A personal checking account is designed for your individual, everyday use. It’s perfect for handling day-to-day personal expenses—things like paying rent, buying groceries, or that spontaneous ...

Other charges could be cheaper. For instance, businesses pay $17 for outgoing domestic wire transfers sent online with Citi. For its standard personal account, those are $25 apiece.

If you’re using your personal bank account for your business, it’s time to switch. Here are the legal and logistical reasons why you need a separate business bank account.