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Regions Bank didn't let me open a business account
I got my entertainment llc & went to open the account. I was honest about it being for adult entertainment. I don't want my account closed or funds held in the future. They called the branch manager & yes I was denied. What banks allow us & don't make us hide?
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Re: Regions Bank didn't let me open a business account
In my experience, you always have to "hide" to some extent. Even if they "know" what you do, you still need some kind of reasonable explanation that leaves out certain subjects. You may also need to structure your business in such a way that it precludes "high risk" transactions completely and make sure that's clear to the people you're dealing with.
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Re: Regions Bank didn't let me open a business account
For your personal security and safety you really do not want your bank to know the type of work you do. Bank tellers/employees will have access to your actual address, your actual identity, etc. Someone could use this information to blackmail you, to harass you, to stalk you, to sexually assault you. BE VERY CAREFUL WHO YOU DISCLOSE YOUR OCCUPATION TO.
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Re: Regions Bank didn't let me open a business account
The name of your business corporation should be very discreet and very generic. As a performer, you are probably just going to be using your business account to receive payments from the websites you work on and to pay for business related expenses. If you are not asking the bank to lend you any money (a small business loan, a business credit card, etc), they do not need to know the exact nature of your business.
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Re: Regions Bank didn't let me open a business account
Why do they need to know? They're only concern if you brought it up to their attention like you did.
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Re: Regions Bank didn't let me open a business account
Did they ask type of business? I always said I had consulting business and had a very normal LLC name.
TD bank are good, along with Chase and Cathay.
Don't mention adult it just gets peoples backs up.
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Re: Regions Bank didn't let me open a business account
No Chase bank should not be used for anything adult. If you get flagged as a high risk account they will stalk all your transactions and every deposit. Do a search for Chase Bank + Operation Chokehold or Chase + Pornstars. They gave me crap two years ago for buying Backpage ads for phonesex. They immediately reversed the charges and then requested correspondence to discuss the issue. And just recently they have done the same with a personal contact over some giftrocket bs. Leave Chase alone especially if you have property financed through them. They make their money off people who don't read the fine print and make mistakes.
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Re: Regions Bank didn't let me open a business account
That's weird I never had a hassle, but of course what you are saying makes sense if it happened to you.
My adult is currently with Cathay.
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Re: Regions Bank didn't let me open a business account
what is a benefit of opening account like this and creating LLC ? is it less taxes? anyone knows what else because I was thinking about doing this but not sure how and I would be feeling weird explaining to anyone what I do...
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Re: Regions Bank didn't let me open a business account
^^^ you can write a hell of a lot of your personal expenses off ... and obv pay your taxes at the same time so you have useable income
xo
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Re: Regions Bank didn't let me open a business account
and if am just an individual a camgirl i cant write the expenses off? wish i knew just bought new lights fir camroom...
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Re: Regions Bank didn't let me open a business account
Yeh so long as you have an LLC you're your own business - you can write a hell of a lot off.
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Re: Regions Bank didn't let me open a business account
I literally had my account at Chase CLOSED because of my deposits from Niteflirt. Not even kidding. I was with them for over a decade without an issue one.
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Re: Regions Bank didn't let me open a business account
You have the exact same write-offs with or without the LLC. It also does a whole lot of not much for privacy. Don't let LLC setup people bullshit you on these points. There's a lot of internet law firms and companies that will convince you that you need an LLC and convince you that it does a lot of things it actually doesn't.
The advantage is that you don't get hit for the full amount of medicare/medicaid/FICA/social security tax for being self-employed (collectively "payroll taxes"). You essentially pay yourself a "reasonable salary", so it splits your income into two parts.
- Your salary income is taxed at the full amount, and you pay both income and payroll taxes based on that. A "reasonable salary" is generally whatever your monthly living expenses are if there's no way to compare your income to the local job market. You'll need to talk to a local CPA or tax attorney to get a number that won't flag you with the IRS. Everyone's opinion on the "sweet spot" is different.
- The remainder is your business profits, which you can take out of the business as dividends whenever you want. These are not subject to the extra payroll taxes but you will still pay standard income and corporate tax if applicable. This is generally about half the tax rate of your salary (and sometimes much, much less).
- Depending on your state and state of registration for the LLC, it can also save you a few dollars on your state taxes.
