Choosing business banking accounts is more complex than it sounds; many of them have perks, disadvantages, and fine print that can lead to account changes that leave you feeling caught off guard. Here are the steps to take to choose a business bank account that will suit your needs well.
Consider an online business bank.
If you have an online banking business bank that you trust, consider using them for your business bank. Because they don't have a lot of the overhead that a tangible bank has, they can sometimes offer better deals and rates than other small business banks.
Look for fines and fees.
Many business banking accounts have fees that they aren't entirely up front about, so it's important to consciously seek out that information and ask your banker directly about the fees. There are both monthly fees, and transaction fees to watch out for.
Test the customer services waters.
The last thing you want in a business bank is uninformed, unhelpful bankers and customer services reps.
Read the fine print.
Many business bank account contracts have all kinds of stipulations that may or may not benefit you and your small business. Always read the fine print before signing up for your business checking bank.
Find out if your business bank offers business consulting.
A good small business bank will learn about what your business structure is, and from there will counsel you to make the smartest business banking decisions. In this respect, look for a business bank who is willing to listen to you, and provide advice for your small business account decisions.
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