Posted by Ever/CA on 7/7/07 1:17am
Msg #198804

Multiple names on business checking account?

Hi, guys. For those who maintain a separate business checking account for two or more businesses (i.e. besides notary), did your bank allow you to have multiple names (i.e. the payee name on the checks that clients send you as payment) registered with the same account? And if so, did the names have to be officially registered with your city/county?

I recently changed my business registration with my city to "Olano Business Services" to cover other services. I just got a check from a title company made out to my former notary-exclusive business name. So, I'm wondering if I can open a business checking account with both my new official business name and other "aliases" that clients might come up with when paying me. Of course, I'll find out the answer tomorrow when I go to my local branch here (couldn't find anything on google) but I thought I'd kick this around tonight to see if anyone here knows the answer.

Thanks for any inputs.
Ever

Reply by ZeeCA on 7/7/07 1:42am
Msg #198806

My understanding is that you might be able to deposit the check but not cash it and a hold would be placed on funds...........

do both names have Olano in it?

Reply by Ever/CA on 7/7/07 1:52am
Msg #198807

Yes, the notary business name also starts with Olano. I tried to deposit it into our personal checking account but of course, no can do. So, either I'm going to have to open a business checking account (with different business names/aliases, hopefully) or ask the TC to write another check (which, for obvious reasons, would be my last resort). I did say to make the check payable to my personal name when I sent them my invoice. But that's another story.

Thanks!

Reply by Becca_FL on 7/7/07 11:02am
Msg #198825

If you don't want to bother the TC for another check, you could take it to a check cashing company. Take the check, your ID, the signing CO and a copy of your business license. I've had to do this once and I'd rather pay the 1.5% to cash the check than bother the TC for another check. If you do another closing for them, just be sure to clarify upon acceptance and on your invoice...try highlighting the "please make checks payable to" blurb.

My bank used to be very strict about the payee name, but not anymore. Heck they ran a check through made out to Rebecca ZAIR a few weeks ago. Go figure?

Reply by Sylvia_FL on 7/7/07 12:56pm
Msg #198839

Re: Multiple names on business checking account? -Becca

" Heck they ran a check through made out to Rebecca ZAIR a few weeks ago. Go figure?"

Several years ago I gave a check to a boutique I used to shop at regularly, and for some reason made the check out to the flower shop I frequented. The assistant never noticed and the check went through the bank, the bank credited the boutique without questioning it.

Reply by Ever/CA on 7/7/07 7:03pm
Msg #198869

>> Take the check, your ID, the signing CO and a copy of your business license.

Hi, Becca. What do you mean by "the signing CO"?

Thanks,
Ever

Reply by Ever/CA on 7/7/07 7:33pm
Msg #198873

Oh I think I know... signing confirmation order.

Reply by Becca_FL on 7/7/07 10:59pm
Msg #198884

You got it, Ever.

Reply by Lee/AR on 7/7/07 3:09am
Msg #198809

In my experience, banks--like people--have different ideas. I have one (stupid) bank who refused to allow my spouse to make a deposit to my account. My current bank will accept/deposit/cash a check made out to my name or my business name or even a combination...tho' the account is in my name. My best advice: Check 'em out/explain the situation and see what their idea is.

Reply by Rachel/ORWA on 7/7/07 12:50pm
Msg #198837

Lee, was this B of A, by chance? Same thing here. n/m

Reply by BrendaTx on 7/7/07 1:12pm
Msg #198841

Not B of A but here it is the same.......Flag my account:

Anyone can deposit good funds in my account at anytime--cash accepted!

Notice I said, "Good funds." With the high check handling fees on accounts the truth is that none of us would be very happy with a bank if a non-signatory deposited a pile of bad checks into our account and we paid the consequence.

It is still doable by mail.

If you really wanted to screw with someone all it would take is manufacturing a bunch of bad checks with a check writing program (makes real checks/I have one I bought in '00) and the knowledge of the location of bank account.

Write the checks to Suzy Que. Execute the back of them for deposit only. Send to bank via mail or via night deposit with a note to deposit into the account of me, Suzy Que at address, and I am sorry but I don't have my account number with me right now.

Some banks would not charge the person with the backlash, some would.

An unrelated storyy - - - - -Warning!!!

While I am on the subject of night deposit, once I went to my bank at just before dark. A woman in shabby but churchy type clothes approached my car and asked for money for gas. Said she'd been at a christening in town and didn't have her wallet and she needed to get back to Houston. Spidy sense ensued. I told her to get the H away from my window and I took off. Out of the corner of my eye I noted to the left of me had pulled up in an older car a rather LARGE sinister looking fellow who was there for no good reason and seemed to be getting out of his car. It was her job to distract me and then what???? I don't know. I didn't wait to find out.

