Hannah Whittenly
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Four Tips for Opening a Business Checking Account

Hannah Whittenly

August 22, 2013

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Starting a small business can be an exciting new adventure. It can be tremendously rewarding to utilize your business ideas into a concrete product or service that helps people and creates a profit. However, a new business can lead to some financial headaches, especially when getting the business off the ground. Use the following tips to open a business checking account that is specifically designed for small business transactions.

1. Research all business checking accounts available.

In order to ensure the best fit for your small business, take the extra time to research business checking accounts and the available options from a variety of banks. The majority of banks each offer a wide range of checking accounts to select from. Find the account that will be appropriate for your average balance and amount of transactions per week.

2. Choose the business account that corresponds with your banking needs.

Of all of the accounts offered, narrow it down to the best business account that will meet all of your specific financial needs. For those that have a home business, it might be a better idea to get an account that is geared towards smaller businesses until it grows. If you plan to use the account often, make sure you steer clear of accounts that may place limits on account activity or charge added fees. Then, find some cheap checks to start withdrawing and depositing your funds.

3. Use the same bank for all your finances.

It is beneficial to maintain both your personal checking account and business checking account at the same bank. Not only will this entail less travel to take care of your finances, many banks actually offer special rates or rewards to customers that open more than one account for business with them. Some also provide relationship banking to easily manage all of your accounts. Sometimes monthly maintenance service charges will be waived as well, which will save you money in the long run.

4. Consider supplementing the account with added benefits.

Many banks offer customers with business accounts some ancillary products that can be extremely convenient and save you precious time during your busy day. For example, business debit cards, online banking, and bill pay are options that are available. Small business owners will find it beneficial to take advantage of these to make running the business smoother and easier.

While some individuals choose to use their own personal checking accounts, this can lead to added grief in the near future. Opening a business checking account brings many benefits for small business owners. Utilize these tips for making the process as quick and painless as possible.


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