Things to Consider When Choosing a Bank for Business Account
Business owners have many banking options, and every bank offers something a little different. Take your time perusing the various options until you find the right bank for your business daftar judi slot. “Always shop around,” said Mike Swigunski, founder and CEO of Global Career. “Banks are as keen to gain new customers as they are to retain current ones, so use this to your advantage to get better deals.”
Here’s what to consider (and ask about) as you evaluate different banks:
Every bank has different fee structures and features. Business accounts typically have higher fees and minimum balance requirements than personal accounts daftar slot online.
Tracy Odell, vice president of content at FinanceBuzz, recommends asking whether the bank offers any bonuses.
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“Sometimes banks offer bonuses for opening a business account with them,” she said. “For example, a bank might offer $300 if you open an account and maintain a certain minimum balance. These offers can be a great way to earn a little extra revenue, but keep in mind that these bonuses are taxable. Don’t be surprised if you get a 1099 for the bonus next tax season.”
Account maintenance requirements
Often, business bank accounts have requirements that you must meet; if you don’t, you can be charged fees. For instance, it’s common for banks to require you to maintain a certain balance – but this minimum amount varies from bank to bank – and it may be a daily minimum or a monthly minimum. If you have multiple accounts, the bank may count all of your accounts toward a combined minimum amount, or they may look at each account separately.
In lieu of maintaining a certain minimum balance, some banks, with their business checking accounts, won’t charge you the fee if you spend a certain minimum on a debit or credit card tied to your account, or if you use one of the bank’s other services.