FREE Business mentoring, coaching: Bank account management, two is one and one is none Wayne Winton
FREE Business mentoring, coaching:
Bank account management, two is one and one is none offered by Wayne Winton.
I repeat 2 is 1 and 1 is none! Military standards. Failure is NOT an option! Set yourself up for success!
My personal opinion is to have a checking account tied to a savings account to build savings and cover any possible overdrafts.
Then have an additional savings account that has weekly automatic deposits made based on average income. 5-10% of profit is a good starting point. Two accounts are one and one is none.
Then, based on the same concept two banks with both checking and savings accounts is one and one is none. I highly recommend setting up a completely separate account with a completely separate bank or credit union. If one gets hacked or has technical outages you can still do business, cash, checks, deposit, merchant services and have a way to pay bills and receive money keeping you and your business alive!
When you hit certain numbers in the reserve accounts, then take the excess and put it into the separate company bank accounts.
Seem like overkill? See how thus saved my business below
What a horrible experience! I actually called them to pay this loan off early and instead of charging me the $650.33 owed they withdrew a whopping $65,033.00! What a sign of gross negligence by Risk management Darrin Wilson and total lack of knowledge and professionalism.
Everyone makes mistakes and this was obviously a case of adding a few zero’s, but the problem was what’s worse is I spent the entire day trying to contact them to respond and resolve the issue only to get a recording office that would “take a message”. After leaving multiple messages I did not receive a callback for an entire day! Worst service ever.