Being a business owner is challenging enough - and you shouldn't have to worry about the banking side of it. Choosing the wrong account could cost you more money than you are willing to lose through high fees or not getting the tools you need to be successful.
We compiled a list of things that you should be looking for when it comes to business banking accounts:
Fees & Minimum Balance Requirements
How much are they? How often are they charged? When are they charged? Will they charge you for making a cash deposit?
Transaction Limits
Is there a limit on the amount of transactions you can do per month? Will you have to pay the bank if there are more than 100 ins and outs in the account?
Overdraft Protection
In the case that you need to overdraw your account, will the bank decline the transaction? How will the account be funded if it overdraws? If you purchase inventory, how much will the bank allow you to overdraw and for how long?
Interest/Earnings
Does the business account earn interest?
Online & Mobile Banking
Can you deposit checks through the app or online? Can you transfer money from one account to another online? How easy is it to pay vendors or employees? Can you allow others to have access to view the account without having free range like your CPA or treasurer?
Account Management and Reporting Tools
Can you get transaction reports? Does the bank integrate with account software like QuickBooks, etc.?
With this list of questions in hand, you should be on the fast track to establishing and growing your business
Check out Progressive Ozark Bank’s Aspire Checking Account features!