I used a checking account on my business years ago when I promoted local talents in our region, but I was in dismay when someone paid me back using her checking account which bounces. I reported her to the bank and reported to the police. The amount she owed me was 38,000. She was charged with estafa. I used a checking account because it is the most versatile and widely used form of deposit account. We can put money directly on the check and withdraw any time we want. What abut you? Do you use a checking account in your business or not?
Are you using a checking account in your business?
- Thread starter Starmix
- Start date
I think checking account is equivalent to current account I'm Nigeria where it is mostly used by business owners thsn income earners
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- #4
It means that when you have a plan purchase products for your store, you won't pay in cash but to issue a check or cheque.
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- #6
I also stopped using payment or buying thru a check because others pay thru a cross cheque or a bouncing cheque.
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- #8
I experienced this paid in a bouncing check and paid in a cross-check. The problem with the cross-check is when the due date time comes and you are ready to deposit the money in your account and the bank may declare bouncing, meaning to say, there is no money deposited in the check. It is also risky.
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- #10
That is correct, when paying suppliers, it's a check that is used in paying. On the other hand, we must also get rid of those business people who might pa us a bouncing check. I was a victim of this before.
That's right. I don't have a business so I don't need a current account and doing fine with a savings account.
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- #12
I opened a checking account before because of my concert business. I pay the local talents thru a check to have equal sharing. I close my checking account officially because it charges once cannot maintain the checking deposit. It feels good to have a checking account, no hassle.
It's good but if we don't have a business then I don't see any reason to opt for it as it's expend than a saving account
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- #14
Yes, not good for we also need to deposit our checking account, better open a saving account or time deposit. I have a yearly time deposit.
Time deposits are better for us because we don't like to risk our money and is a convenient way to deposit money
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- #16
Time deposit earns only small interest, but at least money is safe for a none useful withdrawals. Money is safe and protected against spending.
It's better than savings account as interest is better in time deposit but I think we need to learn about other ways to invest money
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- #18
It is better to invest our money that to let it sleep in the bank that earns a very small interest rate. In my case, I am still thinking of the best business that is discussed here so that our money grows profitably for a change.
Having a business will be best but yes we need to prepare ourselves for it to see if we can start something that suits us.
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- #20
That's it, all our efforts will bear good fruits later. We just need to plan what to do well to increase our income.
