vania-janet/multiturn-rag-retrieval-data huggingface dataset:
Banks has to complete KYC. In case you want to open a bank account, most will ask for proof of address. I also feel it is difficult for bank to encash a cheque payable to a business in your account. Opening a bank account in the name of your business or alternatively obtaining a cheque payable to your personal name seems the only alternatives to me.
"In the case of Wells Fargo, I believe that free trading is linked to your overall banking relationship with the firm. So if you have a checking account with a balance of $X, or  a total relationship with the bank (""relationship"" is usually defined as loan balances + deposit balances) over a certain amount, they give you a plum like free stock trades. The theory behind this approach is that banks want to be a one-stop shop for you. The idea is that they can market the banks products to you over a period of years (lowering customer acquisition cost) and offer you a level of convenience that allows them to charge a premium for services. For example, many people will pay a rate or fee premium on a mortgage or car loan so that they can do all of their business in one place. In other cases, free trading is linked to marketing campaigns by funds. Charles Schwab started this with the ""no transaction fee"" mutual fund store many years ago -- transaction fees are actually paid for by the mutual funds who pay for placement in the program. ""Free ETF trade"" programs are similar."
If you set up two Paypal accounts (one linked to your UK bank account and one to your US bank account and get them both properly verified) you should be able to transfer the money for free as far as I know.  You would have to fund the transfer directly from your UK bank account (not via a credit card).
You don't have much choice other than to open an account in your business name, then do a money transfer, as @DJClayworth says.  You will not  without providing your name and street address and possibly other information that you may consider to be of a private nature. This is due to laws about fraud, money laundering and consumer protection. I'm not saying that's what you have in mind! But without accountability of the sort provided by names and street addresses, banks would be facilitating crimes of many sorts, which is why regulatory agencies enforce disclosure requirements.
Several things to do: Change your bank. $2 for a check? Why?? When shopping for a new bank: ask for a free checking account. College students can get free checking in almost any bank. At least the first box of checks will be free, which will give you enough checks for the next several years (I'm still not half done with the box I got from WaMu 5 years ago). Check out your neighborhood credit union. Most of them have free checking and free checks for students as well. If still no luck - check online check printing services, they'll send you a box for less than $25, that's for sure. Walmart for example (1 box - $7). Also, you can use banks' bill-pay service for any check you write, if you know the address of the person, the amount and the sum a couple of days ahead of time. That should cover rent, and probably most of your other checks.
"If you want to deposit checks or conduct business at a window, you should look at a local savings bank or credit union. Generally, you can find one that will offer ""free"" checking in exchange for direct deposit or a minimum balance. Some are totally free, but those banks pay zippo for interest. If you don't care about location, I would look at Charles Schwab Bank. I've been using them for a couple of years and have been really satisfied with them. They provide free checking, ATM fee reimbursement, free checks and pre-paid deposit envelopes. You also can easily move money between Schwab brokerage or savings accounts. Other brokers offer similar services as well."
You can create cash accounts within Quicken. These accounts are virtual. You can move money between the cash accounts so that you can track saving towards a multiple purposes. Some people have used this to emulate the envelope system of budgeting.
If you're in the UK, there's a free service here that lets you trace lost bank accounts. If you're in a different country, try Googling to see if that country has a similar service.
I disagree with Dumbcoder's response. Setting up a DD is not easily approved by the banks as you must prove a existing business cash flow. And secondly you cannot empty someone's account via DD as they are protected by the DD mandate. (Money goes out, complaint is made, money goes back in, the registered business with the DD facility has some serious explaining to do to the bank and FCA). Dumbcoder you likely work in a middle position of a company..
