On 10/2/2011 11:53 AM, George wrote:
On 10/2/2011 12:58 AM, SMS wrote:
On 10/1/2011 5:37 PM, zzzzzzzzzz wrote:

A *long* time ago, CUs weren't allowed to clear checks through the
system.
They got around it by affiliating with a bank and issuing "drafts". Same
thing, usually. That changed at least 20 years ago, though. CUs also
can't
do commercial accounts, so there are some differences but for most,
CUs are
the way to go.

I have a commercial account at a credit union. In fact they told me they
could no longer accept checks made out to my business into my personal
CU account anymore (they had been able to do that previously) and said
that it could only be done in a commercial account. All they needed was
my fictitious name notice to open the commercial account.

Since you have a business you may want to ask your accountant why they
didn't flag that years ago. Commingling of personal and business assets
is not considered good form.

'Ask your accountant' is like 'ask your lawyer'. Not everyone,
especially small or one-man DBAs, can afford to keep that level of
expertise on retainer. Why do you think small-business accounting SW
sells so well?

--
aem sends...