Banking for your notary business
I’m a notary, now what? If you are thinking about starting a notary business, you have come to the right resource! Today we are going to cover business banking. As a sole proprietor, you don’t have to spend a lot of money to get started offering notary services, if you want to have a mobile notary business or offer loan closing services as an independent contractor. One thing you should have is a business bank account or at least a separate account to put your funds from notary work that is separate from your personal finances. This is where you are able to track spending and earnings. Some of the features that you want to look for in a bank account are:
1. No fees or low fees
2. How many mobile deposits you can make (if you get paid in checks or direct deposits)
3. If you get charged per transaction after a specific number of transactions
4. What types of payments you can take (Zelle, CashApp, etc.)
5. What features the account offers (overdraft protection, online or mobile banking, ability to link and transfer with other banks, analytics for monthly spending)
6. Do you want an online bank or a bank with a physical location
7. What hours are customer service available
8. Do you have a personal banker you can ask questions to and how do you communicate with them
Depending on where you decide to open your bank account, they have different requirements for what is needed. It doesn’t matter if you choose to have a formal business bank account or open a personal bank account for business purposes, the features available to you might be different.
Two banks that I like that offer online resources for business banking and entrepreneurs are TD Bank and BB&T (now Truist). Once you find what works for you, all you have to do is start making the money!