New Banking Rules ! Get A $40 Sign Up Bonus For A Free Business Checking Account
It’s a New Year (2022), and with the change in year comes a change in tax requirements!
If you’re like me, you rarely read the fine-print from your bank account…but I do like to skim the documents. When I checked an update in December from my personal bank account, something caught my eye.
A phrase that I wouldn’t use my personal bank account for “non-personal or business” transactions.
Most likely, that change came following the IRS announcement that all business transactions of $600 or more get reported to the IRS – including mobile transactions from Paypal, Venmo, Zelle, and more.
Get a $40 Sign-Up Bonus
If you’ve already seen our video on how you can get $40 when you sign up for a free checking account, just fill out your information in the form below and you’ll get redirected! It only takes a minute (and I’ll also email you the link in case something happens).
IRS Announced New Rules In 2022
The above image is a screenshot from the IRS website where it details that the new reporting requirement is $600 for business transactions. This now applies to mobile transactions (business transactions only) including those in Paypal, Venmo, Zelle, and others.
Coincides with Bank Changes
In this image, I’ve highlighted the part where my new personal banking requirements specifically outline “non-business, personal use”.
This may not be new, but combined with the IRS announced changes – it’s a good indicator it’s time to get a legitimate bank account!
The good news is that you can get a free business checking account (and potentially get $40 after opening the account if you meet the requirements).
Benefits of A Business Banking Account
One of my first business banking accounts was a checking account through a big brand bank (say that 5 times fast…big brand bank…).
Even though that business made a lot of money during the 4th Quarter every year, most of the year was lean.
Having a business banking account is critical for helping to track and manage business income and expenses…but big brand banks (seriously, that’s hard to say 1 time) charge monthly for accounts that drop below their monthly minimums.
That’s why I switched all of my business banking to Novo.
Novo Bank Free Business Checking Account
I’m sure I can come up with a ton of benefits, but let’s just look at the basics.
- Free to sign up (and you can sign up online, which should probably be a benefit all on it’s own)
- No minimums – you can have $0.01 in the account and you wont see a fee for not meeting a monthly minimum!
- No “incorporation” requirements – even sole proprietor’s (those of you that don’t have a formal name but just do business as yourself) can open an account. BUT, if you are incorporated (an LLC, S-Corp, C-Corp), you can still open a free account!
- Free ACH transfers, mailed checks, and incoming wires (there are limits though)
- No Hidden Fees
- FDIC Insurance
- Online Banking (really, online banking…not fake online banking that never works…you know who you are big brand banks)
How To Get The $40 Bonus
Prequalifications: no previous Novo account, you can only use 1 referral
Step 1: Sign up through the referral link (submit your info HERE)
Step 2: Open the account (make sure you see a referral code, which you’ll get through the link & email I send you)
Step 3: Have credits totaling $100 or more within 30 days of opening
Step 4: An external deposit must be made (usually, I deposit $50 when I first open a Novo account)
Step 5: Once reaching a balance of $100 or more, maintain the $100 balance in the account for 30 days
*Novo will credit your account if you meet all the requirements, and these requirements may not be all of them and may change (see Novo for more details).
Ready to Get Your Free Business Checking Account?
About The Author- Dr. Kim Christian
Thanks for taking the time to read my content! I am Dr. Kim Christian, but the only person that calls me that is my daughter when she’s pretending she’s opening a business!
Most people just call me Kim (or mommy when my daughter isn’t playing business owner).
My priority is to help other entrepreneurs and small business owners build sustainable online businesses (or for “real world” businesses, expand to online).
My sister and I started our own eCommerce marketplace. If you’re interested in selling products (physical or digital) online, sign up for details here.
To Your Success,
Dr. Kim Christian