My little town is very safe, but this particular night drop is not able to be seen by the main street.

Rather an interesting place to panhandle money, I'd think.

Lesson learned! I was a fan of the night drop once upon a time. No more. I do my banking during business hours! It was scary.

Reply by Rachel Harvey on 7/7/07 1:24pm
Msg #198842

OT: Brenda, maybe it's just Texas... jk...

As a young twenty-something, I lived in Houston for a couple of years. A friend and I were "parked" somewhere off the 610 loop, overlooking the city lights...
All the sudden, there was a man beating another man with a chain, in front of the car. My friend immediately put the car in reverse to leave, as I was protesting that we had to help the poor victim. He laughed at me, and as I looked back through the window, I realized he was right; it was a scam. At the very least, we would have been robbed. Later, I realized there had been absolutely NO sounds to the incident... very spooky.

Reply by BrendaTx on 7/7/07 1:51pm
Msg #198844

Lesson: Get yourself out of harms way before you help anyone

Social engineering and kindness are preyed upon all the time...even though I am a very tenderhearted person I don't fool around with people getting into my "space."

Reply by Rachel/ORWA on 7/7/07 2:02pm
Msg #198846

Yep. None of us are invincible. Good lesson to learn. n/m

Reply by Kevin/Ct on 7/7/07 3:40am
Msg #198810

This is not a good idea. It is best to keep a separate account for each business. Otherwise the funds become subject to the laws of joint tenancy. If one of your businesses is sued, and the plaintiff garnishes the funds to satisfy the judgment...the garnishment is going to impact on the financial stability of your other business rather than being limited to the business that was sued.

Reply by liz/IN on 7/7/07 12:01pm
Msg #198832

The bank that I worked at had very strict rules about cashing or depositing a check made out to a business name. They can only be deposited to a business account of the same name. This is for the customers protection, because you may not be the only owner of the business. They can't let one person cash or deposit a business check into a personal account. You need an account with a DBA or all of your business names on it. You can do this, talk to the new accounts rep at the branch you use most often. Eventually the tellers will start to recognize you, and will know that you are that business. We kept files with your partnership papers or sole proprietorship so that if there was any question, we could refer to them. Usually though, one of the other tellers knew the person, and would okay it. That's why it's good to establish a relationship with the branch you use most often.

Reply by Rachel/ORWA on 7/7/07 1:05pm
Msg #198840

I agree: separate accounts, separate books...

Excellent point, Kevin. In addition, it's impossible to tell if each separate business is profitable unless the income and expenses of each are kept separate. (I realize books and bank accounts are two different animals; your point of joint tenancy then comes into play.)

In a previous life, my husband and I owned and operated a gas station/food mart/drive-through espresso bar, all under the same roof. We tracked each as an individual profit center. We knew for a fact that a local competitor was operating his gas pumps at a loss and supporting them with his store business. We had the same brand, same distributor, reasonably equivalent employee ratio, etc. We had to assume he wasn't tracking them separately; why would anyone want to have higher volume at a loss per item (hour, widget, etc.)? In this case, more volume=deeper hole.

If a person chooses to let one business support the other (e.g., off-setting seasonal spikes), by tracking them separately, one at least knows the relationships and can adjust when it skews out of tolerance.

JMO, natch.

Reply by qmriley on 7/7/07 12:49pm
Msg #198836

I have always deposited my checks into my personal and/or my business account never had a prroblem. Since I signed the signature card for both. you should be able to deposit.

Reply by Ever/CA on 7/7/07 6:50pm
Msg #198868

Thanks for everyone's replies. Given that I couldn't do the following:

1. Deposit the check into our joint personal checking account (for obvious reasons).
2. Open a business account with multiple names on it (the bank requires that an account be associated with only one type of business).
3. Cash the check at Safeway. They said it had to be in my name, which of course, if it was, then I wouldn't have bothered going to them.

The options I have now are to:

1. Open a business checking account for my notary business (and at least another one for my other businesses).

2. Try the other check-cashing services as suggested by the Safeway person as well as by someone who replied to my post here. (Sorry, too lazy to go back to see who it was. You know who you are. Thank you! ).

3. Try and email the TC and ask if I could send them back the check and have them send me a new one with my personal name on it. Like I said, I did indicate I wanted it made out to my personal name on the invoice. I guess I'm going to have them remove my business name from their records so this won't happen again.

Thanks again.
Ever