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:
Minimum Balance Fees
Returned Deposit Fees
Cashier’s Check Fees
Paper Statement 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.
The purpose of this post is to alert you to an annual fee that employers who sponsor self-insured health plans […]
Work Hard = Play Hard? Wait a minute – aren’t we forgetting something? What about time to relax and reflect? […]
Taxpayers missing the 60 day rollover period in any of the eleven situations listed in a new IRS revenue announcement […]