If you are into business, it is important to consider having business checking accounts. It is one of the advantages when having a business. So if you are asking yourself this question “do I need a business checking account?” Then, the immediate answer is yes. Having a checking account for your business will help you save money and will allow in increasing your reputation. If you don’t have enough budgets to open a checking account you have another option and this is to go to banks who offer free business checking accounts. To open free business bank account, there are several things to consider. But before that, you must have the requirements of putting up a business and establish what kind of business you have and how it is owned, is it partnership, proprietorship or a company. Consider your bank transactions weekly or monthly, this includes how many times you deposit and how many times you withdraw. Review your previous statement and study on how many checks you issue every month. Most basic plans for checking accounts allow only little privilege in check-writing. Clarify the amount of money you deposit and you withdraw every month. Check your latest bank statement and look if what amount you should maintain. Make a decision whether you will do all your transaction in ATM or you will do it through personal banking.
If you’ve already choose a bank that offers free business checking accounts and you’ve decided to open there, then the next step is to sign up for the account. Prepare all the documents in your business; all banks will require these documents to prove that you really have a business. However, the necessary documents to open free business bank account may vary by the type of ownership. It is important to provide a taxpayer ID, so you better bring one. Give a certified copy of your certificate as proprietorship if you are the only owner of the business and consider the account title; it should be a business name. Sign the documents and you have the privilege to authorize other person (wife, business partner, or children) to sign the checks. Give a certified copy of your business title if the business account is not named after you. Include it on your file and allow each one who has the full access of the bank. Each person who signs must provide at least 2 types of identification with the signature of the signers. Also, provide a duplicate of IRS Ruling on Tax Exemption. For non-profit organization, the employer must provide identification number.
The question now is what are those banks who can offer free business checking accounts? There are several banks that can offer business checking accounts for free, in fact they are considered to be the best in this present year. These banks includes US bank, ING Direct, Capital One, PNC, Washington Bank, Bank of America, Key Bank, Wells Fargo, Chase Bank, HSBC (this is mostly recommended by readers) and Fleet Bank. Each of these banks has their own special offer when you open free business checking account. For instance, US Bank is the ideal bank if you only have minimal bank transactions. It does not charge you with monthly fees and you are not obliged to have a maintaining balance. Capital one offer completely free business checking accounts to businesses that are small. PNC bank also has checking accounts for businesses. It is an ideal plan for those who are starting their own business and businesses who have limited check writing and deposits in a monthly basis.