What is the difference between a personal checking account and a business checking account?
A personal checking account is a single account owned by an individual and is used mainly for personal use and is operated by the sole individual who owns it. A business checking account can be listed under the business name instead of the individual, and is beneficial when there is more than just 1 person operating the business. These accounts must be opened using a tax ID number. Business accounts are also helpful to separate your business transactions from personal transactions.