July 11, 2025 • 20 mins
Hey BA Fam!
We’re back with a classic BA Q&A. Mandi is joined by Yanely Espinal (aka MissBeHelpful) and Marc Russell from BetterWallet to answer Amber’s question: What should I look for when opening a business bank account—and what are the red flags?
Whether you’re launching a side hustle or running a full-on business, this convo breaks down what really matters when choosing where to bank.
We get into:
💼 Why keeping business and personal funds separate is a must
🏦 Traditional vs. digital banks—what works best for your biz
💸 Fees, features, and must-haves (like QuickBooks integration)
🔌 How local banks and credit unions can come through
📍And yes, why Mandy’s low-key ready to move back to ATL...
Banks we mention: BlueVine, PNC, Amex Business, TD Bank, and more.
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Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
What do you look for when deciding who to open
and account with? What are red flags that let me
know who not to bank with.
Speaker 2 (00:06):
Some of the things you want to think about. You
want to make sure as a business owner that your
money is separated from your personal income. You don't want
to be merging them together, even if you feel like
you're not making too much money right now. I think
it's critical to do it now.
Speaker 3 (00:20):
If you are somebody whose business deals with a lot
of cash transactions, you probably want to have a physical
bank branch location that you can go to and you
can deposit those cash payments rather than having to put
it in an envelope and mail it to a digital bank.
I wouldn't personally feel comfortable doing that.
Speaker 1 (00:39):
Hey, hey va fan, welcome to the BAQA. I feel
like it's been a minute since we've had a straight
up BAQA. I have my lovely co hosts who have
stuck around to help me answer this question from y'all.
I have yan Elli Espinal, the director of financial Education
for next Gen PF Next Gen Personal Finance and also
(01:00):
mis Be Helpful, which is her personal brand, and she
is the author of the personal finance book Mind You Money. Hey, Nelly,
what's up?
Speaker 4 (01:07):
Glad to be back, and.
Speaker 1 (01:08):
We have Mark Russell of Better Wallet Fame. Hello, Mark,
Welcome again to the BAQA. Now I think by Mark
aka say it no. If you say Chris, then it's
gonna like do the whole thing and I'm gonna mess
it up again. You guys couldn't be more different, so
I'm sorry it was a Freudian slip. All right, Mark,
(01:32):
not Chris. Let's get into the question for today. Oh
we had a question from Amber, who sent us an email.
So old fashioned either way. If you want to submit
your questions personal finance, business related relationship, will take them all.
You can email me Brandambition Podcast at gmail dot com.
You can also contact me on ig at Brand Ambition
(01:52):
Podcast on the Gram. Amber wants to know Mark and
ya Nellie. She says, I'm not sure if you've covered
this already, but I was listening to a recent episode
about credit cards and y'all touched on credit cards for
business a little bit. My question is what about business
bank accounts. I'm planning on starting my own business soon,
(02:12):
but I'm not sure where to open a business account
or what benefits I should be looking for in a
bank what do you look for when deciding who to
open an account with? What are red flags that let
me know who not to bank with? Thank you for everything.
You're amazing love this question. Thank you Amber. That's a
great question.
Speaker 4 (02:28):
It really is. Let's set up these business bank accounts.
I love that.
Speaker 1 (02:31):
Yeah, I'm curious to know where you guys bank.
Speaker 2 (02:34):
Yeah, so I'll start. So I mentioned P and C.
I've been with P and C since I was seventeen,
and naturally when I was looking to open up a
business bank account, I use P and C for that.
In terms of what I was looking for was an
established relationship. Obviously, security is really important, the intuitive design
(02:54):
on the website, having an app, all the things I
think all that's really important. The ability to move money
from the business bank account to the personal account, move
from the check into this savings, right, I have to
be able to do that pretty easily. In terms of
companies that I personally wouldn't use, do you have the
well as Fargos of the world, for all the reasons
(03:16):
that we all know and don't love Bank of America,
I wouldn't use them either. Personally. These are all personal
I just never but for me, the boxes that would
want to check is. I want to have an established relationship.
They know who I am, they I've been working with
them for a while. I want to make sure they
have an app. Security is really important. Ability to connect.
(03:40):
I literally log into my account. I have my personal
account and I have my multiple business accounts. So the
ability to be able to set up all those accounts,
because I even have one for taxes as well, so
all that's extremely important. I probably wouldn't, in my opinion,
go with a credit union because I think credit unis
are Credit unions are great for getting out loans and
(04:02):
getting low interest loans and all that, but I don't
think they have the security or the technology that I
feel comfortable with with my business information. And for anyone
who's like, why would I get a business bank account,
some of the things you want to think about. You
want to make sure as a business owner that your
money is separated from your personal income. You don't want
(04:24):
to be merging them together. And even if you feel
like you're not making too much money right now, I
think it's critical to do it now because eventually you will.
