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Wednesday, April 18, 2012

The best banking package for start-up and small business: the RBC Small Business eAccount

Following my laid off this past March, I search several ways for me to keep going. Living in a small town in New Brunswick wasn’t playing in my favor. After my laid off, I knew things were not going to be easy. I applied for a couple of jobs here and there, without too much success. I actually may have found a temporary opportunity in Montreal, but it’s about all. 2 weeks passed after my laid off and following what, I decided to start a small business. 

I had been a small business owner for almost a month now. I found it a great idea. It’s of course certainly not easy but the process itself of opening a small business is extremely easy. I will certainly write more posts about this experience. Opening a small business is giving me the opportunity to keep myself busy in my field. I am currently mixing my small business activities with my job search. I won’t hesitate moving back to Montreal, even for just a few months of full-time work. Being self-employed is very hard. I had started with one freelance assignment. I need to launch my Web site. I wrote a couple of pages. I need to write the content of about 2 posts, get everything proofread and following what, the site will be launch. I am a bit lazy, I find it difficult to work from home. It’s difficult to remain focus and remain on a performing mode.

And who says small business says small business banking account. I check with the Caisse populaire, BMO, TD, CIBC, National Bank, Scotia Bank and RBC. And oh surprise, its RBC who’s offering the best banking package deal for small business. But of course, its all depend of what are your needs. In my case, it’s basically just to change cheque made at the name of my business name so later on I can declared the taxes. I will made a few deposits, a few withdraws, nothing more.

For such basic needs, the RBC Small Business eAccount is the best deal, but only in term of electronic and ATMs transactions. With the RBC Small Business eAccount, no minimal balance is needed. Let say I deposited a cheque in the ATM machine, than, the fee is only of $0.20 per cheque deposits. However, if I want to depose cash, it’s $2.15 per $1,000. No big deal because that won’t happen. Other business will pay me with PayPal or, most likely, with cheques.

With the RBC Small Business eAccount, there’s no monthly fee and no minimum balance required. The RBC Small Business eAccount is perfect for you if you can perform your transactions with ATM and electronically. Also, if you have a personal banking account with RBC, it can be link to your new RBC Small Business eAccount. That way, you can perform transform transactions from an account to another. All electronic transactions made with the RBC Small Business eAccount are free. However, be careful, because normal fees in your personal banking account will apply.

I personally never deposit a cheque using ATM. I have direct deposit for all my pay cheques, it’s partly why. But even there, I don’t like the ATM machine very much. I use ATM to withdraw money every months, but in term of deposit, I don’t really trust. Reason why is that you insert money in the envelop and then the ATM, the ATM give a receipt, but just a receipt. The money is not right away in the banking account. However, with the RBC Small Business eAccount, I will be giving it a try. If I do the deposit in-branch, it’s $3.50 + $0.20.... Quite a lot of money.

Do a search and you’ll see, banking account for small business can be very expensive. From now on, I will become friend with the ATM machine...

I previously had open with the Caisse populaire acadienne, but I misunderstood... I need a balance of 2k, if not, it’s $7 per month + transaction fees. AIE! That’s hurt!

The RBC Small Business eAccount is a good deal if, like me, you are just looking to do a minimum of transactions for your small business. You may want to contact RBC Royal Bank for more information :0)


Anonymous said...

on one hand you don't like rbc because they increase your line of credit rate, but in the end you still open a business account at the same bank that you hate just because it's cheaper than other banks... makes no sense to diss a bank and eventually do business with the bank that you've just dissed...

Anonymous said...

paypal, hmmm, i guess you are doing some kind of online shop selling whatever, maybe like ebay type business. good luck.

Amanda (Niagara Falls) said...

Good luck with your small business venture :)

Yes, we are still reading your blog !!!

Sunny said...

Thanks :)

Anonymous said...


There is a site called Etsy. If you are the artsy type.

Anonymous said...

Learn how to spell. Your grammar is atrocious. That can't be good news for running a business.

Sunny said...

This is my playtime blog. I don't proofread myself, I hate it. In here, you get the real stuff at a RAW level.

You can only dream to be me, have this amazing blog, native English and have plenty of $$$.

You can dream to be me, but you will never be.

Native raw English = pretty rich girl

pattirose said...

you should add smart in there too,


Anonymous said...

Have you deposited a cheque via ATM? From what I read from their pamphlet and in talking with someone at the branch, even cheque via ATM is $3.50 + 0.20 since cheque is a paper deposit. Thx.

Sunny said...

With the RBC Small Business eAccount, deposit at an ATM banking machine is 20 cents per deposit. All online transactions are FREE :)

You may want to call RBC Business line at 1-800-769-2520 to clarify because the people at the branch you visit seem to be messy.

That account is a good deal for me. I just need a banking account to cash in some cheques and pay up my taxes. Nothing much, but a banking account is needed.

That RBC business account is a good deal.

Sunny said...

And yes, I have deposit a cheque, cost of transaction: 20 cents.

Anonymous said...

Oh so you didn't completely flush Royal Bank. Go figure, trash the bank but continue to do business with them. And where suppose to take you seriously.

Sunny said...

Do you really think that the opinion of other matters to me?

Come on now, I am turning into a sexy 32 years old this Monday.

I am using RBC to my own advantage.

A 3% interest rate on my credit line wasn't at my own advantage, trust me on that one.

Holding RBC mutual funds wasn't of any advantage either.

But a business account at 20 cents per operation, that YES, it is at my very own advantage.

Be sexy and shut up :)

Anonymous said...

Is there a fee for using CRA's My Payment service? Do you need to enroll in Online Tax Filing which costs $25.00 to setup and $2.00 per filing?


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