"This answer is based on my understanding of the US banking system. We have check cashing businesses here too, which are just like what you describe, except for the spelling :-) Let's consider what ""cash it for free at the bank"" really means, and why it might not be an option for everyone. One key issue is ""which bank?"" As an example, suppose that I have an account at ABC Bank. I take out my checkbook for that account and write you a check for $500. (Terminology: In this case, I am the drawer or maker of the check, ABC Bank is the drawee bank, and you, user54609, are the payee. Disclaimer: ""You"" here is meant as a generic pronoun and I do not mean to insinuate that anything here actually applies to you personally.) There are two common things you might do with the check: If you have an account at some bank, say XYZ Bank, you might take the check to XYZ Bank and deposit it in your account. (You might be able to do this through an ATM, mobile app, or by mail, instead of in person.) XYZ Bank does not have a way to verify with certainty that the check is valid (e.g. they don't know what my signature looks like, nor whether I actually have $500 in my account at ABC), so they send it to ABC Bank, which verifies the check and transfers $500 to XYZ. (This is usually done through a central clearinghouse, such as the Federal Reserve in the US, and in some cases an image of the check may be sent electronically, instead of the physical check.) This process takes some time, so XYZ may not make the $500 available to you right away - there may be a hold period before you can withdraw that $500 from your account. You could take the check to ABC Bank, in person. They will verify on the spot that the check is valid and that you are in fact user54609. If everything looks good, they will hand you $500 in cash (perhaps subtracting a fee of a few dollars). Now we can see some possible problems with each of these approaches.
Other answers here cover some of the basics, but this is also a great time to start establishing a credit history and developing good financial habits to carry throughout your life. In addition to opening a free checking account with the local credit union, establish an overdraft line of credit on that account. Never close this account or this line of credit as it will work to increase the average age of your accounts when you apply for credit later in life. If you are disciplined with your use of credit cards, you may also want to apply for a low limit credit card through the same credit union for the same purpose as above. Never carry a balance on this card, but make minor purchases with it each month, never more than 20% of the balance, maybe just buy gas with it. Start tracking all of your spending and make a monthly budget. There are a lot of online tools that make this very easy. Establishing the habit now will help you make informed financial decisions in the future. Open a Roth IRA and put at least 10% of your money away for retirement. In the future your income may increase enough to put you in the 25% tax bracket. If that ever happens, open a Regular IRA and put the money there instead. Also when you have employers that offer 401k matching do the same thing with a Roth 401k account. Keep your money invested in a low cost index fund.
https://moneycenter.yodlee.com/ You can link your bank accounts, credit cards, trading accounts etc at Yodlee. These will be updated automatically if you share your username and password from your existing financial institutions. You also have the option of creating manual accounts. You will have to manually add/update transactions.
I have always assumed that there is a regulation that either prohibits, or makes noncompetitive, internet bank business accounts.  All of the 1%+ savings accounts offered at the banks listed are internet only.  If you broaden the search to include other internet only banks like Capital One 360, American Express Savings, Goldman Sachs Savings, Discover Savings, you'll find they all also only offer accounts to individuals (some may allow a trust to own the account) not businesses.
I don't know if it's legal but your talking about arbitraging the rates between a personal savings account and a business account. I also don't know those rates but will venture to guess that they are not materially different, after taking into account the cost of setting up and registering an LLC, for it to be worth the time and effort.
No, in your situation it is not possible. Mostly, only three types of accounts are available to individuals: So, a complete foreigner can open account in India, only if he is working in India, a type of Savings account, and that account too will be linked to his resident status. If he leaves work, he needs to close this account. Edit: There are business accounts, and current accounts, but those are available only to businesses. Further read at SBI gives a good snapshot
At one point you could log into your HSBC account from the command line, but gosh, I've never heard of a bank that has a command line interface!
TD Bank (Northeast US) has free change counting machines at its branches.  You don't have to have an account to use them.
Go to your local credit union and open an account there! Why do people put up with banks? Big banks are for business not for regular folks, they will nickel and dime you all the time, and that's the honest ones, the scum like WF will just trash you.
Someone I know had an idea to open a savings account as an LLC or corporation to receive better interest rates on savings, and set up a system where anyone can pool money in and receive a larger cut through savings interest than with a personal account. Is this legal/feasible in any way?
Use one journal entry, and split the expenses into the appropriate accounts. This can happen even if you never mix business and personal on the same receipt: say you order office supplies (which where I live are immediately deductible as an expense) and software or hardware (which must be depreciated because they are assets) on the same order. We have an account called Proprietors Loan which represents money the company is lending to the humans who own it, or that the humans are lending to the company. Were I to pay for my personal lunch on a business credit card, it would go through that account, increasing the amount the company has lent me or decreasing the amount I have lent it. Similarly if I made a business purchase with a personal card it would go through that account in the other direction. Where I live, I can lend my company all the money I want any time, but if the company lends me money there can't be an outstanding balance over the corporate year end. If you make two credit card entries of 5 and 10 when you go to reconcile your accounts it will be harder because you'll have to realize they together match the single 15 line on your statement. Making a single entry (your A option) will make reconciling your statement much easier. And that way, you'll probably reconcile your statements, which is vital to knowing you actually recorded everything.
