There are plenty of people out there who put far more thought into what is on their checks, that the financial institution with who holds their checking account. While having a Star Wars fight scene on your checks is cool in certain crowds, where you hold your business checking account is far more important. A business checking account should be about far more than matching colors and pretty waterfall scenes, it should be about saving your money and what bank can provide you with the best services available to meet your business needs. A checking account is for more than an automated wallet and where you put money in and then take it back out. If you chose the wrong checking account, you can actually end up losing a lot of money for yourself and for your business.
- Make sure to ask the bank the correct questions. