
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

TZIDO SUN/Shutterstock: Some banks would charge you extra for withdrawals made from other banks’ ATMs
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.
Promotional Offers
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.
Additional Services

GaudiLab/Shutterstock: Mobile banking apps can give you the convenience of monitoring your account wherever you are
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.
Personal Preferences

goodluz/Shutterstock: Choosing a bank with brick-and-mortar locations gives you the opportunity to speak with customer service in person
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.
More in Bank Stories
-
Scarlett Johansson’s MASSIVE Marvel Paycheck Shows Closing Pay Gap in Hollywood
For the past decade, the Marvel Cinematic Universe has kept us thoroughly entertained, and there are no signs of them slowing...
November 25, 2020 -
The Maldives has a Program that’ll Reward You for Traveling There–Here’s How it Works
While there are many destinations that have opened up their doors once again for leisure travelers, it seems like the number...
November 25, 2020 -
Why Single Ladies Have Less Debt Than Single Men
When is being indebted to people ever a good thing? Don’t answer that, it is a trick question. The answer is...
November 17, 2020 -
5 Habits of Self-Made Millionaires That Allow Them to Retire in Their 20’s
Many of us dream of retiring a millionaire or at least earlier than normal. There’s a growing segment of people that...
November 10, 2020 -
You Can Stay at These Marilyn Monroe or Howard Hughes-Inspired Bungalows for $8500/Night
If there is one hotel which the A-list celebrities of Hollywood just love to visit, it is the Beverly Hills Hotel....
November 4, 2020 -
Count on the Duggars for an Amazing Renovation as They List a Mansion for $1.8 Million
Anyone who loves reality TV show knows who the Duggar family is. Jim Bob and his wife Michelle Duggar became household...
November 4, 2020 -
Biggest Financial Mistakes People Make that Lead to Debt, And How You Can Avoid Them
To come off as a responsible adult, you have to demonstrate that you can convincingly handle your finances. What’s that thing...
October 27, 2020 -
This is How Johnny Depp Spends $2 Million a Month On His Lavish Lifestyle
According to the former business manager of Johnny Depp, the actor spends extravagantly to support his lavish lifestyle, requiring a monthly...
October 20, 2020 -
How Much Money Can You REALLY Save by Living a Frugal Lifestyle?
You always complain about work and how there is not a perfect one that could possibly sustain your way of living...
October 13, 2020
You must be logged in to post a comment Login