A new season of How Not to Run a Bank commenced on Tuesday! I don't know however that there will be anything to actually air, because so far the bank in question hasn't screwed anything up.
I know, I wasn't prepared either.
As previously mentioned, I found my then-new bank's statements unusable
. And there was also the fact – did I mention this? – that while opening the account in the first place, I discovered that they were so profoundly unprepared to open a business account for a sole proprietorship, and were finding the whole thing so traumatic, that I said, "Hey, if it would make things easier, I just really need the checking account now. We can come back and do the savings account on another day." And the banker (and her boss and her other colleague) gratefully accepted my offer
(How unprepared were they to open a business account for a sole prop? Their computer system was incompatable with Massachusetts sole prop business certificates. Yeah, MA is one of the few(?) states that has biz certs issued by municipalities, not counties. Their screen for entering the info from the biz cert had a helpful pulldown list to indicate the granting jurisdiction – of MA counties. Apparently they don't do this much in MA. I chatted up the branch manager (who was by this point involved in trying to set up my account) and he said the bank was from Connecticut.)
I never did go back for the savings account. I emailed my banker on a Friday asking about terms for their available banking products, and by Saturday night I had the flu, and even though she got back to me on Monday, I was out of commission for a week, then moving. And the terms sucked and also I was not feeling like I wanted to do business with a bank that considered a MA sole prop with business certificate some sort of challenging exotic edge case. So I have been trying to run my business out of a single checking account and it's been driving me up the wall
I did decide, upon discovering the uselessness of their statements, that I needed to move to a new bank. At the time, I was overwhelmed with my personal moving drama, and not in any position to deal with it, and, well. Another bank was in the process of opening up a branch right around the corner.
One with which I had previously had many satisfactory dealings. So I waited patiently, and a week ago Wednesday, I discovered it was finally open. I stopped in, tested the ATMs to make sure they accept cash deposits, and chatted briefly with a banker, asking the crucial question about what their statements were like for business bank accounts. I explained what the other bank was doing and he got that slightly incredulous "I know I shouldn't be surprised, but man" look.
Also, their business accounts are free.
So I came back on my first available day, Tuesday afternoon, and opened a fresh set of business bank accounts.
So far so good. I've already patched the checking account into PayPal and gotten my online banking account up and running. I did run into one technical glitch with the website, but I've gotten that straightened out with a call to tech support. I'm still waiting on getting the ATM card so I can migrate fully to them and close the previous account, but in the meanwhile, I've been moving money in from the shambles that is the previous business bank account via PayPal.
It has been amazing
how much a relief it has been to do this, and actually get my accounts in order. I shouldn't feel this much glee at banking, but here we are.
Meanwhile, I still
have the previous
pair of bank accounts open, the ones I was trying to flee by opening the account at the bank that I am now leaving. The ones at BoA. I cleverly decided to open a new pair of business bank accounts in December, and start using the new accounts with the new fiscal year; I would then finish up fiscal year 2018 out of the BoA accounts and close them. The last thing to do was file my taxes and pay my outstanding tax bill, and then transfer everything left over into my personal bank account as profit – which I was planning on doing the second the IRS opened 2018 tax year filing. Like Feb 1. Ha ha ha. Moving. So now it's April 12 and I still
haven't filed my taxes.
I have started preparing them. That was the other thing I was doing this week. I have an hour or two more going over my hard-copy receipts to see if I missed any of my expenses, and then I push the button.
Pro tip: don't try to pay your estimated tax payments while delirious with the flu! I accidentally double-paid my last payment. I have a checkbook "app" that lets me set up transactions in advance and store them, so that I just have to click an icon and confirm to write them to the register when they happen; I had lovingly set up all my tax payments in there when I did my 2017 taxes. In the throws of the flu, I completely blew past
the pre-set (correct!) payment in my Upcoming transactions log, and entered a fresh one from memory. I assume I was getting panicky in a "OMG IRS DOESN'T CARE ABOUT YOUR FLU MUST MAKE PAYMENT BEFORE DEADLINE" way. I don't remember much of that chunk of January, except the part about coughing up blood.
So here I am, expecting to owe the IRS about $1.5k, and fully prepared to pay two grand, aaaaaaaaaaaand it's looking like I owe about $300. \o/
Anyways, I'm super looking forward to being done with that
ETA: $99! \o/