Robinsons Bank business bank accounts for may 2023

Business bank accounts are a great way to manage your company's finances. With a business account, you can rest easy knowing that federal regulations and insurance policies protect your money.

Types of business bank accounts

Robinsons Bank Corporation offers only a checking account for businesses. A checking account allows companies to make payments, withdraw cash, and manage their finances. It's safe and secure, and it has a lot of benefits. You can use a checking account to pay bills, such as rent or utilities; make deposits into other accounts, and withdraw cash from ATMs. You also get checks and debit cards with your checking account, making it easy to access your funds when needed. To open and maintain a balance on this account for your business, you would require ₱10,000. If you want a checkbook, you would have to pay ₱500. Additionally, your funds are insured by PDIC for up to ₱500,000 per depositor.

How to apply for a business bank account?

If you want to open a business checking account at the branch, you can follow these steps:

1. Make sure you have all the required documents. The bank may ask for your business's original personal identification document, proof of address, and a utility bill.
2. Choose a current account application form.
3. Fill out an application form with all the details requested by the bank. Include information about your business, such as name, address, financial details, such as income and expenses.
4. Once you've completed the application form, submit all the required documents to a banking agent.

Requirements for a business bank account

• You can also submit a Mayor's Permit, Articles of Partnership or Incorporation, and By-Laws.
• Submit the latest three years of Income Tax Return (ITR) and Audited Financial Statement (AFS).
• Submit the last six months' bank statement or copy of the passbook.
• Photocopy of two valid IDs with specimen signature.

List of some of the acceptable IDs

• Tax Identification Number
• Barangay certification
• Alien Certification of Registration/Immigrant Certificate of Registration
• Government office and GOCC ID (e.g., LGU, AFP, HDMF IDs)
• Certification from the NCWDP
• DSWD certification
• IBP ID

Pros and cons of a business bank account

Having a business bank account will impact your business and how you do things, so you'll want to ensure you find the best bank for your unique situation. A business bank account can also help you manage your finances. Still, there are pros and cons that you'll need to consider before opening one.

Pros

• You can set up a separate account for your business to know exactly where your money is going and how it is being spent.
• You can set up automated bill payments, which eliminates the need to worry about missing or submitting late payments.
• You can keep track of all your financial transactions in one location, which is especially useful if you manage many accounts.

Cons

• Your firm may have to pay several costs for accessing your money, such as overdraft fees and other fees.
• Your business will be limited if you don't have the right accounts.