What to Look for in a Business Checking Account

What to Look for in a Business Checking Account

Written by Marlene Piche, SVP Branch and Business Banking

Whether you’re starting a new business or are looking to upgrade or change accounts, having the right business checking account is critical to managing your business. But as you research your options, it’s important to remember that no account is one-size-fits-all. Banks offer a variety of options, all with different services, fees, requirements, and more that may impact how you manage your business.

When looking for a business checking account, don’t forget about these critical differentiators that might help you make the right choice.

Account Features & Services
At the heart of it, the right business checking account will include the essential features and services you need to manage day to day banking activities. Some of the services to think about include bill pay, wire transfers, debit card access, and online banking. Does the bank you’re considering also offer business savings accounts or overdraft lines that work with your account? Do they offer cash management, treasury, or merchant services? Knowing all of what an account has to offer will be critical in your decision-making.

Fees & Requirements
Business checking accounts often include monthly services fees, minimum balances, transaction or statement fees. Make sure you read through all the fees and costs carefully and think about what’s affordable for your business. If the charges are concerning, think about whether or not you’ll utilize the extra features that come with an account or if it’s worth looking into something else. At the end of the day, having a checking account you can afford is vital.

Transaction Limits
Something else to consider when it comes to your business checking account is monthly transaction limits. While the number may vary depending on the account, banks often place a limit on the number of transitions a business can make within their account. This includes both electronic transactions and checks. If you exceed this limit, your bank may charge additional fees. Before you start shopping around for a new account, make a note of your average monthly transaction volume so you can pick the account that makes sense for your spending habits.

Bank & ATM Access
It may seem obvious, but if you’re shopping around at different banks, one thing to consider is branch locations and ATM access. Are there branches and ATMs close to where you do business? What are the hours? Are the ATMs available 24/7? The answers to these questions may be key factors in making your final decision as you want to conveniently access your business checking account when you need it.

Banking Technology
Speaking of convenience, the latest banking technology can make accessing and managing your business checking account from home or on the go easy. When considering opening an account, ask about the online and mobile banking experience, what features are available, and how often your bank makes upgrades or looks into new products. Don’t forget about debit card technology as well. Contactless debit cards, for example, are a great option to make purchases safe and quick for you and your employees.

Introductory Offers & Promotions
Don’t forget, it’s always good to ask your bank about any special introductory offers or promotions they may have going on for new customers. Whether it’s a cash bonus or a waived fee, it might be that extra perk that helps make or break your decision.

Bank Reputation
Finally, while you shop around, don’t forget to ask other business owners who they bank with and check out a few online reviews. While finding a business checking account with all the right bells and whistles is essential, you’ll also want to make sure it’s offered by a bank with a good reputation.

If you’re ready to open a new business checking account, the key is to be prepared while you shop around. Make a list of what’s important to you ahead of time using these guidelines, and it will help you through the process.
And if you want some help, your local bank is here to help you through it. Open a USB Business Checking Account today by visiting one of our branches.

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