WEBVTT - How- to Choose the Right Business Bank Account [BA QA] 0:00:00.160 --> 0:00:02.840 What do you look for when deciding who to open 0:00:02.880 --> 0:00:05.480 and account with? What are red flags that let me 0:00:05.559 --> 0:00:06.760 know who not to bank with. 0:00:06.840 --> 0:00:08.280 Some of the things you want to think about. You 0:00:08.320 --> 0:00:10.680 want to make sure as a business owner that your 0:00:10.720 --> 0:00:13.640 money is separated from your personal income. You don't want 0:00:13.680 --> 0:00:16.320 to be merging them together, even if you feel like 0:00:16.320 --> 0:00:18.520 you're not making too much money right now. I think 0:00:18.560 --> 0:00:19.919 it's critical to do it now. 0:00:20.040 --> 0:00:21.880 If you are somebody whose business deals with a lot 0:00:21.920 --> 0:00:25.000 of cash transactions, you probably want to have a physical 0:00:25.040 --> 0:00:27.440 bank branch location that you can go to and you 0:00:27.440 --> 0:00:30.880 can deposit those cash payments rather than having to put 0:00:30.920 --> 0:00:33.200 it in an envelope and mail it to a digital bank. 0:00:33.240 --> 0:00:35.159 I wouldn't personally feel comfortable doing that. 0:00:39.960 --> 0:00:43.240 Hey, hey va fan, welcome to the BAQA. I feel 0:00:43.280 --> 0:00:44.720 like it's been a minute since we've had a straight 0:00:44.800 --> 0:00:48.600 up BAQA. I have my lovely co hosts who have 0:00:48.680 --> 0:00:51.480 stuck around to help me answer this question from y'all. 0:00:52.159 --> 0:00:55.520 I have yan Elli Espinal, the director of financial Education 0:00:55.600 --> 0:00:59.400 for next Gen PF Next Gen Personal Finance and also 0:01:00.120 --> 0:01:02.600 mis Be Helpful, which is her personal brand, and she 0:01:02.720 --> 0:01:06.160 is the author of the personal finance book Mind You Money. Hey, Nelly, 0:01:06.880 --> 0:01:07.319 what's up? 0:01:07.400 --> 0:01:08.440 Glad to be back, and. 0:01:08.480 --> 0:01:12.440 We have Mark Russell of Better Wallet Fame. Hello, Mark, 0:01:12.560 --> 0:01:18.640 Welcome again to the BAQA. Now I think by Mark 0:01:18.640 --> 0:01:21.800 aka say it no. If you say Chris, then it's 0:01:21.840 --> 0:01:23.720 gonna like do the whole thing and I'm gonna mess 0:01:23.720 --> 0:01:27.560 it up again. You guys couldn't be more different, so 0:01:27.920 --> 0:01:32.080 I'm sorry it was a Freudian slip. All right, Mark, 0:01:32.120 --> 0:01:34.960 not Chris. Let's get into the question for today. Oh 0:01:35.000 --> 0:01:37.400 we had a question from Amber, who sent us an email. 0:01:37.600 --> 0:01:41.440 So old fashioned either way. If you want to submit 0:01:41.480 --> 0:01:45.720 your questions personal finance, business related relationship, will take them all. 0:01:46.000 --> 0:01:48.920 You can email me Brandambition Podcast at gmail dot com. 0:01:48.920 --> 0:01:52.160 You can also contact me on ig at Brand Ambition 0:01:52.240 --> 0:01:56.840 Podcast on the Gram. Amber wants to know Mark and 0:01:56.960 --> 0:02:00.360 ya Nellie. She says, I'm not sure if you've covered 0:02:00.360 --> 0:02:02.920 this already, but I was listening to a recent episode 0:02:03.040 --> 0:02:06.080 about credit cards and y'all touched on credit cards for 0:02:06.200 --> 0:02:09.639 business a little bit. My question is what about business 0:02:09.680 --> 0:02:12.359 bank accounts. I'm planning on starting my own business soon, 0:02:12.440 --> 0:02:14.360 but I'm not sure where to open a business account 0:02:14.400 --> 0:02:16.320 or what benefits I should be looking for in a 0:02:16.360 --> 0:02:19.720 bank what do you look for when deciding who to 0:02:19.800 --> 0:02:22.600 open an account with? What are red flags that let 0:02:22.639 --> 0:02:24.920 me know who not to bank with? Thank you for everything. 0:02:24.919 --> 0:02:27.959 You're amazing love this question. Thank you Amber. That's a 0:02:28.000 --> 0:02:28.680 great question. 0:02:28.880 --> 0:02:31.200 It really is. Let's set up these business bank accounts. 0:02:31.240 --> 0:02:31.640 I love that. 0:02:31.960 --> 0:02:33.960 Yeah, I'm curious to know where you guys bank. 0:02:34.280 --> 0:02:37.359 Yeah, so I'll start. So I mentioned P and C. 0:02:37.880 --> 0:02:40.799 I've been with P and C since I was seventeen, 0:02:41.080 --> 0:02:44.520 and naturally when I was looking to open up a 0:02:44.560 --> 0:02:47.160 business bank account, I use P and C for that. 0:02:47.680 --> 0:02:49.800 In terms of what I was looking for was an 0:02:49.919 --> 0:02:54.440 established relationship. Obviously, security is really important, the intuitive design 0:02:54.480 --> 0:02:58.040 on the website, having an app, all the things I 0:02:58.080 --> 0:03:01.080 think all that's really important. The ability to move money 0:03:01.120 --> 0:03:03.919 from the business bank account to the personal account, move 0:03:04.000 --> 0:03:06.040 from the check into this savings, right, I have to 0:03:06.080 --> 0:03:08.560 be able to do that pretty easily. In terms of 0:03:08.720 --> 0:03:13.120 companies that I personally wouldn't use, do you have the 0:03:13.400 --> 0:03:16.000 well as Fargos of the world, for all the reasons 0:03:16.080 --> 0:03:19.800 that we all know and don't love Bank of America, 0:03:19.800 --> 0:03:22.720 I wouldn't use them either. Personally. These are all personal 0:03:23.120 --> 0:03:27.240 I just never but for me, the boxes that would 0:03:27.240 --> 0:03:30.760 want to check is. I want to have an established relationship. 0:03:30.800 --> 0:03:33.200 They know who I am, they I've been working with 0:03:33.240 --> 0:03:35.400 them for a while. I want to make sure they 0:03:35.440 --> 0:03:40.000 have an app. Security is really important. Ability to connect. 0:03:40.120 --> 0:03:42.520 I literally log into my account. I have my personal 0:03:42.520 --> 0:03:45.560 account and I have my multiple business accounts. So the 0:03:45.640 --> 0:03:47.600 ability to be able to set up all those accounts, 0:03:47.640 --> 0:03:51.160 because I even have one for taxes as well, so 0:03:51.280 --> 0:03:56.680 all that's extremely important. I probably wouldn't, in my opinion, 0:03:56.760 --> 0:03:59.800 go with a credit union because I think credit unis 0:03:59.800 --> 0:04:02.520 are Credit unions are great for getting out loans and 0:04:02.560 --> 0:04:06.040 getting low interest loans and all that, but I don't 0:04:06.120 --> 0:04:09.440 think they have the security or the technology that I 0:04:09.640 --> 0:04:15.080 feel comfortable with with my business information. And for anyone 0:04:15.120 --> 0:04:17.200 who's like, why would I get a business bank account, 0:04:17.240 --> 0:04:19.560 some of the things you want to think about. You 0:04:19.600 --> 0:04:22.000 want to make sure as a business owner that your 0:04:22.000 --> 0:04:24.960 money is separated from your personal income. You don't want 0:04:24.960 --> 0:04:28.279 to be merging them together. And even if you feel 0:04:28.320 --> 0:04:30.359 like you're not making too much money right now, I 0:04:30.400 --> 0:04:33.640 think it's critical to do it now because eventually you will. 0:04:33.720 --> 0:04:36.800 Right I'm a manifested for you, I'm sure manifesting for yourself, 0:04:37.960 --> 0:04:40.120 and the worst thing you can ever possibly do is 0:04:40.160 --> 0:04:42.560 try to figure out, okay, what should be paying taxes 0:04:42.600 --> 0:04:46.960 on versus what is already text for my nine to 0:04:47.040 --> 0:04:50.280 five job. So having that separate, having that business bank 0:04:50.320 --> 0:04:53.360 account makes your accounting way more easier. And if you're 0:04:53.360 --> 0:04:56.040 doing your own accounting right now, it will be a 0:04:56.080 --> 0:04:59.560 headache if you had the two combined, and your accountant 0:04:59.560 --> 0:05:02.039 will hate if you have an account or a CPA 0:05:02.920 --> 0:05:07.080 if they are combined. So I would say sooner rather 0:05:07.120 --> 0:05:10.440 than later, make sure that they are separate, open up 0:05:10.480 --> 0:05:13.240 an account, and kind of use that checklist to figure 0:05:13.240 --> 0:05:16.280 out what kind of company you want to go with. 0:05:16.960 --> 0:05:19.000 Yeah, I love that, and also think about what kind 0:05:19.000 --> 0:05:22.880 of business you have amber Because my business is fully digital, 0:05:22.880 --> 0:05:25.520 it's all online. I never really accept cash payments at 0:05:25.560 --> 0:05:28.039 all ever, so I don't need to worry about coming 0:05:28.080 --> 0:05:30.920 to a bank branch with a bunch of cash to deposit. 0:05:31.160 --> 0:05:34.080 So that's not even something I would consider. Whereas my 0:05:34.400 --> 0:05:37.279 family has a small business that's a restaurant, actually not 0:05:37.320 --> 0:05:39.400 so small anymore. They're doing really great with this in 0:05:39.440 --> 0:05:42.440 New York. There's a Dominican restaurant in stant Island. If 0:05:42.440 --> 0:05:44.440 you're ever there. It's called Boy your restaurant and bar 0:05:44.839 --> 0:05:47.640 excellent Food. It's some of my family members have been 0:05:47.640 --> 0:05:49.280 growing that business for so long, and it's a cash 0:05:49.320 --> 0:05:50.320 flow and business's cash. 0:05:50.320 --> 0:05:52.560 Have you like a lot of people come in family restaurant. 0:05:53.040 --> 0:05:56.560 Yeah, my sister and her husband own it, and they obviously, 0:05:56.680 --> 0:05:58.760 you know, have a lot of cash coming in and 0:05:58.760 --> 0:06:02.440 out of the restaurant, right cash. Restaurants are cash heavy businesses. 0:06:02.480 --> 0:06:04.080 You know, you come in, you buy lunch, pay seven 0:06:04.120 --> 0:06:05.880 dollars for a plate. You know, you give cash usually. 0:06:05.920 --> 0:06:09.600 So that is a very different business banking need versus 0:06:09.600 --> 0:06:12.359 my business banking needs as a digital business more primarily 0:06:12.440 --> 0:06:15.160 so for me, it was I wanted a digital bank, 0:06:15.160 --> 0:06:17.000 and I wanted one that would that would have low 0:06:17.040 --> 0:06:19.760 fees or no fees at all. Ideally one that would 0:06:19.800 --> 0:06:21.719 allow me to use the software that I use for 0:06:21.760 --> 0:06:23.599 my taxes and accounting, which is quick Books. 0:06:23.800 --> 0:06:25.880 I wanted it to automatically sink with quick Books. 0:06:25.920 --> 0:06:28.839 So I started researching, Okay, what banks, what business banks 0:06:28.920 --> 0:06:32.960 automatically have automatic sinking with QuickBooks and also allow me 0:06:33.000 --> 0:06:35.400 to just pull data really easily between them and Blue 0:06:35.480 --> 0:06:36.960 Vine is the one that came up for me. I've 0:06:37.000 --> 0:06:39.680 been using blue Vine scent for years now, and like 0:06:40.240 --> 0:06:42.680 super easy. I put all my payes in there. So 0:06:42.800 --> 0:06:44.839 whenever I do business with somebody of ten eighty nine 0:06:44.839 --> 0:06:48.440 contractor somebody who's editing my videos, somebody who's doing whatever partnerships, 0:06:48.720 --> 0:06:51.000 I automatically add them into pay send them their payment. 0:06:51.080 --> 0:06:53.080 Ten ninety nine are really easy in quick books, So 0:06:53.360 --> 0:06:56.960 in terms of like accounting plus banking, I really love 0:06:57.000 --> 0:07:00.320 that like synergy between them, and I also so just 0:07:00.360 --> 0:07:02.640 love the fact that, like the money moves very quickly. 0:07:02.640 --> 0:07:04.719 I don't have to wait seven business days for people 0:07:04.800 --> 0:07:07.000 to get paid or for me to get paid. 0:07:07.160 --> 0:07:09.800 So those are things I chose to prioritize. 0:07:10.000 --> 0:07:12.640 But again I recognize it as a fully digital business, 0:07:12.640 --> 0:07:14.480 I don't necessarily have to worry too much about cash. 0:07:14.680 --> 0:07:16.600 So if you are somebody whose business deals with a 0:07:16.640 --> 0:07:19.360 lot of cash transactions, you probably want to have a 0:07:19.400 --> 0:07:22.160 physical bank branch location that you can go to and 0:07:22.200 --> 0:07:25.120 you can deposit those cash payments. That just makes your 0:07:25.160 --> 0:07:27.720 life a lot easier, right, rather than having to put 0:07:27.760 --> 0:07:30.040 it in an envelope and mail it to a digital bank. 0:07:30.360 --> 0:07:33.680 I wouldn't personally feel comfortable doing that. So those are 0:07:33.680 --> 0:07:35.720 some things I would add to Mark's list in terms 0:07:35.760 --> 0:07:37.760 of like what you want to consider to go shop 0:07:37.800 --> 0:07:41.440 for a good business bank account, and then also there's 0:07:41.480 --> 0:07:44.120 suite of products because a business bank account is really 0:07:44.160 --> 0:07:45.920 just the first step. You might also want to set 0:07:45.960 --> 0:07:47.520 up a business investment acount. You might also want to 0:07:47.520 --> 0:07:49.160 set up a solo for one K. You might also 0:07:49.200 --> 0:07:51.200 want to get a business credit card or get a 0:07:51.200 --> 0:07:54.080 business loan like Mark was talking about earlier. Hopefully they 0:07:54.080 --> 0:07:56.000 don't deny you like PNC was trying to play him, 0:07:56.000 --> 0:07:58.480 But you can kind of look at, like what are 0:07:58.480 --> 0:08:01.640 the full suite of offerings for small businesses, and that 0:08:01.720 --> 0:08:03.440 way you can kind of pick a good one from 0:08:03.480 --> 0:08:05.560 the get go that has a whole ecosystem of products 0:08:05.600 --> 0:08:08.000 and services that you might eventually grow into even if 0:08:08.040 --> 0:08:09.080 you don't need it just yet. 0:08:09.160 --> 0:08:11.040 Yeah, And I would say, yeah, it comes down to 0:08:11.560 --> 0:08:14.680 personal preference because even in that example, like I couldn't 0:08:14.720 --> 0:08:17.720 imagine going and having like a virtual bank, because there 0:08:17.760 --> 0:08:20.920 are times where I have to give them a check 0:08:21.000 --> 0:08:22.960 for a large amount that I can't go in to 0:08:23.000 --> 0:08:25.560 pause in my ATM, or if I have to send 0:08:25.560 --> 0:08:28.240 a wire for a higher amount, like I don't want 0:08:28.280 --> 0:08:29.640 to do that over the phone. I wouldn't go and 0:08:29.680 --> 0:08:32.319 talk to someone and have a personal banker that could 0:08:32.520 --> 0:08:35.120 go and do it within a minute. So really it's 0:08:35.200 --> 0:08:37.960 just a personal preference where I want to go in there. 0:08:38.000 --> 0:08:41.600 So another item that would put in my checkbox is 0:08:41.600 --> 0:08:44.640 that I need to have locations that are national. PNC 0:08:44.760 --> 0:08:47.160 happens to be out at Pittsburgh when I was in Philly. 0:08:47.200 --> 0:08:49.680 They're all over the place, and they're a little more 0:08:49.720 --> 0:08:52.440 spread out here in Georgia, but we have three or 0:08:52.440 --> 0:08:56.160 four locations within ten miles, so I can just drive 0:08:56.160 --> 0:08:58.439 over there talk to my personal banker. They could take 0:08:58.440 --> 0:09:01.840 care of everything for me. I couldn't imagine having someone 0:09:01.840 --> 0:09:04.640 who's like virtual. But that comes down to personal preference 0:09:04.679 --> 0:09:06.600 and then how your business is structured. 0:09:06.800 --> 0:09:08.720 Yep, for sure, what what you need to go in 0:09:08.720 --> 0:09:10.400 person for transfer. 0:09:10.080 --> 0:09:14.400 Wire transfers and bigger checks over over ten thousand. 0:09:15.080 --> 0:09:17.680 Yeah, he make a money like that. It's gonna say, 0:09:17.760 --> 0:09:21.559 I'm definitely deposited like a big like a deposited checks. 0:09:21.880 --> 0:09:23.600 But again, like you know, when I think when I 0:09:23.600 --> 0:09:28.280 first joined iHeart, actually my first quarterly payment was a 0:09:28.360 --> 0:09:30.280 check and I was like, we I'm about to do 0:09:30.320 --> 0:09:33.400 what it is why are we doing checks? Because every 0:09:33.559 --> 0:09:35.960 everyone else just wires that are you know, sends it 0:09:35.960 --> 0:09:39.880 directly and happens. Yeah, it sends me. Really have to 0:09:39.880 --> 0:09:41.599 go take the P and C. I won't show you 0:09:41.640 --> 0:09:43.480 guys because you guys would take the numbers, but uh 0:09:45.400 --> 0:09:47.559 I would love. Maybe I just need to be getting 0:09:47.559 --> 0:09:50.679 more checks. Maybe if I was on that mark better 0:09:50.679 --> 0:09:53.920 while at level, I should get more checks. They come 0:09:53.960 --> 0:09:57.000 work for me, you know what. That's what I wanted 0:09:57.000 --> 0:10:00.640 to ask you. Actually, Marcus like has no no, no, no. 0:10:01.040 --> 0:10:03.160 Would you say work with you? Because never he. 0:10:03.200 --> 0:10:04.160 Said work for you? 0:10:04.240 --> 0:10:07.920 Work for That's what you miss girl, You missed that job. 0:10:07.960 --> 0:10:09.800 Would you give me? What? What would you? What would 0:10:09.800 --> 0:10:15.400 I do for you? Chief? Humble? Humble, officer in chief, 0:10:15.480 --> 0:10:18.400 Keep you humble, Remind you when you say something. 0:10:18.480 --> 0:10:20.000 It's a unique skill set. So you got to think 0:10:20.000 --> 0:10:20.520 about that one. 0:10:20.600 --> 0:10:21.680 Yeah, I'll need your resume. 0:10:21.840 --> 0:10:26.320 My people will talk to her. Thanks. Hey, ba fam, 0:10:26.559 --> 0:10:28.880 we got to take a quick break, pay some bills, 0:10:29.000 --> 0:10:32.360 and we'll be right back. All right, ba fam, We're back. 0:10:32.600 --> 0:10:34.280 I feel like I'm in an episode of Fear Factor. 0:10:34.360 --> 0:10:36.280 I'm like trapped in this little office. My kid has 0:10:36.280 --> 0:10:37.880 a dirty diaper. I have to change it, and I 0:10:38.000 --> 0:10:40.439 just like there's no ventilation and I have to get 0:10:40.440 --> 0:10:44.840 out of here. But I'm committed to the bitch. No, 0:10:45.800 --> 0:10:48.080 it's a whole thing. I gotta go upstairs. Diapers upstairs. 0:10:48.400 --> 0:10:51.800 Now he's two. Now, it's not an easy diaper change situation. 0:10:52.200 --> 0:10:58.160 It's going to be fighting. I'll need a hose homes. Yeah, 0:10:58.240 --> 0:11:00.800 he's fine. No, but I did want about moving to 0:11:00.800 --> 0:11:02.880 Atlanta because if you listen to the episode this week, 0:11:02.960 --> 0:11:04.800 y'all at the Brown Table, I mentioned I want to 0:11:04.840 --> 0:11:07.320 move back to Atlanta, and I am. I feel like 0:11:07.400 --> 0:11:10.320 my business would only thrive with me being in Atlanta. 0:11:10.360 --> 0:11:12.400 I just look, there's so many more opportunities or so 0:11:12.400 --> 0:11:15.839 many great brands that want to that already work with 0:11:15.880 --> 0:11:19.600 Atlanta creators and creatives. And yeah, I just I just 0:11:19.640 --> 0:11:21.520 feel like this is the kind of place where a 0:11:21.600 --> 0:11:24.079 brand like Brown Ambition and Mandy Money we could thrive. 0:11:24.280 --> 0:11:27.040 Yeah, it's powerful. I mean any conference I go to, 0:11:27.360 --> 0:11:30.280 I end up meeting people who either become business partners 0:11:30.360 --> 0:11:33.920 or clients because you have a lot of people who 0:11:33.920 --> 0:11:36.599 are inspiring to do, aspiring to do the things that 0:11:36.640 --> 0:11:40.720 you're currently doing, or they are trying to partner because 0:11:40.760 --> 0:11:44.280 I mean, we really believe in collaboration for competition. A 0:11:44.320 --> 0:11:46.840 lot of my friends are financial creators that are in 0:11:46.920 --> 0:11:50.720 the different niches within personal finance, and we're always constantly 0:11:50.720 --> 0:11:53.319 trying to find ways that we could boost each other's businesses. 0:11:53.960 --> 0:11:54.800 And a lot of them. 0:11:54.760 --> 0:11:55.680 Look like us. 0:11:56.120 --> 0:11:59.640 So it's way more powerful than when I was in Philly, 0:11:59.640 --> 0:12:02.240 where I fel like there were only so many financial creators, 0:12:02.960 --> 0:12:05.320 and frankly even when I would go up to New York. 0:12:05.920 --> 0:12:09.640 So I think if you're an established business coming into Atlanta, 0:12:09.679 --> 0:12:12.320 it's a great thing. But if you're trying to get 0:12:12.320 --> 0:12:14.800 into entrepreneurship and you're not really sure what your niche 0:12:14.840 --> 0:12:18.199 is going to be, it could be a distraction and 0:12:18.480 --> 0:12:21.200 you could find yourself losing a lot of money pretty quickly, 0:12:21.280 --> 0:12:24.280 because there's a lot of people who, unfortunately try to 0:12:24.320 --> 0:12:28.199 exploit folks that are trying to get rich quickly here 0:12:28.240 --> 0:12:30.520 in Atlanta. But if you know the direction that you're 0:12:30.559 --> 0:12:33.120 going in, you know what conferences you need to be at, 0:12:33.160 --> 0:12:35.240 what groups you need to be a part of, who 0:12:35.240 --> 0:12:38.000 you need to talk to, and folks are more willing 0:12:38.040 --> 0:12:43.720 to introduce everyone to whoever referrals are big. Everyone that 0:12:43.880 --> 0:12:46.960 is on my team that's from Atlanta was a referral 0:12:47.000 --> 0:12:48.880 from someone else, or I just happened to be at 0:12:48.880 --> 0:12:51.440 a conference. I'm like, you're great at videos, can we 0:12:51.520 --> 0:12:53.400 like work together? I have something coming up here in 0:12:53.400 --> 0:12:55.120 a couple of weeks, And they're like, yeah, sure, no problem. 0:12:55.559 --> 0:12:57.920 So that's a big deal at least for me and 0:12:57.960 --> 0:12:58.520 for the brand. 0:12:59.080 --> 0:12:59.880 Yeah for sure. 0:13:00.360 --> 0:13:02.520 Ooh, so when I come, I have an instant plug 0:13:02.640 --> 0:13:03.439 like you can connect me to. 0:13:03.600 --> 0:13:04.800 That's what he's saying. 0:13:06.000 --> 0:13:08.920 That's what I heard. That's what I heard, and I 0:13:08.960 --> 0:13:10.559 do feel like I have Yeah. I mean, just being 0:13:10.600 --> 0:13:12.640 from here, I have so many friends and it's just 0:13:12.640 --> 0:13:14.560 just come come on home, Mandy, is what it's saying 0:13:14.640 --> 0:13:18.800 to me. Hey, ba fam, we got to take a 0:13:18.880 --> 0:13:21.640 quick break, pay some bills, and we'll be right back. 0:13:22.559 --> 0:13:25.640 All right, ba fam, We're back my business checking. I 0:13:25.640 --> 0:13:27.920 also have Bluevine. I like an online only bank. I 0:13:27.920 --> 0:13:31.360 don't mind the inconvenience of not talking to humans. In fact, 0:13:31.400 --> 0:13:35.679 I prefer to not speak to them. But to your point, 0:13:35.679 --> 0:13:39.239 Mark about financing, though, I do think having a relationship 0:13:39.280 --> 0:13:41.880 with a local community bank and the best thing about 0:13:42.000 --> 0:13:44.280 I think you mentioned I was distracted by my kid. 0:13:44.360 --> 0:13:46.719 I think you mentioned something about how you know you 0:13:46.720 --> 0:13:49.640 wouldn't necessarily work with a credit union, But there are 0:13:49.720 --> 0:13:54.000 some local community banks and credit unions that are really 0:13:54.040 --> 0:13:57.040 like the point of them, or the core of what 0:13:57.040 --> 0:14:00.719 they do in communities is support local businesses. So if 0:14:00.720 --> 0:14:03.480 you're someone who's opening a local business, maybe a brick 0:14:03.480 --> 0:14:06.120 and mortar business, like, and you're going to be a 0:14:06.120 --> 0:14:08.280 part of that community, you might find it really beneficial 0:14:08.320 --> 0:14:11.280 to establish a relationship with the local bank or credit union, 0:14:11.880 --> 0:14:14.320 and you know they have a vested interest in banks 0:14:14.320 --> 0:14:17.520 in your community, and they may look more favorably upon 0:14:17.600 --> 0:14:20.680 you than like a big lender who's like, who are 0:14:20.720 --> 0:14:21.960 you totally agree? 0:14:22.040 --> 0:14:24.040 I'm a part of Like on the personal side, like 0:14:24.080 --> 0:14:27.280 I have many of credit unions from my alumni association 0:14:28.200 --> 0:14:31.880 to even where my high school was, where I have 0:14:32.000 --> 0:14:34.400 that personal connection. If I really need a loan, I 0:14:34.440 --> 0:14:37.600 can get to them. But from a business standpoint, yeah, 0:14:37.640 --> 0:14:40.920 it is much tougher to go after these bigger companies 0:14:40.960 --> 0:14:43.520 that you're just the number in their head, even though 0:14:43.560 --> 0:14:46.000 that's where it brought them more than seven figures. 0:14:46.200 --> 0:14:49.080 It's like right, right, well that's a good thing about 0:14:49.120 --> 0:14:51.040 online banks though, because I will tell you one of 0:14:51.080 --> 0:14:54.160 the cool things I have with Bluevine. I have a 0:14:54.200 --> 0:14:58.080 Bluevine Business line of credit, so I can spend up 0:14:58.080 --> 0:15:00.160 two one hundred thousand dollars at any given point. It's 0:15:00.160 --> 0:15:03.120 a pretty low rate, like seven point tenty percent, which 0:15:03.160 --> 0:15:05.560 I mean is high generally, but like for business, not bad, 0:15:05.960 --> 0:15:07.840 and I could pay it back monthly if I ever 0:15:07.880 --> 0:15:10.200 do borrow from it. So it's it's similar to a 0:15:10.240 --> 0:15:12.800 credit card and how that works for your personal spending, 0:15:12.960 --> 0:15:15.320 but it's for the business, and that line of credit 0:15:15.400 --> 0:15:17.240 is revolving, so like if I pay it back, it's 0:15:17.240 --> 0:15:19.760 available again onlike a personal loan, which you know, you 0:15:19.760 --> 0:15:21.120 pay it down and then at zero and then you 0:15:21.160 --> 0:15:22.520 have to apply for a new loan if you want 0:15:22.520 --> 0:15:25.960 a new one. So I really liked the Bluevine business 0:15:26.000 --> 0:15:28.240 line of credit. And also the fact that they are 0:15:28.280 --> 0:15:30.520 a digital bank means that they're a lot more friendly 0:15:30.640 --> 0:15:32.800 and open to digital businesses. 0:15:33.200 --> 0:15:35.680 So that's something Yeah, I've never considered. The problem is 0:15:35.680 --> 0:15:37.480 getting approved for stuff with blue I've never done a 0:15:37.520 --> 0:15:39.440 line of credit, but I know with my credit card 0:15:39.440 --> 0:15:42.320 I had no problem yep, opening up. I opened up too. 0:15:42.360 --> 0:15:45.160 I have two different business bank accounts with them. Yeah. 0:15:46.560 --> 0:15:48.400 Yeah, they're great and honestly pretty responsive. 0:15:48.400 --> 0:15:50.640 Because the other day I had to I was bringing 0:15:50.640 --> 0:15:52.720 on a new client doing a partnership with them, and 0:15:52.760 --> 0:15:55.120 they needed the bank account information. So I sent them 0:15:55.120 --> 0:15:56.600 a document that had it and they were like, no, no, 0:15:56.640 --> 0:15:59.040 we need a letter from the bank. So I was like, oh, 0:15:59.120 --> 0:16:01.200 so I had to contacte. I literally just sent a 0:16:01.240 --> 0:16:04.720 quick email in the in the online account and I said, hey, 0:16:04.720 --> 0:16:06.600 I need a letter, like a verification letter from the 0:16:06.640 --> 0:16:08.400 bank saying that I have my business bank account here 0:16:09.120 --> 0:16:14.880 less than twenty hours, like not even the whole day already, girl, 0:16:14.920 --> 0:16:15.600 I already had it. 0:16:15.520 --> 0:16:16.000 In my email. 0:16:16.000 --> 0:16:17.440 They sent it to me as a pit of attachment. 