Personal bank account for a corporation

[davedale]

As you may very well be away, bank corporate bank accounts tend to be costly. Is it possible to keep any revenue on a personal bank account or is that generally frowned upon?

[Freelancier]

You might as well not have the corporation if you're going to co-mingle personal financial accounts with corporate ones, because that's a sure way to "pierce the corporate veil".

On the other hand, corporate bank accounts are only costly from big-box banks. There are alternatives, although they might not appear to be as convenient at first glance. We use Schwab for all our corporate banking and they don't charge us anything for the privilege of keeping our money.

[MyITGuy]

Costly? I have several banks in my area that offer free checking to businesses.

Personal Bank Account for a corporation - Absolutely not!

[nealrm]

You should not commingle fund between personnel and business as stated above. However, if the bank allow for a corporation to use a personnel type account and the account is in the name of the corporation, that would not be commingling the funds. What the bank calls the type of account is not important, who owns the account and how the account can be accessed is.

[Choice Checks]

Keep personal business separate from business account. WHY? For tax reasons, and a business account goes buy the EIN number, vs your Social Security Number. What if your audited by the IRS or by someone else. Dont want to have it listed under personal, and could cause more problems than you need.

[jamesray50]

Bank fees are a cost of doing business and they are deductible. Your corporation should have it's own checking account. You can shop around for the cheapest rates. Good luck.