| Owning a small business usually means wearing many | | | | over-the-top fee structure related to any number of |
| hats - as head of sales, production, office | | | | regular bank services. |
| administration, payroll and yes, accounting. Choosing a | | | | For example, some banks charge fees relative to your |
| business bank is often done impulsively. Many business | | | | average daily balance, or they require a minimum |
| owners look for one that is near their place of | | | | balance during the course of a given month. Others |
| business or their home - or one that is on the way to | | | | charge for processing checks after granting you a |
| work. Others choose based upon fancy advertising or | | | | certain number of free transactions. Be sure to ask |
| a catchy slogan. Still other business owners might see | | | | probing questions about all of the possible fees you |
| a featured special offer and just make a split decision | | | | could encounter while a customer with the bank, given |
| to choose that bank. | | | | the anticipated banking habits of your particular |
| Truth is, most small business owners feel that they are | | | | business. |
| just too busy to take the time to choose the very best | | | | 3. Understand, in particular, their overdraft policy: |
| bank for business checking accounts. | | | | Overdraft fees have become a big money drain for |
| However, if you think about it, choosing wisely can | | | | personal and business checking accounts alike. The |
| mean the difference between finding a business ally | | | | need to have to pay large amounts of money to your |
| and ending up stuck with a fee-hungry institution who | | | | bank in overdraft fees can usually be traced back to |
| seems like they merely are out to increase their annual | | | | participation in overdraft protection programs. These |
| profits at your expense. | | | | programs, while sounding benign or even helpful to the |
| If you are looking for the best bank for business | | | | customer, can actually be structured in such a way |
| checking accounts, here are some tips on what to look | | | | that bank customers end up spending more each |
| for: | | | | month than if they had not been enrolled at all. Be sure |
| 1. Make sure they are FDIC-insured: | | | | to inquire carefully with your prospective business bank |
| This one is pretty obvious, but not being FDIC-insured | | | | about their overdraft policies. |
| should be an instant disqualifier for any bank you are | | | | 4. Find out whether they offer additional business |
| considering. You see, the bank that you end up | | | | services: |
| choosing may not necessarily be one of those big | | | | One of the biggest potential benefits of being a |
| banks with the large advertising budgets who place | | | | business banking customer is having access to other |
| ads in major newspapers and make flashy TV | | | | valued-added bank services, such as payroll services |
| commercials. In fact, your business may best benefit | | | | and small business loans. Make sure to check out the |
| from becoming the customer of a small local or | | | | full range of services available to you as a bank |
| regional bank. This can be a very advisable option. But, | | | | customer. |
| all the more reason to ask about whether they are | | | | Resisting the temptation to impulsively choose a |
| FDIC-insured. | | | | business bank based upon geography or clever |
| 2. Be sure you understand their fee structure: | | | | advertising can pay off. Spend some time doing your |
| The banks you consider may tell you they offer free | | | | homework and you will increase your chances of |
| business checking. That's all fine and well, but make | | | | finding a bank that will satisfy your business needs for |
| sure there is no catch. The catch, in many cases, is an | | | | years to come. |