The downside is keeping up with all the extra quarterly tax filings as well as annual renewals and registration paperwork and fees. In Illinois for example, its hardly worth it unless you're really banking as you'll do about 20 hours extra work each year and pay about $1000 in fees. Some states its as little at $60 to register. You can pay a law firm or CPA to keep it up for you, but that can cost you up to $1000/year as well depending on your state and if you're registering out of state.
If you get in with one of these internet LLC firms that offers to take care of everything for you, be sure you're over-paying by quite a bit.
After you hit around the 30,000/year mark as single or 50-60,000 married w/kids, it starts to be a tiny advantage to have the LLC. Once you get around the $100,000+ mark, it becomes a big advantage.
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Re: Regions Bank didn't let me open a business account
Thank you all the ladies that responded. I actually was honest because I don't want to be blindsided with an account being closed because one of my deposits flag the system. I also want to go legit & finance some stuff. So I don't believe I shouldn't have to beg a bank to take me. I spent a few hours reading all the articles from googling the chase fiasco & other stuff. I remember when that happened I worked at naked.cim and only used cmb pay card. There's some big lawsuits over this discrimination. The FDIC doesn't agree with it. What happened at Backpage with visa & MasterCard is so wrong.
The good thing is the president of Wells Fargo said they don't care where their customers make money.
I'm going to find an online bank. Fuck brick and mortar I hope they all go out of business!
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Re: Regions Bank didn't let me open a business account
Quote:
Originally Posted by
pixiepower329
I literally had my account at Chase CLOSED because of my deposits from Niteflirt. Not even kidding. I was with them for over a decade without an issue one.
How did they know what it was? their name on the deposits is pretty non-descript
Open a 123 REwards with Visa to get your direct deposits - you can always pull it out and put it in your checking acct if needed
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Re: Regions Bank didn't let me open a business account
I agree with TD, I had my business accounts there (legit/vanilla bus.) for a long time and they were great. Another idea, and I absolutely HATE myself for saying this because I DESPISE them is BOA. I had a business based out of TX and had only stepped foot in the state one time prior to and they allowed me to open 3 business accounts over the phone with my EIN and even gave me a merchant account to run CCs. I know it is a bit different when it is more of a vanilla company but you can just say consulting, like someone mentioned above as I think technically that is what I had the company under as well.
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Re: Regions Bank didn't let me open a business account
Wells Fargo accepted mine but I wouldn't dare state what I actually do nor mention anything about entertainment. That's a huge red flag with high risk accounts.
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Re: Regions Bank didn't let me open a business account
^^^ I had BOA for a while ... I grew to hate them just because of their lack of customer service in my area and there were days when even a simple cash deposit seemed like a challenge for the staff, and they'd cop an attitude and be more interested in gossiping with the local off duty cop or whatever.
TD for the win ... :)
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Re: Regions Bank didn't let me open a business account
Was wondering maybe I could ask here...since everyone here seems so very informed about banking as camgirl.
What credit card can I apply for with good credit score but with only camming income? I have two credit cards at the moment both with same bank. I make payments on time.
Am usa based and citizen but no family no one to cosign or anything.
Dont want to apply for too many online as it lowers credit score but wanted to apply for something online...is there a chance to get credit card with at least $500 limit and which one would anyone recommend?
thank you
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Re: Regions Bank didn't let me open a business account
Check out bankrate.com, I'm going to head over there myself..you can compare different types of credit cards, savings/checking accounts etc.
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Re: Regions Bank didn't let me open a business account
Quote:
Originally Posted by
Nikki_Fox
How did they know what it was? their name on the deposits is pretty non-descript
Open a 123 REwards with Visa to get your direct deposits - you can always pull it out and put it in your checking acct if needed
Niteflirt's billing name is pretty well known on the internet. When I google the name the very first result was from scambook and told me what the company was. I now have all my deposits from them going to netspend accounts.
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Re: Regions Bank didn't let me open a business account
If you're applying for a credit card get one that has good points offerings in place ... those points become very useful at times, I use my amex points for uber rides etc.
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Re: Regions Bank didn't let me open a business account
Quote:
Originally Posted by
PhatGirlDynomite!!!
Niteflirt's billing name is pretty well known on the internet. When I google the name the very first result was from scambook and told me what the company was. I now have all my deposits from them going to netspend accounts.
oh I see _ i didnt know that