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Debit and ATM Card Advice for Small Businesses
Your business account comes with an ATM, Debit card. Pick a really secret pin number. Don't give it to anyone even in an emergency. Make sure you record withdrawals. If you have a bookkeeper paying your bills for you, be careful because they won't know that you took out money. They will be upset and so will you and your vendors if they mistakenly write a bad check to pay a bill because you forgot to tell them of your numerous unrecorded withdrawals from the ATM machine. Originally ATM cards had a maximum of $300.00 per 24-hour period, suppose this was incase you developed a drug habit and take out the maximum $300.00 per night in cash or incase it was stolen to minimize risk on your account. Most business accounts do allow up to $1000.00 per 24-hour period now, but most likely you will have to ask for it. If you business might need this it is a good idea to have. It is not wise to co-mingle funds such as taking $60.00 out of your business account via your local ATM to take your girl friends out to dinner. If you need $60.00 in cash then take it out of your weekly paycheck to yourself or even out of your daily cash before you put it into your bank account. Be sure however to report it as income because that's the honest thing to do. If not you have created a nightmare for your accountant and put up red flags during your tax form preparation. "Lance Winslow" - If you have innovative thoughts and unique perspectives, come think with Lance; www.WorldThinkTank.net/wttbbs
MORE RESOURCES: News provided by Yahoo! News and Google News Kiffmeyer hosts small business roundtable (Monticello Times) Loan tap tight for small biz, especially startups - New York Daily News Dell Small Business coupon: 35% off select Vostro laptops of $999 or more (I4U) Rockland offers small-business workshop to entrepreneur hopefuls (The Journal News) US Admin Offls: Export Initiative to Help Small Biz Efforts - Market News International Steve Wild: A few ways politicians can help small business (Indian River Press Journal) Small business to have louder voice (The Lake County Record-Bee) Tories pat small biz heads in open source IT procurement pledge - Register Small Biz: Where's Our Stimulus? - Memphis Daily News |
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