The Small Business Tax Help Blog

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Question: What will happen, if I don’t have enough money in my Bank Account?

Hello All,

I have a financial question, wondering if someone can answer that??

Actually, I am using Google Checkout for sometime now, I received quite a few fraudulent charge-backs lately. I write fraudulent because I know they have made them deliberately and they authorize the transaction at the time of purchase. And yes, we provide online services to our clients. Now my question is that we don’t have any money in our bank account associated with Google Checkout and we even doesn’t use that Google account as well as bank account anymore…. And now my Google Checkout account is below zero and they will be going to my bank account to retrieve the money but my bank doesn’t have overdraft facility, so they can’t withdraw anything from me.

I was wondering, what will Google do in this case??? How will they recover money from me? Will they go to the courts? Or report the bad credit, as they have my EIN/SSN?

Your thoughts will be highly appreciated. Thank you in advance.

Answer: Do what you can to get money in your bank account. Overdrawn accounts that aren't refilled promptly get closed, and you go on chexsystems. It is a type of credit reporting agency, but for banks. They can keep you from getting a checking account for the rest of your life. Doesn't matter if you declare bankruptcy down the road or not, the usual rules don't apply for them. I am on their list ... and I did get a checking account. But it's with a terrible bank that is constantly making errors and cheating their customers. They haven't cheated me yet, but there are plenty of stories about it on the web.

I don't mean to scare you, just giving you fair warning. I didn't know until after it was done.

Lower Makefield Township Police Report

DRUG ARREST – Police on patrol at Big Oak Road and Stony Hill Road conducted a pedestrian stop of two males that were walking on the roadway. Further investigation revealed that one of the males, a 20-year-old from Morrisville, was in the possession of a small amount of marijuana. He will be cited by police. The arrest was reported March 21 at 3:18 a.m.

The Lion King - Morning Report (German)

Question: Building Business or Corporate Credit?

This is really an answer. Business credit is a step by step process that takes time. It can’t be bought. You should apply for a EIN number with the IRS. You will use this number to apply for credit cards and loans etc..

It is also important to register with Dun & Bradstreet and Experian. They will score your business much like how your personal credit is scored. It is import that you do not go overboard when opening lines of credit and you should apply for credit in timed increments.

A good site I have foudn is www.buildcorpcreditnow.com
Their ebook is great for getting you going and includes tips for Incorporating as well as a list of creditors who issue credit to businesses. Good luck all.

Answer: BS

What's on: Sat's picks

Events listing for Sat, Mar 6th

Ein ungewöhnlicher Zug.../ An amazing train...

State of the Union Address: Obamas Rede im Wortlaut (engl.)

Ein Jahr nach Amtsantritt will US-Präsident Barack Obama das Vertrauen der Amerikaner zurückgewinnen. In seiner ersten Rede zur Lage der Nation hat er den Aufschwung am Arbeitsmarkt beschworen – SPIEGEL ONLINE dokumentiert die Rede im englischen Wortlaut.

Do You Have Your EIN yet??