GENERAL KNOWLEDGE

Detailed explanation-1: -A business bank account is a bank account that’s used only for business transactions rather than personal finances. It can be opened in the name of the business, allowing payments to be made and received using the business’s name. Business bank accounts operate in a similar manner to personal bank accounts.

Detailed explanation-2: -In addition to having two forms of ID and money for the initial deposit, there may be other requirements to open a bank account. If you’re worried about your credit score, ask the bank whether or not they will pull your credit history to open a checking account.

Detailed explanation-3: -Common business accounts include a checking account, savings account, credit card account, and a merchant services account. Merchant services accounts allow you to accept credit and debit card transactions from your customers. You can open a business bank account once you’ve gotten your federal EIN.

Detailed explanation-4: -Checking account: A checking account offers easy access to your money for your daily transactional needs and helps keep your cash secure. Savings account: A savings account allows you to accumulate interest on funds you’ve saved for future needs. More items