Right I'm a manifested for you, I'm sure manifesting for yourself,
and the worst thing you can ever possibly do is
try to figure out, okay, what should be paying taxes
on versus what is already text for my nine to
(04:47):
five job. So having that separate, having that business bank
account makes your accounting way more easier. And if you're
doing your own accounting right now, it will be a
headache if you had the two combined, and your accountant
will hate if you have an account or a CPA
if they are combined. So I would say sooner rather
(05:07):
than later, make sure that they are separate, open up
an account, and kind of use that checklist to figure
out what kind of company you want to go with.
Speaker 3 (05:16):
Yeah, I love that, and also think about what kind
of business you have amber Because my business is fully digital,
it's all online. I never really accept cash payments at
all ever, so I don't need to worry about coming
to a bank branch with a bunch of cash to deposit.
So that's not even something I would consider. Whereas my
family has a small business that's a restaurant, actually not
(05:37):
so small anymore. They're doing really great with this in
New York. There's a Dominican restaurant in stant Island. If
you're ever there. It's called Boy your restaurant and bar
excellent Food. It's some of my family members have been
growing that business for so long, and it's a cash
flow and business's cash.
Speaker 1 (05:50):
Have you like a lot of people come in family restaurant.
Speaker 3 (05:53):
Yeah, my sister and her husband own it, and they obviously,
you know, have a lot of cash coming in and
out of the restaurant, right cash. Restaurants are cash heavy businesses.
You know, you come in, you buy lunch, pay seven
dollars for a plate. You know, you give cash usually.
So that is a very different business banking need versus
my business banking needs as a digital business more primarily
so for me, it was I wanted a digital bank,
(06:15):
and I wanted one that would that would have low
fees or no fees at all. Ideally one that would
allow me to use the software that I use for
my taxes and accounting, which is quick Books.
Speaker 4 (06:23):
I wanted it to automatically sink with quick Books.
Speaker 3 (06:25):
So I started researching, Okay, what banks, what business banks
automatically have automatic sinking with QuickBooks and also allow me
to just pull data really easily between them and Blue
Vine is the one that came up for me. I've
been using blue Vine scent for years now, and like
super easy. I put all my payes in there. So
whenever I do business with somebody of ten eighty nine
contractor somebody who's editing my videos, somebody who's doing whatever partnerships,
(06:48):
I automatically add them into pay send them their payment.
Ten ninety nine are really easy in quick books, So
in terms of like accounting plus banking, I really love
that like synergy between them, and I also so just
love the fact that, like the money moves very quickly.
I don't have to wait seven business days for people
to get paid or for me to get paid.
Speaker 4 (07:07):
So those are things I chose to prioritize.
Speaker 3 (07:10):
But again I recognize it as a fully digital business,
I don't necessarily have to worry too much about cash.
So if you are somebody whose business deals with a
lot of cash transactions, you probably want to have a
physical bank branch location that you can go to and
you can deposit those cash payments. That just makes your
life a lot easier, right, rather than having to put
it in an envelope and mail it to a digital bank.
(07:30):
I wouldn't personally feel comfortable doing that. So those are
some things I would add to Mark's list in terms
of like what you want to consider to go shop
for a good business bank account, and then also there's
suite of products because a business bank account is really
just the first step. You might also want to set
up a business investment acount. You might also want to
set up a solo for one K. You might also
want to get a business credit card or get a
(07:51):
business loan like Mark was talking about earlier. Hopefully they
don't deny you like PNC was trying to play him,
But you can kind of look at, like what are
the full suite of offerings for small businesses, and that
way you can kind of pick a good one from
the get go that has a whole ecosystem of products
and services that you might eventually grow into even if
you don't need it just yet.
Speaker 2 (08:09):
Yeah, And I would say, yeah, it comes down to
personal preference because even in that example, like I couldn't
imagine going and having like a virtual bank, because there
are times where I have to give them a check
for a large amount that I can't go in to
pause in my ATM, or if I have to send
a wire for a higher amount, like I don't want
to do that over the phone. I wouldn't go and
(08:29):
talk to someone and have a personal banker that could
go and do it within a minute. So really it's
just a personal preference where I want to go in there.
So another item that would put in my checkbox is
that I need to have locations that are national. PNC
happens to be out at Pittsburgh when I was in Philly.
They're all over the place, and they're a little more
(08:49):
spread out here in Georgia, but we have three or
four locations within ten miles, so I can just drive
over there talk to my personal banker. They could take
care of everything for me. I couldn't imagine having someone
who's like virtual. But that comes down to personal preference
and then how your business is structured.
Speaker 4 (09:06):
Yep, for sure, what what you need to go in
person for transfer.
Speaker 2 (09:10):
Wire transfers and bigger checks over over ten thousand.
Speaker 1 (09:15):
Yeah, he make a money like that. It's gonna say,
I'm definitely deposited like a big like a deposited checks.
But again, like you know, when I think when I
first joined iHeart, actually my first quarterly payment was a
check and I was like, we I'm about to do
what it is why are we doing checks? Because every
everyone else just wires that are you know, sends it
(09:35):
directly and happens. Yeah, it sends me. Really have to
go take the P and C. I won't show you
guys because you guys would take the numbers, but uh
I would love. Maybe I just need to be getting
more checks. Maybe if I was on that mark better
while at level, I should get more checks. They come
work for me, you know what. That's what I wanted
(09:57):
to ask you. Actually, Marcus like has no no, no, no.
