The pricing and costs of business checking affect many companies. Although the monthly fee for many business checking accounts is not much, the price does add up to a large sum over a number of years. Therefore, companies should look for the best deals possible when examining checking account maintenance fees and the costs of checks.

The costs of checking account banking varies from bank to bank. Some banks offer free checks, while others leave check purchases to the customers. Some banks offer free business checking and other banks charge monthly fees. When thinking about the pricing and costs of business checking, consider the following:

1. Some business checking accounts are free of maintenance charges.

2. Almost all business checking accounts charge overdraft fees.

3. Purchasing checks for business checking accounts is costly.

Action Steps
The best contacts and resources to help you get it done

Look for a no-minimum requirement free business checking and online business checking account

Some banks offer no-balance-limit free business checking. These checking accounts are free of any monthly maintenance fees. Most banks do require customers to purchase their own checks. Banks also charge an overdraft fee on these accounts. However, there is no minimum balance to receive free checking of this kind.

I recommend: Take a look at a business article from Nashville Biz Journals that discusses lower business checking fees. Read an article at BNET that states business checking fees are too much for businesses.

Consider balance-determined maintenance fee business checking

Some banks charge a monthly maintenance fee based on the balance of the account. The maintenance fees typically range from $5 to $15 depending on the balance of the account. The higher the balance of the account, the lower the monthly fee. The fee varies from month to month as the average daily balance of the account varies. High account balances often do not incur a monthly fee.

I recommend: View savings from Wachovia Banks on business checking including online business checking. View the fee schedule for a small business checking account from Synergy One.

Ask about business checking account costs for special features

Many banks offer businesses special features for their business checking and small business checking accounts. There typically is a charge for these special features. The features include account management, direct payments, express invoicing, and online payroll. The fees for these special services range from $10 to $15 dollars each month. There are typically limits for the usage of these features. Extra usage charges the account more. For example, invoicing may cost $10 for 20 invoices sent each month. Bank of America charges $2 for each 5 invoices a month over the 20.

I recommend: View special feature fees from Bank of America. Look at checking fees from Nevada State Bank including checking book balancing fees for businesses.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  When examining the pricing and costs of business banking be certain to only sign up for the features you will use. Adding free features to your bank business checking account is harmless. However, you do not want to pay for a feature each month that you do not use.

Good news – many local banks are wooing small businesses with free business checking accounts. With the right business checking account for your growing enterprise, you can save money and time. Look for business checking accounts that are designed for small to medium-sized businesses, with special features to help you manage your payroll, taxes, merchant accounts and more.

Here are the top considerations for your business checking accounts:

1. Define what your small business needs from a bank – and in a business checking account – before you start your search.
2. Look for free business checking accounts with helpful features to minimize the time you spend on day-to-day banking tasks.
3. Find a business checking account that can accommodate account changes, new users and add-on features as your business grows.

Action Steps
The best contacts and resources to help you get it done

Choose a business checking account you can manage online

Look for a bank that allows you to automate business checking tasks. For instance, choose a business checking account that lets you download account information for integration with your accounting software. Also look for automated features to handle payroll and to bill your clients.

I recommend: Bank of America gives you more than just online access to your business checking account – they offer online payroll services, free checking accounts for your employees (with some restrictions) and a full Online Business Suite, including online invoicing, payments and the ability to synchronize with financial software. WellsFargo offers numerous online solutions, including account access, bill payments and tax payments. Washington Mutual, Wachovia, Citibank and Regions also offer online banking options for business checking accounts.

Save money with free business checking accounts

If you don't need all the bells and whistles, then consider free business checking accounts that give you the basic features you need, but don't nickel-and-dime you to death with service charges. Free business checking accounts usually translate into no transaction, account or check-writing fees and usually, free checks.

I recommend: Wachovia’s business checking account comparison chart sets forth the details of its business checking accounts, including which features are free (or fee-based), which accounts offer online banking services and which accounts offer free additional accounts. Washington Mutual offers free business checking accounts – simply choose your state to see a comparison chart of free and fee-based features. Check out additional free business checking accounts from Regions. You can also avoid monthly fees with Citibank business checking accounts if you meet certain criteria.

Earn interest on your business checking account

Many banks offer small businesses - especially sole proprietorships and nonprofits - interest on their business checking accounts. Some may require specific minimum account balance requirements, so be sure to ask for details, and read the fine print.

I recommend: Simply choose your state at the Wells Fargo website to review several business checking accounts, including some with interest. The Citibank Account and the Citibank Everything Counts are interest-bearing business checking accounts.

Begin accepting credit cards through your business checking merchant account features

Because you can make more money by allowing your customers to pay by credit card, take advantage of banks that offer merchant account services tied in with your business checking account. The bank simply processes the payments and deposits the funds right into your account. What could be easier?

