Advice from PTO Today

Craig writes:
You should set up a checking account and put the money in the bank. That gives you the most safety and flexibility. You'll need an Employer Identification Number from the IRS in order to open an account. An EIN doesn't mean that you have to have employees; it's simply the way the IRS identifies businesses and organizations. It's like a social security number for businesses. It only takes a few minutes to get an EIN. Just go to IRS.gov and fill out form SS-4. If your PTO is like most, you'll be depositing a lot of small checks. Many banks let you process a specific number of items, then charge a fee for each one beyond that number. Look for a bank that has low fees for processing those "excess items" each month. You'll also want a low fee for depositing rolled coins, and a monthly maintenance fee assessed only on a very low minimum balance (since your balance is likely to fall below the minimum from time to time). Also, please read 5 Smart Financial Controls. These procedures are important to protect your money, and they're easier to implement now, as you're getting started, then they will be later.

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