So it looks like my options for getting rid of business banking fees are:
- Set up an additional, free PC Financial account and ask vendors, if they are going to make a cheque out, to just make it out to me personally. My business is photography, so I usually have a one-on-one relationship with clients and vendors anyway. Interac email money transfers are getting more and more popular anyway, and cheques are rare for me. The disadvantage is a slightly less professional appearance, but as mentioned, I'm not sure that's a big concern for my type of business.
- HSBC has a "Business Direct" account that doesn't charge for typical banking done via ATM and online and allows for a few deposits and cheques per month. Perfect for the weekend warrior like me except for one thing - HSBC doesn't do Interac email money transfers. I love those things as they are just too convenient.
- Suck it up and pay the $150/year and write it off as an expense (as I have been doing). In the coming months, however, life will be changing (for the better) for me and I think that my side business will be taking more of a back seat, so I'll probably not go this route as my level of banking will be decreasing along with my business revenues.
Thanks for all of your replies - much appreciated!
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