Can a United States bank refuse to add a business name to my personal account?

Can a United States bank refuse to add a business name to my personal account? Topic: Case state bank
June 19, 2019 / By Dindraine
Question: I'm taking an Intro to Business class and my instructor says that as a sole-proprietor I can have the name of my burgeoning company placed on my personal bank account so that if I receive a check from a customer with my business name, I can still cash/deposit it. He said that if my bank refuses to do this to go to another bank because they cannot legally refuse my request. However, I just came from my bank and they refused to do it. They stated that I *must* open a business account with them in order to have checks with my business name cashed/depositied. Who is right and what can I do?
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Best Answers: Can a United States bank refuse to add a business name to my personal account?

Carine Carine | 2 days ago
The bank is right. Things changed when the PATRIOT act was passed. You need to *prove* that the business name is yours - and in the case of a sole proprietorship, that means you have to go through the hassle of an "assumed name" filing with the state.
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Carine Originally Answered: Which bank should I go to for a checking account?
There are several reasons to have checking account. One is to keep money in the bank and use it through ATM, debit cards, checks, online bill pay etc. The other reason is have a place to deposit the money you earn ( called direct deposit) In that sense any bank that doesn't charge you to keep your money or use their ATMs is good. They are all insured by FDIC/NCUA. But if you do some research you can find banks that pay you high interest for the money you keep in the checking account. This doesn't lock your money. But gives some growth prospect to the money you have. They are called reward checking accounts. You can get more details in this article: http://www.ehow.com/how_5346952_out-checking-account.html Hope this helps. Good luck
Carine Originally Answered: Which bank should I go to for a checking account?
most credit unions are better than most banks. See what has no fees and low fines. If you have direct deposit the bank doesn't have to be in the same state but it is nice to be able to deposit cash at a local branch. Make sure to pay close attention to your account balance because it is really a pain to go without a checking account for 7 years if you have overdrafts. Make sure to start a contingency savings account so if your car brakes you will have money to fix it without borrowing money.

Anastacia Anastacia
I don't know exactly what you mean by "add a fictitious business name". Do you mean that you are self-employed, but do not use a business name? But then you say you need this for deposits to your company name. (Fictitious means fake and I guess that's where I am confused!) You could check with your bank to see if you could add a sub-account to your existing account. Then you would be able to have checks that have DBA on them. That's the only way I know of, without opening a totally different account and still keeping your personal account intact. Hope that helps!
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Webster Webster
Yes and no. It totally depends on the bank. The one I'm with allows two names per personal account so I can do a business name (a DBA) on it. The other bank I was with required ANY business name to be a separate account from a normal personal account--mostly because they knew that large numbers of checks would likely be coming through it and a personal account they limit the number of checks you can deposit per month at something like 21. Unfortunately even a small business 'business' account can cost you with fees (a fee to set it up) and it'd be structured differently than a personal savings or checking account. I didn't like how my one bank did it so I went to a different bank and didn't have any problem there. So the answer is yes and no, depending on the bank itself and their rules.
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Webster Originally Answered: Which bank is best to have a savings account with and why?
Raven, There is no best bank, best credit union, or best bank account. You need to look at the totality of the bank’s services, accounts, and fees. Every bank offers several accounts with different features and different fees. Some accounts waive all fees if you maintain a minimum balance. The minimum balance varies from bank to bank. For example Bank of America in Texas sets its minimum balance at $5,000 for a checking account to avoid monthly maintenance fees. Other accounts have a monthly fee, but no fee on each transaction. Other accounts have no monthly fee, but a fee for each transaction. Some banks have a large number of ATMs which you can use without a charge. Other banks have a charge for ATMs. I suggest that you visit several banks and speak to the customer service personnel. Do the customer service people seem interested? Is there a long wait to speak to a customer service representative? Bring a list of questions which are important to you. Find out the features and charges of each of their accounts. Find out how many ATMs are available, and whether there is a service charge for using the ATM. Make sure you get everything in writing. Do not accept anything the customer service person tells you verbally.

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