Entrepreneurship & Small Business
Do you use it as your primary business account?drjohnnyfever wrote: ↑ I've used Manulife Bank for probably almost 15 years. Their "pay as you go" fees maybe are a little higher than other banks, but in those almost 15 years the "pay as you go" fees have always still added-up to less than other banks' flat monthly fees.
For example, in 2020 the Manulife Bank fees for my corporation totalled $103.50 for the year. That's roughly $8.60/month which I think is a steal compared to business account fees at the mainstream banks.
Other than that one time I described, that happened once in a 15 year span, nothing about Manulife Bank has been inconvenient. I deposit cheques with my phone... pay my vendors via EMT... pay my bills online... write cheques... and if you don't have a branch in your area you can make cash deposits at the Royal Bank.Scote64 wrote: ↑ Nothing wrong with looking for a no fee account, but If you are running a business, your primary concern is to make your business run as smoothly and efficiently as possible. A few dollars saved per month on account fees is trivial next to an inconvenient process that costs you extra hours of your time every year, or hiccups that interfere with your business or customer relations. Consider carefully all the things you want to do with your business bank account, and then make your choice based on those things with the fees as one small element.
Scote64 wrote: ↑ Nothing wrong with looking for a no fee account, but If you are running a business, your primary concern is to make your business run as smoothly and efficiently as possible. A few dollars saved per month on account fees is trivial next to an inconvenient process that costs you extra hours of your time every year, or hiccups that interfere with your business or customer relations. Consider carefully all the things you want to do with your business bank account, and then make your choice based on those things with the fees as one small element.
The only real reason to get one is to make your accounting simpler by keeping business expenses separate. But if there are any credit card perks to be had, you may as well use your personal credit card. There's nothing wrong with incurring and reimbursing business expenses on your personal credit card. Most companies do it.ilovetoyota wrote: ↑ Any suggestions for a small business credit card?
ilovetoyota wrote: ↑ i am going to start as IT contractor, needs to open a chequing account for my incorporation, is there anyone that I can open online? or anyone that I can open in Toronto? Any no fee one?
I may also need a small business credit card. Any no fee one to recommend?
Thanks a lot for your advice.
I opened 2nd account to see if it's truly no fee. And I haven't paid single cent for past few months to the credit union(bank). Except for their $1 membership fee. If I need to enter the physical bank, their taller fee is $1.25 per transaction. As long as all my debit and credit transactions are done by electronically, there is no fee.
I've been with Duca for business for almost 2 years. I've not paid any fees, as I do everything electronically. As for cheques, order them from ASAP (much cheaper than ordering directly from CU or banks). No issues for 9 years of using ASAP cheques with Duca now or BMO before that.peteryorkuca wrote: ↑ I opened 2nd account to see if it's truly no fee. And I haven't paid single cent for past few months to the credit union(bank). Except for their $1 membership fee. If I need to enter the physical bank, their taller fee is $1.25 per transaction. As long as all my debit and credit transactions are done by electronically, there is no fee.
Hard for me to close my main bank account after having it for past 2 decades so going to keep it for few years longer and order some DUCA checks.
For DUCA, you can use any ATM on the exchange network (www.theexchangenetwork.ca) or acculink network. Some famous FI's that are part of these networks include:
