Representatives on Tuesday passed H.R. 974, which would let banks pay interest on business checking accounts as soon as 2003.
Small businesses have to compete every single day.
Unfortunately, this particular bill gives big banks a free ride for two more years, and we'll continue working to correct this injustice in the Senate and in a conference committee. Most small businesses can't take advantage of these accounts because of the high minimum investment required. Faris said there is no technical reason for a two-year delay. All they have to do is multiply the account balance by the interest rate over time. I'm a recovering banker myself.