Would you say work with you? Because never he.
Speaker 4 (10:03):
Said work for you?
Speaker 3 (10:04):
Work for That's what you miss girl, You missed that job.
Speaker 1 (10:07):
Would you give me? What? What would you? What would
I do for you? Chief? Humble? Humble, officer in chief,
Keep you humble, Remind you when you say something.
Speaker 4 (10:18):
It's a unique skill set. So you got to think
about that one.
Speaker 2 (10:20):
Yeah, I'll need your resume.
Speaker 1 (10:21):
My people will talk to her. Thanks. Hey, ba fam,
we got to take a quick break, pay some bills,
and we'll be right back. All right, ba fam, We're back.
I feel like I'm in an episode of Fear Factor.
I'm like trapped in this little office. My kid has
a dirty diaper. I have to change it, and I
just like there's no ventilation and I have to get
out of here. But I'm committed to the bitch. No,
(10:45):
it's a whole thing. I gotta go upstairs. Diapers upstairs.
Now he's two. Now, it's not an easy diaper change situation.
It's going to be fighting. I'll need a hose homes. Yeah,
he's fine. No, but I did want about moving to
Atlanta because if you listen to the episode this week,
y'all at the Brown Table, I mentioned I want to
move back to Atlanta, and I am. I feel like
(11:07):
my business would only thrive with me being in Atlanta.
I just look, there's so many more opportunities or so
many great brands that want to that already work with
Atlanta creators and creatives. And yeah, I just I just
feel like this is the kind of place where a
brand like Brown Ambition and Mandy Money we could thrive.
Speaker 2 (11:24):
Yeah, it's powerful. I mean any conference I go to,
I end up meeting people who either become business partners
or clients because you have a lot of people who
are inspiring to do, aspiring to do the things that
you're currently doing, or they are trying to partner because
I mean, we really believe in collaboration for competition. A
(11:44):
lot of my friends are financial creators that are in
the different niches within personal finance, and we're always constantly
trying to find ways that we could boost each other's businesses.
And a lot of them.
Speaker 4 (11:54):
Look like us.
Speaker 2 (11:56):
So it's way more powerful than when I was in Philly,
where I fel like there were only so many financial creators,
and frankly even when I would go up to New York.
So I think if you're an established business coming into Atlanta,
it's a great thing. But if you're trying to get
into entrepreneurship and you're not really sure what your niche
is going to be, it could be a distraction and
(12:18):
you could find yourself losing a lot of money pretty quickly,
because there's a lot of people who, unfortunately try to
exploit folks that are trying to get rich quickly here
in Atlanta. But if you know the direction that you're
going in, you know what conferences you need to be at,
what groups you need to be a part of, who
you need to talk to, and folks are more willing
to introduce everyone to whoever referrals are big. Everyone that
(12:43):
is on my team that's from Atlanta was a referral
from someone else, or I just happened to be at
a conference. I'm like, you're great at videos, can we
like work together? I have something coming up here in
a couple of weeks, And they're like, yeah, sure, no problem.
So that's a big deal at least for me and
for the brand.
Speaker 4 (12:59):
Yeah for sure.
Speaker 1 (13:00):
Ooh, so when I come, I have an instant plug
like you can connect me to.
Speaker 4 (13:03):
That's what he's saying.
Speaker 1 (13:06):
That's what I heard. That's what I heard, and I
do feel like I have Yeah. I mean, just being
from here, I have so many friends and it's just
just come come on home, Mandy, is what it's saying
to me. Hey, ba fam, we got to take a
quick break, pay some bills, and we'll be right back.
All right, ba fam, We're back my business checking. I
also have Bluevine. I like an online only bank. I
(13:27):
don't mind the inconvenience of not talking to humans. In fact,
I prefer to not speak to them. But to your point,
Mark about financing, though, I do think having a relationship
with a local community bank and the best thing about
I think you mentioned I was distracted by my kid.
I think you mentioned something about how you know you
wouldn't necessarily work with a credit union, But there are
(13:49):
some local community banks and credit unions that are really
like the point of them, or the core of what
they do in communities is support local businesses. So if
you're someone who's opening a local business, maybe a brick
and mortar business, like, and you're going to be a
part of that community, you might find it really beneficial
to establish a relationship with the local bank or credit union,
(14:11):
and you know they have a vested interest in banks
in your community, and they may look more favorably upon
you than like a big lender who's like, who are
you totally agree?
Speaker 2 (14:22):
I'm a part of Like on the personal side, like
I have many of credit unions from my alumni association
to even where my high school was, where I have
that personal connection. If I really need a loan, I
can get to them. But from a business standpoint, yeah,
it is much tougher to go after these bigger companies
that you're just the number in their head, even though
(14:43):
that's where it brought them more than seven figures.
