Bank account question

[Matty Bee]

Hello, 

I'm about to close on my first rental property. I'm going the traditional 30 year lender mortgage on my personal name I'm not sure if they have a due on sale clause but lets assume they do and I can't move this into an LLC yet. Should I use my personal checking since the title and mortgage is under my personal name? Or should I open a business checking account even though I don't have a business entity yet?

Thanks

[Frank Chin]

Originally posted by @Matty Bee:

Or should I create a separate personal checking account under my current bank and use that? 

 Yes, that's I've been doing, both personal checking at the same bank. I've done this for years. This way, you can easily transfer it on line from your rental to your regular account, when both accounts belong to the same person. 

Fees for business checking is higher, no legal reason for using it, and it's a little more trouble moving funds from personal to business accounts online. I haven't tried mobile apps for this, remote deposit, but I'm afraid the phones could be hacked.