One thing I noticed when starting this business back in 1998 was that when you’re shopping around to find the best bank account for your business, as soon as you mention ‘business’ most of the fees suddenly increase. It doesn’t seem to matter whether you’re a sole operator with less business transactions than some personal accounts or a major company with numerous daily transactions. As soon as you mention ‘business’, that indicates more money for the banks.
So in choosing the best business bank account it’s extremely important that you shop around with various banks and credit unions. In addition to your current requirements, consider your plans for business growth and how they may affect your future banking needs. It’s much easier to set up the right banking structure now rather than changing in a year or two.
For example, you may not need a merchant account to allow you to accept credit card payments now, but you may want to add this service later. If so, make sure you consider merchant account provisions, costs and requirements when making the initial decision on which bank to choose.
What about convenience … much of today’s banking can be done online but there may be times when you need to visit the branch. Do they have a branch that’s convenient for you to get to?
What’s their service like? This includes general teller service, online service (e.g. site security, ease of navigation around their site and reliability). Can you easily make an appointment to speak with the bank manager or business manager if required?
Over on the Habit Breaking Facts blog, Andrea Jordan shares 17 Everyday Tips For Saving On Bank Fees. There are some great suggestions that are sure to help you manage fees on your personal bank account as well as your business bank account.
Most importantly, compare different accounts with different banks and don’t be afraid to ask questions. The time you spend doing this now will no doubt save you a lot of time, hassle and fees over the years to come.