Five Questions You Need to Ask Yourself Before Choosing a Business Bank Account
Having a business bank account is something that is required by the Internal Revenue Service (IRS) for all incorporated businesses. What’s more, it’s also something you’ll need if you want to apply for a business loan in the future.
In short, opening a business bank account is a given and not a decision you’d need to mull over much. Choosing one though is a different story.
To find the right business bank account for your specific priorities, you need to ask the right questions to financial service providers. Here are five of the most important questions you need to ask your bank and yourself when choosing a business bank account.
Fees and Requirements
First, ask about all the fees and requirements you’d have to pay when you open an account. Maintenance fees are likely a given but some banks would waive these if you can maintain a minimum balance requirement every month.
You can also get exempted from certain requirements if you open your business bank account at a financial institution where you already have a personal account in.
It’s important that you’re aware of all the fees that come with a certain business bank account to avoid surprises.
A lot of banks give their new clients introductory offers when they open an account. Among the most common perks you’ll encounter is bonus cash for when you make your initial deposit or for when you’ve maintained a specific balance for consecutive months.
Watch out for offers lowering fees for businesses that open new accounts as they can save you money in the long run.
Another thing you should ask about is if your business bank account comes with other services that might be useful to you.
For example, banks typically have their own mobile apps now. These apps let clients do everything from checking their balance to transferring money to other accounts.
Of course, you shouldn’t forget to consider your own preferences and requirements as well.
Online banks typically offer lower fees but these come with some trade offs. For example, some online banks don’t accept cash deposits, which might not be ideal for businesses that handle cash payments.
Protection and Insurance
One last thing you should ask is whether or not the financial institution you plan on opening a business bank account with is insured by the Federal Deposit Insurance Corporation (FDIC).
This protects all of your business’ deposits against bank failure.
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