3 Things To Know About Setting Up A Business Bank Account
If you are starting up a small business, you are going to want to set-up a business banking account, not a personal account, for your business. A commercial banking account is a little different than a personal banking account.
#1 Pay Attention to Fees
First, you need to pay attention to fees. With a business banking account, there is a good chance that fees may be attached to the bank account. Some banks will offer you a fee-free account for a set number of months. Other banks may offer you a free account in order to get your business.
Pay attention to the fee structure. Even banks that may not charge you a monthly fee may still have other fees built into the structure of your account. Find out if there are any fees for ATM withdrawals or cash deposit fees. Watch out for transaction fees, where you face charges when you go over a certain number of transactions per month.
Think about how your business plans on using the bank account and if these fees would impact you. Try to find a bank that will place the least number of fees on your transactions as possible.
#2 Look Into Special Features & Products
Second, you are going to want to look into special features and products to find out how the bank can help you. For example, does the bank offer banking via mobile apps or does it offer the ability to work with multiple currencies? Does the bank offer credit cards and business loans?
Think about the features that you want and need your bank to have and find a bank that offers those features. You want to be able to work with your bank on the multiple levels that your business needs.
#3 Think About Going Local
Finally, you should also think about going local. Consider looking into credit unions as well as community banks. These types of banking intuitions may be more willing to offer you lower fee structures for the service you need. They may also be able to offer you extra community benefits and provide you with a higher level of customer service than a big bank.
Another advantage of working with a local credit union or community banks, they can often act fast when you need banking help. They can help you quickly secure a loan or transfer money overseas.
If you are running a small business, you need to make sure that you have a business account instead of personal account. Pay attention to the fee structures and look into the special features and benefits that each bank can offer you before choosing the one that you want to work with.