Opening a business bank account is one of the most important steps to take in establishing your business. A business bank account allows you to separate your business funds from your personal funds. A business bank account will allow you to take better control of your cash inflows and expenditures. If you want to have a business bank account, most banks worth their salt require incorporation papers for your business.
Check over your application to ensure you've completed all paperwork accurately. If you're in person, provide your articles of incorporation, and your paperwork that stipulates you're authorized to open an account for the corporation. You will be asked to provide two forms of identification, one of which must be a photo identification.
Most banks will accept a Social Security card or credit card as a secondary form of identification.
If you find it more convenient, visiting bank websites like www.bankofamerica.com will allow you to complete an on line questionnaire. Once you've completed the questionnaire, you'll be notified of approval within 24 hours. Banks like Bank of America and Wells Fargo can verify your incorporation status when you provide your business name, and state of incorporation.
Visit the banking institution of your choice. Consult with a banker who can help you open your business banking account. Depending on what bank you choose, you may be able to go on line to open your business bank account.
Go over all paperwork to make sure you're clear on the stipulations of your account. For example, if your account requires you to keep a certain amount of money in it, you'll want to be aware of that to avoid unnecessary fees. In some instances you may be encouraged to get a business checking and savings account. A business savings account earns a small amount of interest, but a business checking account doesn't.
Fund your account. You may choose to fund your business bank account in a number of ways. You can transfer funds from another bank account, or conduct a wire transfer. You may choose to fund your business account using cash, money order or cashiers check.
Determine what services you need from a business bank account. For example, if you're expecting a lot of transactions in your business, you'll want to establish a bank account that allows you to have many monthly transactions without penalty.
Shop around with at least three or four banks to determine which bank is a good fit for your business needs. If you have a relationship with your current bank, you may want to consult your personal banker to discuss opening a business bank account.
You may be able to call around to banks, such as Wells Fargo or Bank of America, to find out what programs are available for business accounts. If you prefer, you may be able to go on line to websites wellsfargo.com or bankofamerica.com to find business account information.
评论