Business Checking Accounts: How to Select the Right Bank for Your Small Business
When considering business checking accounts for your small business, you want to partner with a supportive and reliable bank. Even if your financial needs are pretty basic today, it’s a good idea to forge a solid partnership now. You undoubtedly will need a strong financial institution on your team as your business grows and your banking requirements become more complex.
So, although you initially want to find the best business checking accounts, you want to also consider a bank’s other products. It may not be long before you’re looking for a line of credit or a business loan. By establishing a good relationship with the right bank now, you’ll be well positioned if and when you need other services.
All Banks Are Not Created Equal
Before you start searching for the right bank, you first need to identify your current and anticipated needs. Then, you can better match the bank’s services to your business. If you don’t already have a financial advisor, it’s a good idea to find a bank that can help fill this role.
Some banks offer free advice both online and in person. You may find extensive resources, tools and references on a prospective bank’s website. This combination of bricks and mortar infrastructure, along with vast amounts of online help, can provide an exceptionally well-suited banking partner for your small business.
Taking the First Step with Business Checking Accounts
The first banking step most businesses take is to open business checking accounts.Especially if you’re just starting out, you need to manage incoming payments from your clients. And, you need to pay your expenses.
Just as with personal checking accounts, banks offer many varieties of business options. For example, you may find some accounts offer incentives to keep a certain amount deposited. Make sure you fully understand fee structures, terms, interest rates, service offerings and more.
In fact, paying close attention to fees is one of the most important criteria in your selection process for business checking accounts. It’s not unusual to find fees for business accounts different and higher in many cases than for personal accounts.
Another capability small business owners find beneficial is online banking for business checking accounts. Although you may want personal service and face-to-face meetings with your banking partner, you also need the convenience of conducting some banking business online.
Many banks offer both. It’s possible to find a larger bank that offers a wide range of banking services for businesses, an extensive network, advanced capabilities such as online banking, and yet still provide the opportunity for personal service tailored to your business needs.
You should also be careful of selecting the first bank that offers you free business checking accounts. Although this is definitely a perk, you may need other financial services in the future that this particular bank is not equipped to provide. Again, you’re looking for a financial partner to provide all the services you may need both now and down the road.
One thing never to forget when you’re searching for the right bank and services: you are the customer and you have the right to ask for what you want. Whether you need additional services for your business checking accounts, regular counsel or free online banking, meet with potential bankers to discuss how they can fulfill your requirements.
A Final Thought…
The right banking relationship can prove to positively impact your small business – from providing flexible and innovative business checking accounts, to allowing you to borrow capital when needed. So, as a small business owner, you need to put as much effort into finding the best bank as you would do finding a large customer or hiring a crucial member of your staff.
Bret Pippen is a contributing editor and is the head of advertising and customer communications for Regions Bank, one of the nation’s largest full-service providers of consumer and commercial banking products and services. Learn more about Business Checking Accounts by visiting http://www.regionsbanknews.com.
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