What Bank is Right for Your Business?

Choosing the right bank for your business is so important. Business banking is so much more than writing checks and making deposits. When you choose a bank, think of your current needs as well as the direction you want for your business. 

Fees: Ok, this is clearly a big one. Banks have a variety of fees. You should carefully review the fee schedule for your bank and determine what type of account is right for you. Here are just some of the types of fees you should be looking for:

Maintenance Fees

Minimum Balance Fees

Overdraft Fees

Returned Deposit Fees

Cashier’s Check Fees

Paper Statement Fees

ATM Fees

Debit Card Fees

Lost Card Fees

Foreign Transaction Fees

Wire Transfer Fees

Transaction Limits: Some banks limit the number of transactions you can make each month and charge for additional transactions. These fees can add up, so if you will be making a large number of transactions, be sure to pay close attention to this one. 

Interest Rates: Often times there are varying interest rates for different types of accounts. Be sure to look at the highest interest rate offered for all accounts where you’ll be keeping a balance.

Credit Cards: Yes, your bank likely will offer a variety of reward and non-reward credit cards. If you do not plan to carry a credit card balance, meaning you’ll pay off the card each month, reward cards can be wonderful! However, if it’s likely that you’ll have a balance on your card each month, consider a non-reward card as these often have a lower interest rate. 

Credit Card Processing: Many banks offer credit card processing services. If you run cards in your business, it may be convenient to have those payments processed through your bank rather than a third party service. 

As always, choosing a financial institution is very important and will likely be a choice that lasts for years. So take your time and look at the options available to you before making a decision. 

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