SMALL BUSINESS ANALYZED ACCOUNTS
The monthly charge for a small business analyzed checking account
$20 not including add ons
What is the current Wall Street Journal Prime Rate?
7.50%
Minimum to fund a new business checking account
$100
True or False: a start- up can qualify for a small business credit card
True as long as the owner has other income not related to the business
PINEAPPLE
SHANEL AND RILEY
Three benefits for a business to have a small business analyzed checking account
Fraud protection, ACH, wires, RDC
10 years
Average monthly ledger balance to keep the Smart Business checking account free
$1000
What is the annual fee for a Small Business Credit Card?
KIWI
AUTUMN
The difference between reverse positive pay and positive pay
reverse positive pay (included) customer receives a list of checks and can reject any that they do not authorize
Positive pay (extra charge) they have enter each check they write -this is the one we see
How long is the heloc repayment period?
15 years
Who do we report on the beneficial ownership paperwork
Owners of 25% or more and the controlling individual
How many months zero interest for a new small business credit card?
6 months
GRAPES
AUSTIN
True or False: if a business has Small Business Analyzed account, they automatically have access to all benefits
False: each benefit needs to be added by TMO ( we refer)
Minimum credit score for non dwelling secured credit
650
What documents do we need for a corporation
State filing from sos website and articles of incorporation
How much can we lend to a business using stated income?
$50,000
POMEGRANATE
JULIE
$10 domestic and $25 foreign
Minimum credit score to qualify for unsecured credit
700
What documents do we need to open an LLC?
State filing at SOS website, operating agreement
Benefits of a business having a credit card
Rewards
Set limits on employee cards
better fraud protection- not attached to customers money
no interest if paid off monthly
MANGO
JULIA