Speaker 3 (14:46):
It's like right, right, well that's a good thing about
online banks though, because I will tell you one of
the cool things I have with Bluevine. I have a
Bluevine Business line of credit, so I can spend up
two one hundred thousand dollars at any given point. It's
a pretty low rate, like seven point tenty percent, which
I mean is high generally, but like for business, not bad,
and I could pay it back monthly if I ever
(15:07):
do borrow from it. So it's it's similar to a
credit card and how that works for your personal spending,
but it's for the business, and that line of credit
is revolving, so like if I pay it back, it's
available again onlike a personal loan, which you know, you
pay it down and then at zero and then you
have to apply for a new loan if you want
a new one. So I really liked the Bluevine business
line of credit. And also the fact that they are
(15:28):
a digital bank means that they're a lot more friendly
and open to digital businesses.
Speaker 1 (15:33):
So that's something Yeah, I've never considered. The problem is
getting approved for stuff with blue I've never done a
line of credit, but I know with my credit card
I had no problem yep, opening up. I opened up too.
I have two different business bank accounts with them. Yeah.
Speaker 4 (15:46):
Yeah, they're great and honestly pretty responsive.
Speaker 3 (15:48):
Because the other day I had to I was bringing
on a new client doing a partnership with them, and
they needed the bank account information. So I sent them
a document that had it and they were like, no, no,
we need a letter from the bank. So I was like, oh,
so I had to contacte. I literally just sent a
quick email in the in the online account and I said, hey,
I need a letter, like a verification letter from the
bank saying that I have my business bank account here
(16:09):
less than twenty hours, like not even the whole day already, girl,
I already had it.
Speaker 4 (16:15):
In my email.
Speaker 3 (16:16):
They sent it to me as a pit of attachment.
I was like, oh, look at that boom. So in
terms of responsiveness, has been really great, even though you
don't really talk to a person, but they still are
really responsive.
Speaker 4 (16:25):
And look at that. I could have just downloaded it
from my account. I didn't know that.
Speaker 2 (16:28):
Yeah, you know what, and you could also have you
could also have two, Like there's no limit on how.
Speaker 4 (16:32):
Many, right, That's so true.
Speaker 1 (16:35):
That is so true bank accounts you have.
Speaker 2 (16:37):
Even having this conversation, I'm like, maybe I should have
this virtual one where the majority of the money won't
go through there. But maybe if I create another product
or whatever, it might be a separate business, then that
could be routed through blue Vine.
Speaker 1 (16:50):
So yeah, and to her to Amber's question about like
what to look out for, I was the big thing
for me or fees. So there's no fees with blue Vine.
I'm not paying a I had worked with a big
bank before and it was like a five dollars a
month fee unless you had a minimum you know, those
stupid minimum balance requirements per month. Fees are a big one.
And the ability to do to pay people through your account.
(17:12):
So I like jan Ellie, I use a lot of
contractors and you can set them up as clients in
your portal on Bluevine and pay them. And if there
is a fee, it's very nominal. It's like one percent
or something. And I feel like PayPal, quick books fees
and the fees of sending. So whatever the thing is
you do in your business the most, whether you're accepting
payments virtually or sending payments virtually, like what is the
(17:34):
cost of those fees and how well it integrates with
the other platforms that you might use, like Gusto or
quick Books yep, things like that. Yeah, and just keep
asking your friends. I mean, we're your friends in your head,
but if you have other friends who are business owners,
ask them what they use, and then you make the
best choice based on what you need and what's right
for you.
Speaker 3 (17:51):
Yeah, and just quickly look up like what are the
best business bake a concert twenty twenty five based on
online reviews? Based on things like that. I mean, I
chose Bluevine because it can coming up, but there were
quite a few other ones, like the MX Business Bank
account came up quite a bit in my research, and
Capitol One TD Bank like those came up for me too.
Speaker 4 (18:08):
I just ultimately went with Blue Vine.
Speaker 3 (18:10):
But if you just start doing a little bit of digging,
you'll see the same accounts coming up again and again
from reputable sources. And then you're like, okay, so, like
there's a pattern people really like this account, So that's
one that I might want to look into.
Speaker 1 (18:20):
All right, y'all, that's gonna wrap up. B a q
A let me rue, could you say bye bye? Brown Ambition.
Speaker 4 (18:29):
Boundaries.
Speaker 1 (18:34):
He's like, I'm going to send you my W nine
and then I, yeah, say bye bye. Brown Ambition. Bye
bye bye bye. See your next week. Be a fan.
Thank you, Chris, you did it again.
Speaker 3 (18:51):
No, she's literally is just programmed to say Chris and Andy.
Speaker 1 (19:00):
It's so crazy on Ellie, You're right. It's like mar
do not bite me. He's a bier. All right, Bye, guys.
I'm not going to try to say names again. DA
sorry about that, you guys. Bye bye, okay va fam,
Thank you so much for listening to this week's show.
(19:21):
I want to shout out to our production team, Courtney,
our editor, Carla, our fearless leader for idea to launch productions.
I want to shout out my assistant Lauda Escalante and
Cameron McNair for helping me put the show together. It
is not a one person project, as much as I
have tried to make it so these past ten years.
