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Business banking without using a traditional bank.

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badhoha

Junior Member
What is the name of your state? CA

Hello.

Is there a way that I can establish some kind of business bank account for legal separation between personal/business, and to send/receive money without using a traditional commercial bank?

Thanks
 


Veronica1228

Senior Member
badhoha said:
What is the name of your state? CA

Hello.

Is there a way that I can establish some kind of business bank account for legal separation between personal/business, and to send/receive money without using a traditional commercial bank?

Thanks
Why? Do you need to launder money?
 

badhoha

Junior Member
Not at all. Just wanted to know if that was the only way.
Is a traditional bank the only way to do business legally?
 

Veronica1228

Senior Member
badhoha said:
Not at all. Just wanted to know if that was the only way.
Is a traditional bank the only way to do business legally?
What other option is there? I don't know what you are looking for.
 

badhoha

Junior Member
Well, if you remember (maybe you don't), I've been screwed by this ChexSystems thing which prevents me from getting a regular account. I was assuming that would also keep me from getting a business account, which is why I asked if there was a LEGAL alternative.
 

Veronica1228

Senior Member
badhoha said:
Well, if you remember (maybe you don't), I've been screwed by this ChexSystems thing which prevents me from getting a regular account. I was assuming that would also keep me from getting a business account, which is why I asked if there was a LEGAL alternative.
Yes, in most cases being on Chex will prevent you from opening any type of account including a business account since many banks use Chex when verifying signers on business accounts.

At this point you are pretty much SOL unless you get your name removed from Chex or find an FI that doesn't use it.
 

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