities in the field. Devoted to aiding companies in achieving remarkable business success, he has been featured as a guest expert on reputable media platforms such as CBS, ABC, NBC, Time Warner, and Bloomberg. Additionally, his companies have garnered attention from The Wall Street Journal. An Ernst and Young Entrepreneur of The Year Award Winner and Inc500 Award Winner, Andy's leadership in corporate strategy and transformative business practices has led to groundbreaking advancements in B2B and B2C sales, consumer finance, online customer acquisition, and consumer monetization. Demonstrating an astute ability to swiftly address complex business challenges, Andy Jacob is dedicated to providing business owners with prompt, effective solutions. He is the author of the online "Beautiful Start-Up Quiz" and actively engages as an investor, business owner, and entrepreneur. Beyond his business acumen, Andy's most cherished achievement lies in his role as a founding supporter and executive board member of The Friendship Circle-an organization dedicated to providing support, friendship, and inclusion for individuals with special needs. Alongside his wife, Kristin, Andy passionately supports various animal charities, underscoring his commitment to making a positive impact in both the business world and the community.

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