I recommend: Commerce Bank offers business checking accounts tied into merchant accounts through their Small Business Options program, which gives you plenty of incentives, including no service fees for merchant account set-up (for your first location) and premium rates on business money market accounts. Some restrictions apply, so check the account requirements first.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Look for free business checking accounts that include free or low-cost tax services, so you can pay your taxes online at any time, receive immediate confirmations and meet IRS requirements.
• •  Look for a business checking account with realistic minimum balance requirements that you can afford so you don't end up paying penalties for dropping below the minimum.
• •  Ask questions to clarify the regulations of free business checking accounts, especially any penalties, transaction limits, or other limits.

Most financial institutions offer a business checking option for businesses. Large businesses may have several different business checking accounts open at one time and owners use each account for a different purpose. There are typically different types of business checking accounts for companies to choose.

Business checking accounts are a good way to keep personal and business expenses and funds separate. Some business checking accounts offer special features that only a company would need. FDIC covers all business accounts at the bank, just as it covers personal accounts. Consider the following points when thinking about how your business can benefit from making the most of business checking,

1. Checks used for business checking may have the company name and the owner name.

2. Owners may appoint someone such as a treasurer to sign checks for business checking.

3. Business checking management is not very different from personal checking management.

Action Steps
The best contacts and resources to help you get it done

Choose a good business checking plan for your company

Banks often offer several different business checking plans. These include free business checking, interest business checking, analysis business checking and more. Ask your bank for a comparison chart of the business checking types. Carefully decide which plan meets your business needs; choose high transaction checking or small business checking. Some business checking account plans have balance and transaction stipulations. Some plans offer free check card and online business checking.

I recommend: Learn different options for checking account banking from US Bank. View business banking information and requirements for a checking account application from Metro Pacific Bank.

Consider ordering business checks for your business checking account

Most check printing companies offer personal checks and business checks. Business checks are typically in large books that resemble a three-ring binder. The checks are larger and have a balance stub on the side of each check. The balance stub allows users to track debits and credits more easily. The lines are larger than those in a personal check register, enabling the check writer to add more details to business check balance stubs. Unfortunately, the book is not very convenient for carrying but works great if you often leave it at the office.

I recommend: View computer business checks from Deluxe Forms. View business check options from Check Crafters.

Create a routine for your business checking

Many companies find it helpful to create a checking and banking routine. For example, they write checks and pay bills on the same day each month or each week. Others choose to make a trip to the bank on the same day each week to take deposits and complete other business. Having a routine helps keep owners organized. Pulling all of your paperwork and bills out also saves time.

I recommend: Learn how to get a business checking account from Business Knowledge Source. Get information and tips on how to open a business checking account from All Food Business.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  When thinking about which type of account is right for making the most of business checking, consider free check options and business checking online. Some banks offer free checks with certain plans such as an online business checking account.

Business checking is a specific type of checking service open to different types of businesses through financial institutions. Business checking will include additional services and regulations that differ from a personal checking account. Banks will offer different types of business checking accounts in order to entice customers to open an account with their facility. When companies research different business checking accounts, certain terms will come up time and again.

Action Steps
The best contacts and resources to help you get it done

APY

An annual percentage yield, or APY, is the amount of money that you can earn by opening a business checking account with particular banks. The APY will differ depending on the account balance available in your account. Only particular business accounts will allow you to earn APY.

I recommend: Investopedia has both a definition for annual percentage yield as well as how a person can calculate his or her return.

Maintenance fees

Many banks will advertise that their business checking services boast no maintenance fees. Maintenance fees can consist of a variety of different charges that a bank charges a business in order to use its business checking services.

I recommend: U.S. Bank has a breakdown of different business checking accounts along with potential types of maintenance fees. Get the low down on maintenance fees at Bargaineering.

Free business checking

Free business checking is a type of account offered to smaller businesses that don't perform a large amount of account functions. These accounts will require a low starting deposit and won't charge any fees to use the banking services.

I recommend: PNC Bank provides a breakdown of the different components that make up its free business checking account.

Business interest checking

Business interest checking relates to accounts that can earn an APY. The more money that you have deposited into your account will affect the higher interest rate that you will earn. To maintain this type of account without charges, the business owner must retain a minimum account balance.

I recommend: EverBank provides more information on business interest checking along with a chart with the interest rates a person can earn by opening this type of account.

Minimum balance

The minimum balance is the lowest amount of money that your bank will permit you to have in your checking account at any given time without charging a fee.

I recommend: Investor Words delves into the meaning of minimum balance and the consequences imposed by banks for not meeting this minimum account balance.

Business debit card

A business debit card is a card that is linked to your business checking account. You can use the card like a regular credit card and have the charge deducted from your business checking account.

I recommend: On Provident Bank, you can find the different elements that make up a business debit card.