(19:43):
I need help, y'all, and thank goodness I've been able
to put this team around me to support me on
this journey and to y'all be a fam. I love
you so so so so much. Please rate, review, subscribe,
make sure you're signed up to the newsletter to get
all the latest updates on upcoming episode modes. Our tenth
your anniversary celebrations to come, and until next time, talk
(20:06):
to you. Soon be a bye.
What do you look for when deciding who to open
and account with? What are red flags that let me
know who not to bank with.
Speaker 2 (00:06):
Some of the things you want to think about. You
want to make sure as a business owner that your
money is separated from your personal income. You don't want
to be merging them together, even if you feel like
you're not making too much money right now. I think
it's critical to do it now.
Speaker 3 (00:20):
If you are somebody whose business deals with a lot
of cash transactions, you probably want to have a physical
bank branch location that you can go to and you
can deposit those cash payments rather than having to put
it in an envelope and mail it to a digital bank.
I wouldn't personally feel comfortable doing that.
Speaker 1 (00:39):
Hey, hey va fan, welcome to the BAQA. I feel
like it's been a minute since we've had a straight
up BAQA. I have my lovely co hosts who have
stuck around to help me answer this question from y'all.
I have yan Elli Espinal, the director of financial Education
for next Gen PF Next Gen Personal Finance and also
(01:00):
mis Be Helpful, which is her personal brand, and she
is the author of the personal finance book Mind You Money. Hey, Nelly,
what's up?
Speaker 4 (01:07):
Glad to be back, and.
Speaker 1 (01:08):
We have Mark Russell of Better Wallet Fame. Hello, Mark,
Welcome again to the BAQA. Now I think by Mark
aka say it no. If you say Chris, then it's
gonna like do the whole thing and I'm gonna mess
it up again. You guys couldn't be more different, so
I'm sorry it was a Freudian slip. All right, Mark,
(01:32):
not Chris. Let's get into the question for today. Oh
we had a question from Amber, who sent us an email.
So old fashioned either way. If you want to submit
your questions personal finance, business related relationship, will take them all.
You can email me Brandambition Podcast at gmail dot com.
You can also contact me on ig at Brand Ambition
(01:52):
Podcast on the Gram. Amber wants to know Mark and
ya Nellie. She says, I'm not sure if you've covered
this already, but I was listening to a recent episode
about credit cards and y'all touched on credit cards for
business a little bit. My question is what about business
bank accounts. I'm planning on starting my own business soon,
(02:12):
but I'm not sure where to open a business account
or what benefits I should be looking for in a
bank what do you look for when deciding who to
open an account with? What are red flags that let
me know who not to bank with? Thank you for everything.
You're amazing love this question. Thank you Amber. That's a
great question.
Speaker 4 (02:28):
It really is. Let's set up these business bank accounts.
I love that.
Speaker 1 (02:31):
Yeah, I'm curious to know where you guys bank.
Speaker 2 (02:34):
Yeah, so I'll start. So I mentioned P and C.
I've been with P and C since I was seventeen,
and naturally when I was looking to open up a
business bank account, I use P and C for that.
In terms of what I was looking for was an
established relationship. Obviously, security is really important, the intuitive design
(02:54):
on the website, having an app, all the things I
think all that's really important. The ability to move money
from the business bank account to the personal account, move
from the check into this savings, right, I have to
be able to do that pretty easily. In terms of
companies that I personally wouldn't use, do you have the
well as Fargos of the world, for all the reasons
(03:16):
that we all know and don't love Bank of America,
I wouldn't use them either. Personally. These are all personal
I just never but for me, the boxes that would
want to check is. I want to have an established relationship.
They know who I am, they I've been working with
them for a while. I want to make sure they
have an app. Security is really important. Ability to connect.
(03:40):
I literally log into my account. I have my personal
account and I have my multiple business accounts. So the
ability to be able to set up all those accounts,
because I even have one for taxes as well, so
all that's extremely important. I probably wouldn't, in my opinion,
go with a credit union because I think credit unis
are Credit unions are great for getting out loans and
(04:02):
getting low interest loans and all that, but I don't
think they have the security or the technology that I
feel comfortable with with my business information. And for anyone
who's like, why would I get a business bank account,
some of the things you want to think about. You
want to make sure as a business owner that your
money is separated from your personal income. You don't want
(04:24):
to be merging them together. And even if you feel
like you're not making too much money right now, I
think it's critical to do it now because eventually you will.
Right I'm a manifested for you, I'm sure manifesting for yourself,
and the worst thing you can ever possibly do is
try to figure out, okay, what should be paying taxes
on versus what is already text for my nine to
(04:47):
five job. So having that separate, having that business bank
account makes your accounting way more easier. And if you're
doing your own accounting right now, it will be a
headache if you had the two combined, and your accountant
will hate if you have an account or a CPA
if they are combined. So I would say sooner rather
(05:07):
than later, make sure that they are separate, open up
an account, and kind of use that checklist to figure
out what kind of company you want to go with.
