Pricing and Costs of Business Checking
Examine your budget for the pricing and costs of business checkingThe 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.
Look for a no-minimum requirement free business checking and online business checking account
Consider balance-determined maintenance fee business checkingSome 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.
Ask about business checking account costs for special featuresMany 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.
- 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.
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