|5.||Bank of America||$200|
Correct as of 12/12/2018. Promotions subject to requirements and change without notification.
Setting up a business bank account requires more than just popping into the nearest bank and depositing a few dollars to get your checking account established. You should find a bank that offers the services you need now as well as services you may need in the future. The bank you choose should understand your specific business and industry.
The best way to determine which bank is best for you is to interview the branch managers of different banks. In the interview, ask about how they handle some of the issues that may arise during your time working together. The bank should not only meet your checking account needs, but other financial needs that may arise that may be connected to your business as well.
Although your first step in establishing your business is to open a checking account, there are other services most small business owners will likely need in the future as the business grows. Some of those services may include:
Get information that makes it clear what the fees are for your basic business checking account, and be sure to clarify the amount of any extra fees for extra services. Find out if the services and fees can be bundled and whether or not the fees are negotiable.
Deciding on whether to use a big bank or small bank depends on personal preferences. There are a lot of different viewpoints on which is better.
As your business grows, you will need more financial services. Keep in mind that there may come a time when you have a financial emergency, so which bank do you believe you can depend on to help you out during that time of crisis?
If your business ever needs a loan, it is easier to get one from a bank that you have an established relationship with. If the bank you use for your business checking account is approved as a Small Business Administration (SBA) lender, the fact that you have a history with the bank through your checking account may make it easier for you to be approved for the loan you need.
The decision you make now about what seems to be a simple checking account may affect the future of your business. The banking relationship you develop from the start may be exactly the one you need as your business grows.
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