So, dumb question: I don't really know anything about banks

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Anonymous
2016-07-11 19:57:10 Post No. 1375157
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Anonymous 2016-07-11 19:57:10 Post No. 1375157 [Report]

So, dumb question: I don't really know anything about banks accounts but I want to open a separate one from my main one to receive money. I'm planning to sell things online and this account will only be used to store money that's incoming; expenses are minimal and so won't be taken from that account. What's the best way for me to do this? What do I need to look for in an account? Are there specific names for these accounts or should I just be looking for the one with the lowest monthly fees?

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Anonymous 2016-07-11 20:11:01 Post No.1375205
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Anonymous 2016-07-11 20:11:01 Post No.1375205 [Report]

>>1375157
Depends. Is the account for a business (incl self employed) or personal? Sounds like personal in your case. And what bank are you with?

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Anonymous 2016-07-11 20:29:32 Post No.1375266
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Anonymous 2016-07-11 20:29:32 Post No.1375266 [Report]

>>1375205
Technically business, self-employed, but from the IRS guide looks like I can consider it a hobby. Wells Fargo is the bank.

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Anonymous 2016-07-11 20:30:50 Post No.1375270
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Anonymous 2016-07-11 20:30:50 Post No.1375270 [Report]

>>1375266
>>1375205
Clarification: I'm selling things I make. Not huge amounts of money, maybe $50 at most per transaction.