Banking Aspects
Home Listing Program


Banking Aspects

For security reasons, your personal finances need to be kept separate from your hobby business finances. Do this by establishing a separate bank account near where you live but not at the bank where you have your personal account. Find a bank that offers online banking, free checking, debit card, and banking by mail.

When you find a bank which offers these features, and most do these days, gather up $100. Go to the bank. Set up your hobby business account. Use your name. Do not use a business name, ever. Be sure to order a "Deposit Only" rubber stamp.

Why online banking? With a computer connected to the internet you will be able to access your account to track deposits and withdrawals from eBay and PayPal. Most eBay buyers pay with PayPal these days. PayPal is a good thing. Learn to like it.

Why free checking? This is obvious.

Why banking by mail? You will not want to run to the bank to deposit every check you receive. But you do need to promptly deposit checks you receive. Now that PayPal is used by most buyers, you may not receive many checks. But when you do, then stamp the back of the check with the "Deposit Only" rubber stamp, fill out a deposit slip, and drop it all in the mail every few days.


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Old Postcards For Sale   2006-2011
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