Many businesses opt to go for a business checking account rather than their personal accounts to run their small businesses, freelancing accounts, or to run independent contracts. As there are many things related to a business account such as features, cost, and benefits, it is a major thing to decide to consider.
To help eliminate this concern, we have provided a detailed method of how to choose a business checking account in this article. Some of the most important things to consider before opening a business checking account are given below.
1. Services and features offered
Before selecting a bank, first check the services that the bank offers such as online banking, bill payment services, wire transfer services, debit/credit cards, safe deposits, and more.
2. Interest Rates
Find the bank that has the lowest interest rate so you can continue to grow and deposit within any major deductions.
3. Service Fee
Check some of the fees like monthly maintenance fees, minimum balance required, overdraft fee and wire transfer fee.
4. ATM Acces
Check whether the bank’s ATM is in close proximity to your office, home, or working space to be able to perform transactions conveniently.
5. Bank Branches
In addition to ATMs, check the bank branches that are close to your house, office, or working space.
6. Transaction Limits
As a business checking account is designed to make frequent deposits and transactions, check the daily, weekly, and monthly limit of the payment that the bank offers. Go for the one that suits your business model.
7. Bonus Offers
If you already have a personal account with a bank, you can check the bonuses it offers if the prior account is replaced with a checking one.
8. Integration Features
Finally, look for ease of integration with other banks, payment methods, and billing services to perform your business transactions conveniently.