Business banking is a bit different from personal banking. While you probably know what you are looking for in a personal bank, you might not know how to choose a bank for your business needs. If you are a young entrepreneur then you will definitely need this list of what to look for when shopping for a business banking account.
The first thing that you’ll want to look for is the services offered. What types of perks is this bank offering? What services come with a business checking account? Find out what type of lending the bank is willing to offer to its customers. Can a larger bank handle the specific needs of a small business or should you look for a smaller bank instead? However, it’s likely that your smaller bank has been or will be merged with a larger bank. That is another question that you should ask. How is the stability of the bank? You will of course look for a bank with insurance to guarantee funds but you want to avoid the hassle if at all possible. Here are a few services you should check for.
- Access to Loan Officer
- Cooperation with Small Business Administration
- Online Services
- Tax Assistance
- Accounting Help
- Payroll and Payment Processing
- Direct Deposit for Your Employees
What are the Fees and Costs?
Now that you have an idea of the services offered, you will want to find out what the costs are for those services and what fees come along with a business checking or savings account. Typical fees include any paperwork that you may need, fees for a notary, payroll processing fees, etc.
Are There Extras?
One last thing that you should check for are extras that come along with the account. Some banks offer discounts on hotels, shipping, office supplies and other partner perks. When banks partner with companies that you regularly do business with, it is a win win for all involved.
Make sure to get to know your banker once you’ve opened your business banking account. You want to build a relationship where the bank knows and trusts you. When that relationship is established, you will find that the bank you are working with is more likely to lend and discount fees.
How did you shop for your business bank?