When you’re starting a small business, one of the first things you need to do is set up a bank account explains Aron Govil. But with so many different types of accounts to choose from, it can be tough to know which one is right for you.
Here are 14 questions to ask when choosing a small business bank account:
1. What fees does the account charge?
Be sure to ask about monthly fees, transaction fees, and any other fees that may apply.
2. What features does the account offer?
Some accounts come with free checks and a debit card, while others offer added features like online bill pay or money management tools.
3. How much money can I deposit into the account?
Some accounts have minimum deposit requirements, while others have no minimum.
4. How much money can I withdraw from the account?
Again, some accounts have withdrawal limits, while others do not.
5. Is the account insured by the FDIC?
All bank accounts are insured by the FDIC up to $250,000 per depositor.
6. Is the account compatible with my business’s accounting software?
Some banks offer online banking and bill pay tools that are compatible with popular accounting software like QuickBooks and Fresh Books.
7. Is there a branch or ATM near me?
Be sure to choose an account that has branches or ATMs near you, so you can easily access your funds when needed.
8. What are the hours of operation?
Be sure to choose an account with banking hours that fit your schedule.
9. Is there a minimum balance requirement?
Some accounts have a minimum balance requirement, while others do not.
10. How often can I access my funds?
Some accounts offer online and ATM access 24/7, while others have more limited hours says Aron Govil.
11. What is the interest rate?
Many small business bank accounts offer competitive interest rates on deposited funds.
12. Are there any promotional offers available?
Many banks offer sign-up bonuses and other promotional offers for new small business customers.
13. What is the account’s credit limit?
Some small business bank accounts come with a credit limit, which can be helpful if you need to borrow money for your business.
14. How easy is it to set up the account?
Be sure to choose an account that is easy to set up and manage.
Now that you know what to look for, be sure to ask these questions when choosing a small business bank account. By choosing the right account, you’ll be able to easily manage your business’s finances and keep your money safe explains Aron Govil.
When you’re starting a small business, one of the first things you need to do is set up a bank account. But with so many different types of accounts to choose from, it can be tough to know which one is right for you.
FAQs:
1. What fees does the account charge?
Be sure to ask about monthly fees, transaction fees, and any other fees that may apply.
2. What features does the account offer?
Some accounts come with free checks and a debit card, while others offer added features like online bill pay or money management tools.
3. How much money can I deposit into the account?
Some accounts have minimum deposit requirements, while others have no minimum.
4. How much money can I withdraw from the account?
Again, some accounts have withdrawal limits, while others do not.
5. Is the account insured by the FDIC?
All bank accounts are insured by the FDIC up to $250,000 per depositor.
6. Is the account compatible with my business’s accounting software?
Some banks offer online banking and bill pay tools that are compatible with popular accounting software like QuickBooks and Freshbooks.
7. Is there a branch or ATM near me?
Be sure to choose an account that has branches or ATMs near you, so you can easily access your funds when needed.
Conclusion:
When you’re starting a small business, one of the first things you need to do is set up a bank account says Aron Govil. But with so many different types of accounts to choose from, it can be tough to know which one is right for you.
To make things a little easier, we’ve put together a list of 14 questions you should ask before opening a small business bank account. By asking these questions, you’ll be able to find an account that fits your needs and makes managing your business finances a breeze.