0:16:17.480 --> 0:16:19.440 I was like, oh, look at that boom. So in 0:16:19.480 --> 0:16:21.840 terms of responsiveness, has been really great, even though you 0:16:21.880 --> 0:16:23.760 don't really talk to a person, but they still are 0:16:23.760 --> 0:16:24.600 really responsive. 0:16:25.000 --> 0:16:26.480 And look at that. I could have just downloaded it 0:16:26.480 --> 0:16:27.480 from my account. I didn't know that. 0:16:28.080 --> 0:16:30.280 Yeah, you know what, and you could also have you 0:16:30.280 --> 0:16:32.960 could also have two, Like there's no limit on how. 0:16:32.880 --> 0:16:34.480 Many, right, That's so true. 0:16:35.080 --> 0:16:36.800 That is so true bank accounts you have. 0:16:37.320 --> 0:16:39.840 Even having this conversation, I'm like, maybe I should have 0:16:40.040 --> 0:16:42.600 this virtual one where the majority of the money won't 0:16:42.600 --> 0:16:45.560 go through there. But maybe if I create another product 0:16:45.680 --> 0:16:48.200 or whatever, it might be a separate business, then that 0:16:48.240 --> 0:16:49.880 could be routed through blue Vine. 0:16:50.280 --> 0:16:53.040 So yeah, and to her to Amber's question about like 0:16:53.080 --> 0:16:54.840 what to look out for, I was the big thing 0:16:54.880 --> 0:16:56.880 for me or fees. So there's no fees with blue Vine. 0:16:56.920 --> 0:16:59.080 I'm not paying a I had worked with a big 0:16:59.120 --> 0:17:01.360 bank before and it was like a five dollars a 0:17:01.400 --> 0:17:03.320 month fee unless you had a minimum you know, those 0:17:03.320 --> 0:17:07.760 stupid minimum balance requirements per month. Fees are a big one. 0:17:07.960 --> 0:17:12.240 And the ability to do to pay people through your account. 0:17:12.280 --> 0:17:13.720 So I like jan Ellie, I use a lot of 0:17:13.720 --> 0:17:15.920 contractors and you can set them up as clients in 0:17:15.960 --> 0:17:18.760 your portal on Bluevine and pay them. And if there 0:17:18.840 --> 0:17:21.360 is a fee, it's very nominal. It's like one percent 0:17:21.520 --> 0:17:25.040 or something. And I feel like PayPal, quick books fees 0:17:25.200 --> 0:17:28.560 and the fees of sending. So whatever the thing is 0:17:28.560 --> 0:17:31.120 you do in your business the most, whether you're accepting 0:17:31.160 --> 0:17:34.280 payments virtually or sending payments virtually, like what is the 0:17:34.320 --> 0:17:37.080 cost of those fees and how well it integrates with 0:17:37.160 --> 0:17:39.440 the other platforms that you might use, like Gusto or 0:17:39.520 --> 0:17:42.280 quick Books yep, things like that. Yeah, and just keep 0:17:42.280 --> 0:17:44.200 asking your friends. I mean, we're your friends in your head, 0:17:44.240 --> 0:17:46.080 but if you have other friends who are business owners, 0:17:46.119 --> 0:17:48.399 ask them what they use, and then you make the 0:17:48.400 --> 0:17:51.199 best choice based on what you need and what's right 0:17:51.240 --> 0:17:51.520 for you. 0:17:51.840 --> 0:17:53.600 Yeah, and just quickly look up like what are the 0:17:53.600 --> 0:17:55.679 best business bake a concert twenty twenty five based on 0:17:55.680 --> 0:17:58.600 online reviews? Based on things like that. I mean, I 0:17:58.920 --> 0:18:01.160 chose Bluevine because it can coming up, but there were 0:18:01.320 --> 0:18:03.280 quite a few other ones, like the MX Business Bank 0:18:03.320 --> 0:18:05.720 account came up quite a bit in my research, and 0:18:06.160 --> 0:18:08.880 Capitol One TD Bank like those came up for me too. 0:18:08.960 --> 0:18:10.560 I just ultimately went with Blue Vine. 0:18:10.600 --> 0:18:12.200 But if you just start doing a little bit of digging, 0:18:12.240 --> 0:18:14.760 you'll see the same accounts coming up again and again 0:18:14.800 --> 0:18:17.159 from reputable sources. And then you're like, okay, so, like 0:18:17.200 --> 0:18:19.560 there's a pattern people really like this account, So that's 0:18:19.600 --> 0:18:20.800