Make Sure Business Banking Account Features Will Meet Your Needs
When the time comes to open a business banking account, you’ll want to take the time to make sure you’re getting the right services to meet your needs.
A business account – in addition to separating your personal banking from your business needs – can combine the features of making and receiving payments, getting credit, setting up savings, and having easy access to features such as online and mobile banking and easy access to a branch and ATMs.
A good place to start is the financial institution where you have your personal accounts and where you already have a banking relationship. When the time comes, ask to set up an appointment and what types of documents you’ll need to set up a business account.
During your meeting with a business banker, be sure to discuss fees and costs of the various features you might need. Those could include service and transaction fees, deposit and ATM fees, savings fees, and electronic transfer fees. You’ll also want to be aware of minimum balance requirements and how they can affect any costs.
You’ll also need to consider the unique needs of your business. An online-only business where debit and credit are the only means of payment will have different requirements than a brick-and-mortar or service business that may require frequent trips to a financial institution to make cash deposits or to withdraw cash for business use.
Things to consider are hours and days of operation, the distance you’d have to go to visit a branch or the ease of access to an ATM.
Other factors to consider will be online and mobile banking features. These will give you access to mobile deposits or remote deposit capture that let you get money in the bank 24 hours a day, 7 days a week at your convenience. You’ll also be able to transfer money, check balances, get email and text alerts, and control which employees have access to electronic banking features.
Building a business-banking relationship can help when it comes to credit needs as well. Will you need a credit card, a line of credit, or a small business loan? Be sure to include these possibilities when looking for the right place to do your business banking.
Take the time to consider all of your possible needs before talking with a financial institution so you’ll know if what they have to offer is what you’re looking for to help meet your specific banking needs.