Speaker 3 (05:16):
Yeah, I love that, and also think about what kind
of business you have amber Because my business is fully digital,
it's all online. I never really accept cash payments at
all ever, so I don't need to worry about coming
to a bank branch with a bunch of cash to deposit.
So that's not even something I would consider. Whereas my
family has a small business that's a restaurant, actually not
(05:37):
so small anymore. They're doing really great with this in
New York. There's a Dominican restaurant in stant Island. If
you're ever there. It's called Boy your restaurant and bar
excellent Food. It's some of my family members have been
growing that business for so long, and it's a cash
flow and business's cash.
Speaker 1 (05:50):
Have you like a lot of people come in family restaurant.
Speaker 3 (05:53):
Yeah, my sister and her husband own it, and they obviously,
you know, have a lot of cash coming in and
out of the restaurant, right cash. Restaurants are cash heavy businesses.
You know, you come in, you buy lunch, pay seven
dollars for a plate. You know, you give cash usually.
So that is a very different business banking need versus
my business banking needs as a digital business more primarily
so for me, it was I wanted a digital bank,
(06:15):
and I wanted one that would that would have low
fees or no fees at all. Ideally one that would
allow me to use the software that I use for
my taxes and accounting, which is quick Books.
Speaker 4 (06:23):
I wanted it to automatically sink with quick Books.
Speaker 3 (06:25):
So I started researching, Okay, what banks, what business banks
automatically have automatic sinking with QuickBooks and also allow me
to just pull data really easily between them and Blue
Vine is the one that came up for me. I've
been using blue Vine scent for years now, and like
super easy. I put all my payes in there. So
whenever I do business with somebody of ten eighty nine
contractor somebody who's editing my videos, somebody who's doing whatever partnerships,
(06:48):
I automatically add them into pay send them their payment.
Ten ninety nine are really easy in quick books, So
in terms of like accounting plus banking, I really love
that like synergy between them, and I also so just
love the fact that, like the money moves very quickly.
I don't have to wait seven business days for people
to get paid or for me to get paid.
Speaker 4 (07:07):
So those are things I chose to prioritize.
Speaker 3 (07:10):
But again I recognize it as a fully digital business,
I don't necessarily have to worry too much about cash.
So if you are somebody whose business deals with a
lot of cash transactions, you probably want to have a
physical bank branch location that you can go to and
you can deposit those cash payments. That just makes your
life a lot easier, right, rather than having to put
it in an envelope and mail it to a digital bank.
(07:30):
I wouldn't personally feel comfortable doing that. So those are
some things I would add to Mark's list in terms
of like what you want to consider to go shop
for a good business bank account, and then also there's
suite of products because a business bank account is really
just the first step. You might also want to set
up a business investment acount. You might also want to
set up a solo for one K. You might also
want to get a business credit card or get a
(07:51):
business loan like Mark was talking about earlier. Hopefully they
don't deny you like PNC was trying to play him,
But you can kind of look at, like what are
the full suite of offerings for small businesses, and that
way you can kind of pick a good one from
the get go that has a whole ecosystem of products
and services that you might eventually grow into even if
you don't need it just yet.
Speaker 2 (08:09):
Yeah, And I would say, yeah, it comes down to
personal preference because even in that example, like I couldn't
imagine going and having like a virtual bank, because there
are times where I have to give them a check
for a large amount that I can't go in to
pause in my ATM, or if I have to send
a wire for a higher amount, like I don't want
to do that over the phone. I wouldn't go and
(08:29):
talk to someone and have a personal banker that could
go and do it within a minute. So really it's
just a personal preference where I want to go in there.
So another item that would put in my checkbox is
that I need to have locations that are national. PNC
happens to be out at Pittsburgh when I was in Philly.
They're all over the place, and they're a little more
(08:49):
spread out here in Georgia, but we have three or
four locations within ten miles, so I can just drive
over there talk to my personal banker. They could take
care of everything for me. I couldn't imagine having someone
who's like virtual. But that comes down to personal preference
and then how your business is structured.
Speaker 4 (09:06):
Yep, for sure, what what you need to go in
person for transfer.
Speaker 2 (09:10):
Wire transfers and bigger checks over over ten thousand.
Speaker 1 (09:15):
Yeah, he make a money like that. It's gonna say,
I'm definitely deposited like a big like a deposited checks.
But again, like you know, when I think when I
first joined iHeart, actually my first quarterly payment was a
check and I was like, we I'm about to do
what it is why are we doing checks? Because every
everyone else just wires that are you know, sends it
(09:35):
directly and happens. Yeah, it sends me. Really have to
go take the P and C. I won't show you
guys because you guys would take the numbers, but uh
I would love. Maybe I just need to be getting
more checks. Maybe if I was on that mark better
while at level, I should get more checks. They come
work for me, you know what. That's what I wanted
(09:57):
to ask you. Actually, Marcus like has no no, no, no.
Would you say work with you? Because never he.
Speaker 4 (10:03):
Said work for you?
Speaker 3 (10:04):
Work for That's what you miss girl, You missed that job.
