Interest On Business Checking Accounts Coming Soon?

Under current laws, small businesses are not allowed to earn interest on checking accounts…which I find to be the most asinine thing ever. But Nydia Velazquez, Chairwoman of the House Small Business Committee, is introducing a bill known as “The Business Checking Fairness Act” which will turn that all around and give a little more freedom to small businesses to compete with the big guys. It’s not that the big stores get interest on their checking either, but that they can afford to be creative with their accounting, whereas smaller companies cannot.

I know this bill or some version of it has been introduced before, but I really hope it passes this time.

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Comments (2)

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  1. Terri says:

    I’m a bit confused. I’m an office manager for a sole practitioner and our business account accrues interest each month.

  2. Dee says:

    Sole proprietors are exempt.