For Individuals Opening Business Accounts: 5 Simple Steps To Prevent Fraud

By RICH MBARIKET

Times are tougher. Everyone's eyes are red. Crooks are getting creative, stay one step ahead.

Follow the easy instructions below to prevent business account fraud.

1. Meet with a personal banker.
2. Ask to open two business accounts: one primary, one vendor. Most banks offer zero monthly fees as long as you make at least one transaction per month per account. A penny transaction anywhere satisfies this requirement.
3. Your personal banker will issue you two separate business debit-credit cards: one primary, one vendor.
4. Use the primary business account for personal deposits and credit card transactions only. I can't express how important it is not to give anyone your primary business account information.
5. Use the vendor business account for transactions such as outgoing/incoming wire transfers, payroll and vendor payments. Make sure to leave enough money in it to cover your expenses. Transfer the rest into the primary business account and leave a minimum $20 to keep the vendor account open. A crook can't take what isn't there. Get it?
   

That's the surefire way to prevent business account fraud. I know this from my experience. Now, this article has nothing to do with advertising, but I thought I'd share.

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