Business account

Today was one of the busiest days ever. I was running around all town trying to get things done. I know that there’s still a lot of time of time left before Christmas but with work and everything, I want to make sure that I get what I can done. I don’t like to plan my week out ahead of time so I just do whatever shopping I can, when I can.

My sleep routine has been messed up because of work and then not sleeping on Fridays. But today, it worked out for me. I woke up around 9:00am because I had to get ready for a business meeting. It’s not really a meeting, it’s just that Project One had to meet up to open up a business bank account. Without that account, we can’t get paid for the work we did. Plus, it’s more professional to have the cheques made out to the company rather than to an individual.

We decided to open up a business account with FirstOntario Credit Union. It’s the only bank that seem to fit what we’re looking for and it’s opened on Saturdays. The company’s income isn’t that high so we can’t afford to pay a $50/month service charges that most banks do. A business account and a personal account are totally different. There’s so much fees involved in the business account. With the personal account, you’re allow so many transaction before the bank starts charging you. With the business account, you’re allowed one transaction before the bank charges a fee.

I went to pick up Alvin from Oakville and then hurried back to pick up Gus. Ehab is the other member of the company but he had his own ride to get him up there. He’s bad with directions so he arrived rather late. We had some of his information so we were able to get most of the paper work out of the way.

When we arrived at the bank, there was a strike in progress. Upon entering the branch, there were two officers inside. The bank appeared to be deserted. it didn’t look like anyone was making any transaction at all. The people outside were striking because the bank was hiring too many part time workers and not enough full time workers. I don’t know the full detail of the strike, only from what their flyer said.

As we were sitting in the Asset Manager’s office, I peeked through the blinds to see that they were having a barbeque outside, with hotdogs and drinks. Every now and then, someone would bang their sign on the window as they’re turning around. But something tells me that the banging wasn’t accidental.

As the three of us were sitting in the office, the Asset Manager briefly explained the procedure with opening a business account. She said that before the account could be opened, the bank had to perform a credit check on all the members. That threw me off because we’re not looking to open a line of credit or anything. We just wanted an account where we could deposit and withdraw funds. The lady kept mentioned something about how the bank would be vulnerable if they didn’t perform the credit check. This differs from a personal account a lot.

Along with the credit check, there was a $25 deposit that was required as well. This $25 is for being a member of the union and we get it back when we close the account. They encourage us to increase that until it hits $115 but while that money is with them, it’s gaining interest. They pay out the dividend on that interest as well. Also, we quality to get stocks in the bank. I’ve never had stocks before but I like the sounds of that.

After all the paper work was done and signed, we still didn’t have a business bank account opened. We have to wait for the credit check to go throw before the Asset Manager makes a decision as to whether they will bank with us. A credit check on the company will be performed as well. They won’t find anything there because this is our first major income. And we have nothing in the past that will cause a red flag to go out. We’ll find out whether our application has been approved on Monday.

Once we we get approved, all of us have to go back into the branch and sign some more paper work. At the moment, it is hard to get all of us together because of our busy schedule but the lady said that it was okay for each of us to fill out the paper work individually.

Project One is slowly starting to make its appearance in the web designing business. I think after we’re finished with our current client, business will start to flow in. Right now, we have to go out there and find the clients but with the help of satisfied clients, we won’t have to look too hard. We’re slowly building our network of clients who will help us reach a broader market. From the beginning, I refused to advertise because I believe that word of mouth is worth more than a space in the yellow pages.