Speaker 1 (10:07):
Would you give me? What? What would you? What would
I do for you? Chief? Humble? Humble, officer in chief,
Keep you humble, Remind you when you say something.
Speaker 4 (10:18):
It's a unique skill set. So you got to think
about that one.
Speaker 2 (10:20):
Yeah, I'll need your resume.
Speaker 1 (10:21):
My people will talk to her. Thanks. Hey, ba fam,
we got to take a quick break, pay some bills,
and we'll be right back. All right, ba fam, We're back.
I feel like I'm in an episode of Fear Factor.
I'm like trapped in this little office. My kid has
a dirty diaper. I have to change it, and I
just like there's no ventilation and I have to get
out of here. But I'm committed to the bitch. No,
(10:45):
it's a whole thing. I gotta go upstairs. Diapers upstairs.
Now he's two. Now, it's not an easy diaper change situation.
It's going to be fighting. I'll need a hose homes. Yeah,
he's fine. No, but I did want about moving to
Atlanta because if you listen to the episode this week,
y'all at the Brown Table, I mentioned I want to
move back to Atlanta, and I am. I feel like
(11:07):
my business would only thrive with me being in Atlanta.
I just look, there's so many more opportunities or so
many great brands that want to that already work with
Atlanta creators and creatives. And yeah, I just I just
feel like this is the kind of place where a
brand like Brown Ambition and Mandy Money we could thrive.
Speaker 2 (11:24):
Yeah, it's powerful. I mean any conference I go to,
I end up meeting people who either become business partners
or clients because you have a lot of people who
are inspiring to do, aspiring to do the things that
you're currently doing, or they are trying to partner because
I mean, we really believe in collaboration for competition. A
(11:44):
lot of my friends are financial creators that are in
the different niches within personal finance, and we're always constantly
trying to find ways that we could boost each other's businesses.
And a lot of them.
Speaker 4 (11:54):
Look like us.
Speaker 2 (11:56):
So it's way more powerful than when I was in Philly,
where I fel like there were only so many financial creators,
and frankly even when I would go up to New York.
So I think if you're an established business coming into Atlanta,
it's a great thing. But if you're trying to get
into entrepreneurship and you're not really sure what your niche
is going to be, it could be a distraction and
(12:18):
you could find yourself losing a lot of money pretty quickly,
because there's a lot of people who, unfortunately try to
exploit folks that are trying to get rich quickly here
in Atlanta. But if you know the direction that you're
going in, you know what conferences you need to be at,
what groups you need to be a part of, who
you need to talk to, and folks are more willing
to introduce everyone to whoever referrals are big. Everyone that
(12:43):
is on my team that's from Atlanta was a referral
from someone else, or I just happened to be at
a conference. I'm like, you're great at videos, can we
like work together? I have something coming up here in
a couple of weeks, And they're like, yeah, sure, no problem.
So that's a big deal at least for me and
for the brand.
Speaker 4 (12:59):
Yeah for sure.
Speaker 1 (13:00):
Ooh, so when I come, I have an instant plug
like you can connect me to.
Speaker 4 (13:03):
That's what he's saying.
Speaker 1 (13:06):
That's what I heard. That's what I heard, and I
do feel like I have Yeah. I mean, just being
from here, I have so many friends and it's just
just come come on home, Mandy, is what it's saying
to me. Hey, ba fam, we got to take a
quick break, pay some bills, and we'll be right back.
All right, ba fam, We're back my business checking. I
also have Bluevine. I like an online only bank. I
(13:27):
don't mind the inconvenience of not talking to humans. In fact,
I prefer to not speak to them. But to your point,
Mark about financing, though, I do think having a relationship
with a local community bank and the best thing about
I think you mentioned I was distracted by my kid.
I think you mentioned something about how you know you
wouldn't necessarily work with a credit union, But there are
(13:49):
some local community banks and credit unions that are really
like the point of them, or the core of what
they do in communities is support local businesses. So if
you're someone who's opening a local business, maybe a brick
and mortar business, like, and you're going to be a
part of that community, you might find it really beneficial
to establish a relationship with the local bank or credit union,
(14:11):
and you know they have a vested interest in banks
in your community, and they may look more favorably upon
you than like a big lender who's like, who are
you totally agree?
Speaker 2 (14:22):
I'm a part of Like on the personal side, like
I have many of credit unions from my alumni association
to even where my high school was, where I have
that personal connection. If I really need a loan, I
can get to them. But from a business standpoint, yeah,
it is much tougher to go after these bigger companies
that you're just the number in their head, even though
(14:43):
that's where it brought them more than seven figures.
Speaker 3 (14:46):
It's like right, right, well that's a good thing about
online banks though, because I will tell you one of
the cool things I have with Bluevine. I have a
Bluevine Business line of credit, so I can spend up
two one hundred thousand dollars at any given point. It's
a pretty low rate, like seven point tenty percent, which
I mean is high generally, but like for business, not bad,
and I could pay it back monthly if I ever
(15:07):
do borrow from it. So it's it's similar to a
credit card and how that works for your personal spending,
but it's for the business, and that line of credit
is revolving, so like if I pay it back, it's
available again onlike a personal loan, which you know, you
pay it down and then at zero and then you
have to apply for a new loan if you want
a new one. So I really liked the Bluevine business
line of credit. And also the fact that they are
(15:28):
a digital bank means that they're a lot more friendly
and open to digital businesses.
