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  Home >> Accounts >> Checking Accounts  
Using a Personal Account for a Business

I have a personal account with a bank and was wondering if I could also use it for my business account instead of opening another account.


Some banks will let you do that, provided that you operate a sole proprietorship, and you aren't so successful that your business account transactions become too numerous. Other banks will balk at the idea, even if you are a sole proprietor.

Many banks have a different service charge schedule for business accounts, because these accounts usually are more expensive for the bank to maintain. They involve more deposits and more checks, and often require teller service when a personal account may involve few teller transactions. If your bank detects that you've started running business transactions through a personal account, it may ask you to move your business activity to a separate account.

Published on BankingQuestions.com 5/18/07