Free business checking is one offer that many companies enjoy, and financial institutions offer several different types of free business checking options. In general terms, free business checking means a checking account that does not have a monthly maintenance fee. However, some banks add stipulation and requirements to these accounts.

Most banks also offer free Internet checking, which is very convenient for most businesses. Company owners also conveniently bank in person with free checking. When thinking about opening a free business checking account, consider the following:

1. Some banks have special requirements for free business checking accounts.

2. Not all free business checking accounts have the same special features.

3. Although you have a free business checking account, banks may still charge you a monthly fee.

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

Gain information about completely free business checking

Completely free business checking accounts have no requirements for keeping the free status. These accounts have no check writing or transaction limits and no balance limits. Most banks do require that users purchase their own checks. There is the customary fee for overdraft check writing. However, check cards and free business checking online are included in the free business checking option.

I recommend: View business banking options from People's Bank. Compare business banking account options and view information about free business banking from Hills Bank.

Understand the requirements on monitored free business checking accounts

Monitored free business checking accounts are not always free. No maintenance fee accrues if the account has a balance that is over a certain minimum amount. When the balance falls below the minimum, however, the bank tacks on a fee. Bankers typically determine the amount of the fee based on the balance of the account. Users must monitor their account to ensure that it meets the minimum balance requirements. Bank computer software charges the appropriate fee when necessary.

I recommend: View minimum requirements for free business and free small business checking from BBT. Get information about free business checking and online free business checking from United Bank.

Look for free business checking account clubs

Several banks offer clubs for special members. These clubs have balance requirements for joining, but checking accounts opened in the club are free. Many banks also offer free checks for the club members, and the checks typically have an inscription with the club name. The requirements for maintaining club status are higher than the requirements for keeping regular free business checking account status.

I recommend: Learn about the easy banking club and free business checking services from 1st Source. View an article about bank club tools from Free Press Release.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  When thinking about free business checking for your company, ask to see a comparison chart of all of the business checking types. You do not want to forfeit useful options that are important to you by choosing free checking.

Online free business checking is a great way to cut your business expenses. Running a profitable business means always looking at your bank charges. Why should you pay for the privilege to bank your money when you can open a free business checking account with free online checking and save those monthly fees?

Free business checking accounts can be easily opened online. When looking at a bank's website, check out the perks and terms of their free business checking services. When you compare free business checking online, look for:

1. Free internet checking with ample transaction allowances.
2. An account with no balance requirement or monthly fees.
3. Extra freebies, including bank cards with rewards.

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

Find a business checking account and compare offers

Are you aware of everything your home bank has to offer? Sit down with the small business expert at your bank to see if you may be missing out on a new product, then compare your bank's offering to other free online business checking accounts. Loyalty may be a luxury you can't afford if it's bleeding your bottom line.

I recommend: Check out how your bank stacks up to other banks at Bankrate.com. Give your current bank a chance to keep your business and show them the comparisons you've made. You may walk out richer for your effort.

Get the free business checking account your business deserves

Look for a bank that won't penalize you for running your business. You know how it goes: sometimes you're flush with cash, while other times you're scraping together every last dollar just to make payroll. The last thing you want to worry about is paying a service charge for a low balance. Banks are offering free small business checking accounts and free business checking online designed for companies on a shoestring budget.

I recommend:

• Evaluate how many transactions you make on a monthly basis at your current bank, and then compare that to KeyBank, which offers a free business checking account with 200 free transactions per month and a KeyBank Debit Card. There's no minimum balance requirement or monthly fees.

• Check out Wachovia, which offers business owners 150 free transactions a month and no minimum balance or monthly charges.

Consider online bill pay with your online free business checking account

Start thinking about paying your bills by mouse-click. Online free business checking accounts allow you to pay bills, transfer money between accounts and track your finances right from your computer. And think of the postage savings every month!

I recommend: Bank of America is one of many banks encouraging customers to try online free business checking. The service is free to Bank of America customers. Chase also offers online bill payment, as well as free business checking for 100 or fewer transactions per month.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Free business checking accounts will help you save, but don't discount the importance of overdraft protection, a business line of credit or a linked savings account to protect you from bookkeeping shortfalls.
• •  If you're carrying a high average daily balance, find a business checking account that is interest-bearing and that rewards you with lots of perks. You may actually end up with 'free' business checking because the bank may waive the monthly fees to thank you for your high balance.
• •  Some free business checking accounts charge for each transaction over your limit. Read the fine print and watch out for hidden fees if you exceed your free transaction allowance.

