Business Checking and Credit Card Accounts
Updated over a week ago

Avoid These Banks

Do not use these with your S Corp. Switch away from them if you currently are using them and plan to join Collective. They don't work at all, they don't work well, or they have intermittent problems.

  • Apple Credit Card

  • American Express Business Checking

  • Kabbage

  • Mountain America Credit Union

  • University Federal Credit Union (

  • Chase Amazon Credit Card

  • Fidelity Investments (

  • Lending Club Banking

Best Banks

Many of our members often find the smoothest connection with major banks.

Great Banks

These are Xero Direct Feed Banks.

  • Bank of America

  • Wells Fargo

  • Chase

  • Citibank

  • City National Bank

  • Capital One

  • Discover Card

  • American Express (Credit Cards)

Banks That Also Work

Business Checking

  • You must open a checking account with the EIN of the LLC we are helping you with.

    • This bank must connect to the accounting software bank feed page.

  • We can't work with your bank by manually uploading transactions each month.

  • As soon as possible, start running all your business income and expenses through this checking account.

  • Do not use your business checking account for personal transactions other than transferring money to your personal checking account.

    • Stop using personal checking accounts for business transactions ASAP.

After opening your account, please:

  • Connect your bank account to the accounting software bank feed page.

  • Update your bank account in Gusto (article)

  • Let us know! - We will update the integration between your Collective Dashboard and Gusto (payroll software) and QBO/Xero (accounting software)

Business Credit Card

  • You don't have to open a business credit card.

  • Many Collective members use the debit card with the credit card symbol that is provided along with their checking account.

  • If you want to open a business credit card, it's ok to open it with your SSN.

    • This is because many credit card companies will treat your EIN as too young and possibly not provide you with a credit card.

    • Try and open it with your EIN, and if no luck, then it's ok to use your SSN.

  • If you want, you can convert a pre-existing personal credit card to a business-only card by no longer using it for personal transactions.

  • Do not use your business credit card for personal transactions.

    • Stop using personal credit cards for business transactions ASAP.

    • Even if your personal card has great rewards, you can't use it for both business and personal transactions.

Disclaimer: The information contained in this document is provided for informational purposes only and should not be construed as financial or tax advice. It is not intended to be a substitute for obtaining accounting or other financial advice from an appropriate financial adviser or for the purpose of avoiding U.S. Federal, state or local tax payments and penalties.

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