"I would hold off on making that threat (closing your account). First, because as others have said, it's not likely to help. And second, assuming you're willing to make good on that threat, you should only play that card as a final absolute last resort, because if it fails, and you close your account, there is little to nothing else you can try to get what you want. First, talk one-on-one with a personal banker at your local BA branch. You might be surprised at how helpful they can be. Next, try talking to customer service on the phone. After that, you might try sending a letter to corporate HQ. A lot depends on the particular ""feature"" you are talking about and why they removed it. It could be that 1) the bank finds the feature is just too costly provide for free, 2) there may be a technical reason why they can no longer provide it, 3) it could be as simple as that few to none of their customers (excluding you) are actually using the feature, or 4) it could be that due to changing regulation, or market forces, no bank is offering that feature anymore. Also, while they may not care specifically about your business, the local branch has an incentive to not drive customers away if it can be reasonably avoided."
"How can someone use the account number to withdraw money without my   consent? They can use your account number to game your banks phone support and try to phish their way into your account. Banks have gotten very good at combating this, but theoretically with just the address he lives in, your name, and a bad bank phone rep, he could get into your business. The account number would just be one more piece of information to lead with. I have 1 savings and 3 checking accounts with the same bank. Would they be able to gain access to the other accounts? Dependent on how incompetent the bad bank rep I referenced above is, sure. But the odds are incredibly low, and if anything were to happen, the bank would be falling over itself to fix it and make reparations so that you don't sue for a whole crap ton more. Is there a more secure and still free option that I have overlooked? Opening up yet another checking account solely for accounts receivable and transfer to accounts payable would keep your financial records more transparent. Also, banks are doing ""money transfer by email"" now, so I don't know how great that is for business transactions, but in that instance you're just giving out an email linked to a money receiving account instead of an actual account number. Paypal is also a pretty good EFT middleman, but their business practices have become shady in the past 5 years."
Like what licences or permits he'll need to acquire,  Does he need a separate bank account specifically for his business,  What kind of insurance will he need to acquire for the business..those kind of things   And I know I could use Google but there are certain things I don't like looking up on Google for advice
Online banks are the future. As long as you don't need a clerk to talk to (and why would you need?) there's nothing you can't do with an online bank that you can with a brick and mortar robbers. I use E*Trade trading account as a checking account (it allows writing paper checks, debit card transactions, ACH in/out, free ATM, etc). If you don't need paper checks that often you can use ING or something similar. You can always go to a local credit union, but those will wave the fee in exchange for direct deposit or high balance, and that you can also get from the large banks as well, so no much difference there. Oh where where did Washington Mutual go....
There are no legal restrictions on doing this. If you're living in the UK, just open an account like any other resident of the UK would.
"The CRA's website has pretty good information on this type of thing. The search function is not great, however, so I recommend going to Google and typing: If you search  It brings you here: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account/transfers/transfers-between-your-tfsas.html  ""If you want to transfer funds from one TFSA to another or from one issuer to another, there will be no tax consequences if your issuer completes a direct transfer on your behalf. For more information, contact your issuer."" It seems that this is not something you are able to perform yourself. Unfortunately it seems you may need to go back to your issuer with this information and ask, again, that they perform the transfer on your behalf. Note that failure to comply with this request on their end likely has stiff penalties behind it, so it may help you to get the individual's name and wave that stick around to make something happen. You may also have better luck by first opening an account with your new desired institution, and asking that they assist in requesting the transfer from your old institution. They have incentive to help you here as it's the only way they get to serve you, so you'll have valuable help on your side."
I started my business about 4 years ago.  I heard bad things about Quickbooks for Mac so I steered clear.  I used an open source program called GnuCash and it does a good job.  It's free and fairly easy to set up.
The key is that you need to use your debit card to earn the higher interest rate. The bank can offer a higher interest rate on accounts connected with a debit card because: They earn additional income through debit card fees charged towards account holders, among other things. They offer the higher interest rate specifically to encourage people to use their debit cards. By offering a joint checking/savings account that requires you to use your debit card, the bank is assuming that you'll keep more money in your account than you would in a standard checking-only account. Your higher balance translates into more money the bank can loan out or invest, which usually leads to higher profit for them. Businesses pay fees to the bank to accept debit cards. These fees represent another source of profit for the bank. The more you use your debit card, the more the bank earns in fees, so the bank encourages you to use your debit card more frequently through incentives like a higher interest rate or waiving fees on your account if you use your card enough. Plus, since it's likely that an individual who maintains a fairly high balance in an account linked to a debit card is going to spend more (simply because they can spend more), banks will sometimes waive fees on the consumer side for balances over a certain amount.
