Start-up Journal 01 | Opening a business account

So I have my company name and address sorted out, then what’s next? I need a business bank account.

The first thing I do is to reach out to the bank I’m already with, Commonwealth, but when I called for consultation on the policy, I found the staff knows less than their webpage. I directed her to find the info on the page and she took a while to confirm that with her manager. The answers were inconsistant and she hung up as fast as she could. I took this experience to remind myself that presentation and professionalism means a lot when communicating with my own customers.

I then quickly moved on to research other banks’ policy and here is the one I chose: NAB bank’s Business Everyday Account. If I used internet transactions, it charges $0 monthly fee. If I write checks, it charges 60 cents per check book. Compared to this, Westpac is a total rip-off, charging $10-$20 per month with less service.

Info I need to open the business everyday account:

  • ID (medicare card/driver license/passport/other photo id)
  • TFN

Before you go ahead, a quick reminder: identify the type of your company first, is it sold trader, partnership or trust? If it’s partnership, then you will need to verify at least 2 people who owns more than 25% of the company to open the account.

If there are something you are not sure about, just give them a call. They are a lovely professional team.

Good luck with opening your business bank account. Leave a comment to share your start-up stories too. Your experience will help the next person. ❤

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