Many companies take advantage of using free business checking to help their bottom line. Free business checking accounts allow users to complete check transactions with no cost. Some banks, however, have special requirements that businesses must meet in order for them to remain at free status. However, other banks have no stipulations on remaining in free checking account status.

Some banks also offer additional incentives to entice you into putting your company's money in that bank, so it pays to investigate. When considering options using free business checking and services, consider the following:

1. Free business checking accounts do not have a monthly maintenance fee.

2. Some free business checking accounts must meet certain balance requirements.

3. Most free business checking accounts have free check card and online features.

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

Use your free business checking account to complete check-writing transactions

Most companies prefer writing a check to pay bills because the check gives the owner a data copy for record-keeping purposes. Use your free business checking account to make these payments. Most banks allow users to write as many checks as needed during the month with no charge. You will not have to worry about deducting a maintenance fee from your balance each month when you use a free account.

I recommend: Learn proper check writing skills from Money Instructor. Find a business checking account from Key Point.

Complete transactions and inquiries with your free business checking online

When you open your free business checking account, sign up for online free business checking use as well. Benefit from using free business checking with the convenience of online transactions. With free checking, there are no charges for transferring money to other accounts and making basic inquiries online. Some banks even allow free bill pay online. You never have to write a check! Log on to your bank's website and choose a password. Remember to always check the site key and security questions; your bank's website address should have an https at the beginning to indicate that it is a secure site.

I recommend: View a demo of free internet checking at WaMu. Read an article from CNN Money about free online checking.

Gain access to a check card with your free business checking account

Be certain to get a check card with your free business checking account. Skip the hassle of writing checks when you are in a hurry, but also be secure in the knowledge that your bank won't charge a fee. Some use their check card instead of a credit card. The money comes directly from your checking account. Most check card transactions show up immediately in your online transaction history.

I recommend: View information about using a check card and free business checking services from Bank of America. Get up to date with check card troubles from Bank Rate.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  When using free business checking, be certain to ask about all special features. Some banks offer more than others offer. Take advantage of all of the features that benefit your company.

Lots of businesses could benefit from a free business checking account—but how many of these checking accounts are really free? There are a lot of factors to consider when choosing checking accounts, including those for business holders. Reading up on the terms regarding requirements, standards and methods for getting free or low-cost business checking can help savvy business customers get the best deal on a business account, with minimal fees and penalties.

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

No minimum balance

First, for a free business checking account to be truly free, it should have no minimum balance. A minimum balance is a set amount that must be in an account to keep it from accruing fees. This is common in both business and personal checking accounts as a way for banks to recoup money.

I recommend: See a definition of a minimum balance at AllBusiness. Look for free business checking with no minimum balance at sites such as Richmond Biz Sense.

Automatic savings plans

One feature of new free business checking accounts is automatic savings plans. An automatic savings plan automatically puts aside a portion of the money deposited to your checking account, where it will accrue interest.

I recommend: Investopedia offers an in-depth definition of automatic savings plans.

Check card or debit card

A check card is a physical 'credit' card connected to a checking account. When used, the check card debits amounts directly from the checking account. A free business checking account can include a check card for convenient purchasing.

I recommend: Visa, one of the largest providers of debit cards, outlines its benefits.

Internet banking

Internet banking goes by many aliases, including e-banking, online banking, paperless banking and more. Generally, Internet banking is any kind of banking that can be done online, allowing the account holder to avoid going to a physical branch.

I recommend: See a great in-depth discussion and definition of Internet banking at Bankers Online.

Service charge, or service fee

Service charges are another thing to look out for with free business checking accounts. Service charges can be applied for a number of reasons according to an account contract. Read the fine print to check for these additional charges.

I recommend: Countrywide Bank has a chart outlining its service fees.

Interest-bearing accounts

As you research free business checking, you should be aware that some checking accounts are interest bearing and others are not. Interest-bearing accounts are checking accounts that pay interest. This can be a big factor for businesses that hold a large balance in a checking account on a continual basis.

I recommend: Find out more about interest-bearing checking accounts at CareOne Credit Counseling.