No. Current account is not a requirement. You can use savings account. You would need to pay taxes on interest. Savings account have limitation on number of withdrawal in a quarter, hence most sole proprietorship have current account.
"The account you are looking for is called a ""Positive Pay"" account.  It generally is only for business accounts, you provide a list of check numbers and amounts, and they are cross-referenced for clearing. It normally has a hefty monthly fee due to the extra labor involved."
Looks like you have three options: Outside of this you might need to look for a different type of account. Hope that helps.
If it's always the same person: Open a second account, with them as the account holder. Get them a debit card for that account. To move money, do an inter-account transfer from yours to theirs. Fast, low to no fee, simple. (For a while I had a second credit card on my account for this purpose -- the other person was a trustworthy family member -- but a debit card on its own account is cleaner and much less risky.)
If you go through the web pages of some online brokers, you will find out that some of them allow you to manage friends/relatives accounts from your account as a trusteer. That should really solve your underlying problem, you will need only one login, etc. (Example: https://www.interactivebrokers.com/ff/en/main.php) If I understand it right it will even allow you to make one trade splitting the cost and returns among the other accounts, but you would have to verify that. Anyways, that will save you a lot of trouble and your broker can probably help you with the legal necessities.
This should be a comment but could you not get an account with the National Bank of Egypt which has branches in the UK?
A large biller is registered and can initiate an ACH Debit to your account based on the Account Number and the Routing number. He assumes responsibility and completes the due diligence of obtaining a written mandate / permission / authorization from you. There are other legal process where by you get a Power of Attorney that would allow you to transact on behalf of someone. The key point you seem to be missing is that one can ONLY transact from ones account either by walking into the Bank / ATM, or by writing a check. There are other options as well to transact.
"There is such a thing as Deposit Only. This will allow the individual's account to function only for collection of monetary deposits.  NO ONE will be able to withdraw...only deposit.  The account holder may still physically withdraw at their banking institution.  Think of it as taking your account from a ""public"" profile to a ""private"" profile.  Doing this is beneficial for ppl who may have been scammed into a program or product where there account is bieng fraudulently overdrafted, or simply to protect your funds from bieng drafted without your approval or despite your requests for ceasing the drafts.  When making your account a deposit only account it's a good idea to open a NEW account at a Different banking institution, because some banks will still allow an account that is ""attached"" to the deposit only account to be drafted from it.   WIth the new account you can utilize that one for paying day to day bills and just transfer funds from the deposit only account to the new account.   A deposit only account is also a good way to build up a nice nest egg for yourself or even a young adult! source- Financial Adivsor 4years-"
You can look into getting a business credit card. When I had my Chase business credit card, I could add authorized users to the main account and set a spending limit on each card.
"Depending on where you are, you may be able to get away with filing a ""Doing Business As"" document with your local government, and then having the bank call the county seat to verify this. There is generally a fee for processing/recording/filing the DBA form, of course. But it's useful for more purposes than just this one. (I still need to file a DBA for my hobby work-for-pay, for exactly this reason.)"
If you only need to buy stuff online you could consider using paypal perhaps? If you really need an bank account, you could also look at an offshore bank account, HSBC has accounts in multiple currencies, but you will need to be eligible (have a ton of money and provide some documentation).
open a bank account  under the business name and put tthe money in there  You can probably simply speak to the banker about having a business account and  setting aside money for taxes,, etc  no rocket science there  just don't  lie about  your income is most important,   or many  It's not how much you make its how much you deposit in a bank, that's the first thing   the tax man might look at IMO
A standing order is still the right way to do this. Most bank accounts have online access and will let your customer setup the standing order online, without having to fill in a paper form.
Some Walmart stores have a surcharge-free ATM in their Money Center. If that doesn't work, look for the logo of the interbank network on the back of your card that your bank uses (e.g. Star, Cirrus, Allpoint, MoneyPass) and Google them. If you're lucky, they'll have a surcharge-free ATM locator (e.g. https://www.star.com/locator/).