How to choose the right business checking account
You would know that you’ve chosen the right business checking account when it caters well to most of your business needs. A business checking account is capable of handling your business finance with ease, but it comes at a cost. There are various options and kinds of business checking accounts offered by different banks with different charging rates for various aspects of banking. A detailed analysis of the business being handled is necessary in order to make an informed decision.
Firstly, do not forget to take the bank’s monthly fee into consideration. It usually ranges in between $8 to $50. This is very common for most of the banks and can be waived off on the condition of maintaining a particular minimum account balance.
An overall count of the number and types of transactions per month is necessary. Banks usually allow free transactions only to a specific number (usually between 100 and 200) varying with the chosen plan and charge an extra fee for each transaction exceeding that number.
There is almost always a limitation set by the bank on the amount of cash that can be deposited free of charge. Choose carefully so that your business account doesn’t confine your business or add extra expenses.
Most of the business checking accounts are not entirely available on virtual platforms. The banks have always been in favor of establishing a better relationship with the firms and their owners. For the same reason, your comfort with a particular bank and its people should also be taken into consideration. Handling a business with quite a few inconvenient meetings regarding the most important part of the business would not do well in the long term.
The presence of ATMs of the bank the firm is associated with poses as an added advantage to look out for. Having an ATM closer to your work station will provide with more ways of handling cash and could prove to be extremely useful in times of need.