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Electronic Transfer Accounts (ETA)
Electronic Transfer Accounts (ETA) was designed by the U.S. Treasury
Department as an alternative to checking cashing facilities. If you
receive a federal benefit, wage, salary, or retirement benefit, you can
open an Electronic Transfer Account (ETA).
ETA is a new type of bank account that lets you receive your federal
government payments electronically through direct deposit. The cost is
$3.00 or less for the direct deposit and you can make a minimum of
four cash withdrawals and four balance inquiries per month.
Check with your local bank to see if it offers this service and to learn
what the specific requirements are to open an ETA account. You can
also visit the ETA website to see if there is a bank in your area:
www.eta-find.gov
Business Checking Accounts
Business owners who have Incorporated or formed an LLC are usually
able to open a business checking account while in ChexSystems. The
Chexsystems report is run on the business, not the signer on the
account.
Corporations and LLCs are required to have an EIN (employer
identification number). This number will be used by the banks when
opening a business checking account, not the owners social security
number.
The bank may take your social security number if you are a signer on
the account but it will only be used for identification purposes, not for
ChexSystems. You can open a business checking account with as little
as $100.00 opening deposit. Many banks also offer small business
savings accounts.
However, if the business is a Sole Proprietor or you are a DBA (doing
business as), banks will likely run a ChexSystems report. Bank of
America and Washington Mutual will open a business checking account
using only your corporation name and EIN.
See How to Structure a Business for more information on incorporating.
Electronic Transfer Accounts (ETA) was designed by the U.S. Treasury
Department as an alternative to checking cashing facilities. If you
receive a federal benefit, wage, salary, or retirement benefit, you can
open an Electronic Transfer Account (ETA).
ETA is a new type of bank account that lets you receive your federal
government payments electronically through direct deposit. The cost is
$3.00 or less for the direct deposit and you can make a minimum of
four cash withdrawals and four balance inquiries per month.
Check with your local bank to see if it offers this service and to learn
what the specific requirements are to open an ETA account. You can
also visit the ETA website to see if there is a bank in your area:
www.eta-find.gov
Business Checking Accounts
Business owners who have Incorporated or formed an LLC are usually
able to open a business checking account while in ChexSystems. The
Chexsystems report is run on the business, not the signer on the
account.
Corporations and LLCs are required to have an EIN (employer
identification number). This number will be used by the banks when
opening a business checking account, not the owners social security
number.
The bank may take your social security number if you are a signer on
the account but it will only be used for identification purposes, not for
ChexSystems. You can open a business checking account with as little
as $100.00 opening deposit. Many banks also offer small business
savings accounts.
However, if the business is a Sole Proprietor or you are a DBA (doing
business as), banks will likely run a ChexSystems report. Bank of
America and Washington Mutual will open a business checking account
using only your corporation name and EIN.
See How to Structure a Business for more information on incorporating.
Options to Checking Accounts
by Lisa Phillips
by Lisa Phillips
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