Making Up Your Mind On Small Business Checking
What is the deal with your bank? Are you being treated fairly by them? Are you getting free checking or are you paying a fortune just to hold your money in an account? Understanding how to manage your bank account is one thing but choosing the right bank is another. You must be able to understand the importance of actually choosing a bank that will help to support and grow your small business. Here are some ways that you can choose the best bank to help you with your business checking needs.
Tip # 1 - Make A List
In order to find the best bank you need to start by making a list of different things you need. Will you require your checking account to process credit cards and other transactions for you? Can you hold a certain limit of money in the account or do you need to move money around in multiple accounts? You need to be able to understand what your priorities are in order to select the appropriate bank for you to manage your money effectively.
Tip # 2 - Look for promotions
To find the right bank for your small business, it is a good idea to search around for various promotions. Online banks usually have better rates and standards to work with compared to the local banks and private banks. Online banks will give you free checking and other things where a local bank might not be able to do much for you. Always compare the promotions that they are running to make the right decision for your business needs.
Tip # 3 - Access
How easy will it be for you to access your accounts? Some small businesses need to get online in the middle of the night to check on the balances or to move money around. Since you likely have clients that need to be paid, you need access to your accounts at any given time to know that you have money there and that everything will be just fine when they go to cash their check or when automatic bill payment runs through.
Tip # 4 - Terms and Options
Read the fine print on the account. What does the bank charge you? There are always hidden fees that you need to be concerned about when you are dealing with any type of bank. Credit unions usually don't charge for checking accounts but the banks usually do. Make sure you are comparing rates with several different companies in order to find the right bank for your business needs. Usually there are some charges for a balance transfer, low balance limits, ACH processing, and many other little things. Check on all of these small charges to know what you are actually getting yourself into so you don't end up with a large amount of money going toward bank fees.
Tip # 5 - Compare rates
In order for you to be able to get a business checking account that works effectively, you need to compare rates. Use Banktruth.org or other sites to help you in getting a snapshot of current bank rates. When you can see what all of the rates are, you will have an easier time in being able to understand what you need to do in order to choose the right bank. It also helps you to see the trending pattern of the bank to know if you have chosen a bank that usually maintains a higher interest rate for savings and really works on getting their bank fees lower in order to pass along the savings to the customers.