Speaker 1 (15:33):
So that's something Yeah, I've never considered. The problem is
getting approved for stuff with blue I've never done a
line of credit, but I know with my credit card
I had no problem yep, opening up. I opened up too.
I have two different business bank accounts with them. Yeah.
Speaker 4 (15:46):
Yeah, they're great and honestly pretty responsive.
Speaker 3 (15:48):
Because the other day I had to I was bringing
on a new client doing a partnership with them, and
they needed the bank account information. So I sent them
a document that had it and they were like, no, no,
we need a letter from the bank. So I was like, oh,
so I had to contacte. I literally just sent a
quick email in the in the online account and I said, hey,
I need a letter, like a verification letter from the
bank saying that I have my business bank account here
(16:09):
less than twenty hours, like not even the whole day already, girl,
I already had it.
Speaker 4 (16:15):
In my email.
Speaker 3 (16:16):
They sent it to me as a pit of attachment.
I was like, oh, look at that boom. So in
terms of responsiveness, has been really great, even though you
don't really talk to a person, but they still are
really responsive.
Speaker 4 (16:25):
And look at that. I could have just downloaded it
from my account. I didn't know that.
Speaker 2 (16:28):
Yeah, you know what, and you could also have you
could also have two, Like there's no limit on how.
Speaker 4 (16:32):
Many, right, That's so true.
Speaker 1 (16:35):
That is so true bank accounts you have.
Speaker 2 (16:37):
Even having this conversation, I'm like, maybe I should have
this virtual one where the majority of the money won't
go through there. But maybe if I create another product
or whatever, it might be a separate business, then that
could be routed through blue Vine.
Speaker 1 (16:50):
So yeah, and to her to Amber's question about like
what to look out for, I was the big thing
for me or fees. So there's no fees with blue Vine.
I'm not paying a I had worked with a big
bank before and it was like a five dollars a
month fee unless you had a minimum you know, those
stupid minimum balance requirements per month. Fees are a big one.
And the ability to do to pay people through your account.
(17:12):
So I like jan Ellie, I use a lot of
contractors and you can set them up as clients in
your portal on Bluevine and pay them. And if there
is a fee, it's very nominal. It's like one percent
or something. And I feel like PayPal, quick books fees
and the fees of sending. So whatever the thing is
you do in your business the most, whether you're accepting
payments virtually or sending payments virtually, like what is the
(17:34):
cost of those fees and how well it integrates with
the other platforms that you might use, like Gusto or
quick Books yep, things like that. Yeah, and just keep
asking your friends. I mean, we're your friends in your head,
but if you have other friends who are business owners,
ask them what they use, and then you make the
best choice based on what you need and what's right
for you.
Speaker 3 (17:51):
Yeah, and just quickly look up like what are the
best business bake a concert twenty twenty five based on
online reviews? Based on things like that. I mean, I
chose Bluevine because it can coming up, but there were
quite a few other ones, like the MX Business Bank
account came up quite a bit in my research, and
Capitol One TD Bank like those came up for me too.
Speaker 4 (18:08):
I just ultimately went with Blue Vine.
Speaker 3 (18:10):
But if you just start doing a little bit of digging,
you'll see the same accounts coming up again and again
from reputable sources. And then you're like, okay, so, like
there's a pattern people really like this account, So that's
one that I might want to look into.
Speaker 1 (18:20):
All right, y'all, that's gonna wrap up. B a q
A let me rue, could you say bye bye? Brown Ambition.
Speaker 4 (18:29):
Boundaries.
Speaker 1 (18:34):
He's like, I'm going to send you my W nine
and then I, yeah, say bye bye. Brown Ambition. Bye
bye bye bye. See your next week. Be a fan.
Thank you, Chris, you did it again.
Speaker 3 (18:51):
No, she's literally is just programmed to say Chris and Andy.
Speaker 1 (19:00):
It's so crazy on Ellie, You're right. It's like mar
do not bite me. He's a bier. All right, Bye, guys.
I'm not going to try to say names again. DA
sorry about that, you guys. Bye bye, okay va fam,
Thank you so much for listening to this week's show.
(19:21):
I want to shout out to our production team, Courtney,
our editor, Carla, our fearless leader for idea to launch productions.
I want to shout out my assistant Lauda Escalante and
Cameron McNair for helping me put the show together. It
is not a one person project, as much as I
have tried to make it so these past ten years.
(19:43):
I need help, y'all, and thank goodness I've been able
to put this team around me to support me on
this journey and to y'all be a fam. I love
you so so so so much. Please rate, review, subscribe,
make sure you're signed up to the newsletter to get
all the latest updates on upcoming episode modes. Our tenth
your anniversary celebrations to come, and until next time, talk
(20:06):
to you. Soon be a bye.
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