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Choosing the best small business checking account to accommodate your banking needs is an important decision every business owner needs to make. Not all business checking accounts are created equal and the needs of small or medium-sized business can be vastly different from those of Fortune 500 corporations. The best small business checking account should simplify your banking needs, not complicate them.
Because choosing a small business checking account is so important, you want to make sure you spend time researching the options that are available. You should pick a checking account based on the type and location of your business, your transaction requirements and your cash deposit requirements. Here are a few of the top considerations for small business checking that you need to keep in mind before signing up for a new account:
Small businesses are all about the bottom line. Without the right checking account, you could be spending more on your banking than intended. Do your research to find a small business checking account that meets your needs. Compare small business checking accounts from banks that are used to accommodating the needs of small businesses such as yours and in the industry that your business is in.
There are 4 key areas to consider when determining what type of business checking account your small business needs. Have your expected minimum balance and average number of transactions per month handy as these are crucial in determining the type of business checking account your small business will be a best fit for.
When selecting your checking account, look for ways your business can benefit by opening an account with one business over another. As of July 21, 2011, a federal prohibition against the payment of interest on business checking accounts was repealed. As a result, business checking accounts can now accrue interest.
Take a look at whether or not the accounts you’re considering let you earn interest. Take a look at the types of accounts listed above and see if you meet your bank’s requirements for getting fees waived. While a great interest rate and no fees is the ideal situation, you may not be able to make both happen. Narrow down your options and calculate whether or not the interest or the waived fees will benefit your business the most.
If you're interested in a business checking account, you may also want to look at business credit cards.
Regardless of the size of your business, it is important to make smart financial decisions. Small businesses often have less room for error than larger corporations, especially when it comes to banking. One of the first, and most important, decisions you’ll need to make is what type of business checking account your small business will need.
Having a checking account with a reputable bank or credit union helps give your company credibility and provides you with options for keeping your private accounts separate from those of the business. There are different types of small business checking accounts to choose from and the banker at each establishment should be able to recommend an account for you to consider.
Some business accounts are set up so that you aren’t required to maintain a minimum balance, which can be useful for new companies who need to balance their budget carefully. Look for a small business checking account that provides you with 24-hour access to the funds and online banking options. Be sure to shop around for the best business checking account to meet your small business needs.
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