Can anyone recommend a good liberal bank that offers business accounts

[Bruce9241]

Adult marital aids?

I currently have an online retail store that sells marital aids. I tried getting a business checking account with Wells Fargo and they said it was against their policy to work with these types of businesses? Am I being lied to? I'm currently stuck at this bank account part. I know there are tons of merchant services out there that do business with anyone regardless of their product, I just need a bank account in order to sign up for these merchant services.

 

[clubbyjones]

I think banks have the choice on who to do business with. That sounds like a branch manager decision to me.

 

[Bruce9241]

You might be right.

I spoke with the same lady I spoke with last time regarding the bank account/merchant services. I made myself more clear this time and she said if I'm opening a business checking account then the bank does not care what type of business I am in. They only care when I apply for their merchant servicess because it has something to do with integrating with my website. I'm not too sure.

I'm just not sure how this is going to be done. I don't have any experience with this whole business stuff and can't ask friends since they're all working people, not business people.

 

[Lucky7]

Bruce,

Wells Fargo blows IMO. When I started my company they didn't even want to talk to me unless I was in business for 2 + years. It's been much longer than that, and the will never see one penny of my business. Why don't you go down to your local bank and open a business checking account. You don't have to tell them it's for marital aids. You can have your company name as ___Inc. but DBA(doing business as...marital aids inc.) The bank only sees your company name, and it could be totally unrelated to the marital aid subject. I don't get why a bank would say they don't do business with that type of industry..money is money. Good luck.

 

[Piobaire]

Here's a thought? Maybe just tell them you have a retail website, that deals in items for the home? Don't mention the terms "marital aid" or "life like asshole feel"?

 

[GQgeek]

This is not unusual. The company i'm working for deals with credit card processing and nobody likes adult-oriented sites. It's higher risk for whatever reason.

 

[Bruce9241]

Thanks for all of the advice. I just spoke with a friend earlier and he recommended I either go with Washington Mutual to open a business account or with a local city bank. He said Washington Mutual only requires an initial $5000 deposit which is way lower than Wells. Problem is I don't even have that $5000 right now. Can borrow from family, but don't really want to.

Yea I think I'll just tell them my DBA name and leave it as that. After seeing all these fees and percentage cuts that are going to stack up, I don't think this online business is going to make too much if anything. Oh well I'm still going through with it. Good learning experience I guess.

 

[Nahmeanz]

Originally Posted by GQgeek

This is not unusual. The company i'm working for deals with credit card processing and nobody likes adult-oriented sites. It's higher risk for whatever reason.

I heard about a lot of credit card processors denying adult-oriented sites because of the high charge back rate but never heard about banks denying business deposit accounts.

 

[Lucky7]

Originally Posted by Bruce9241

Thanks for all of the advice. I just spoke with a friend earlier and he recommended I either go with Washington Mutual to open a business account or with a local city bank. He said Washington Mutual only requires an initial $5000 deposit which is way lower than Wells. Problem is I don't even have that $5000 right now. Can borrow from family, but don't really want to.

Yea I think I'll just tell them my DBA name and leave it as that. After seeing all these fees and percentage cuts that are going to stack up, I don't think this online business is going to make too much if anything. Oh well I'm still going through with it. Good learning experience I guess.

Did you write any form of a business plan?

 

[Bruce9241]

Originally Posted by Lucky7

Did you write any form of a business plan?

No.

 

[Bruce9241]

Originally Posted by Nahmeanz

I heard about a lot of credit card processors denying adult-oriented sites because of the high charge back rate but never heard about banks denying business deposit accounts.

Yea thats what I hear too. I am going to be processing the orders offline through a gateway. That way I can verify the address myself before charging the person's card.