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Should I Keep My Business Account Or Close It?

uhwtm2
  |     |   19 posts since 2023

I had a one-person business once, but folded it around 10 years ago. However, I never closed my business checking account at a nearby large bank (the only account I have there.) Since it's a business account, there haven't been any fees even though I haven't done anything with it in 10 years, except deposit $1 once a year just in case there was an inactivity fee - though they never assesed a fee even when I forgot. It's a business checking account, no CC, just a few dollars in it.

Is there any plus or pro to keeping it open for the future you can think of? It was a PITA to open a business account when I first started my business, and the bank seems ok with just letting it sit there without a fee, so I've just let it sit there for 10 years. I'm never going to run a business again, but a friend said to keep it open as it couldn't hurt to have a business account if there was no fee for keeping it open. So I thought I'd ask you folks. It's at a large bank, not one with great deals or other products I'd use.

If you were in my place, had no real use for it, but it didn't hurt anything to keep it open, would you leave it open? It's been about 10 years. Or close it?

Any pluses or pros you can think of with a business account, for keeping it open?

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Answers
sams1985
  |     |   781 posts since 2022
I could understand if it was a business credit card with a great rewards perks but just curious what benefit(now or in the future) could you derive from keeping a business account open? I can't think of any. I'm assuming the business is closed via SOS filings.
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sams1985
  |     |   781 posts since 2022
Funny you brought up this topic and I know this is unlikely to come up 10 years later but I just received a notice from the IRS for overpayment of my business taxes on my final return and am owed a refund check. (2022 was the final filing year) how am I going to deposit that check ? The EIN number is closed as is the business and any business accounts associated with it. Can I endorse the check over to myself as the former president of the company ? 
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uhwtm2
  |     |   19 posts since 2023
Yes, business is closed officially with the state and the account's just been sitting there, unused but there. Good point about the interest p_d, though it never earns anything that'd ever be reported, maybe 1c a year. I suppose I should close it, I never think about it until I get an occasional mailer from that bank advertising something or other. I just didn't know if there was some reason to possibly keep it open that I wasn't thinking of. Maybe this year is the year to close it.
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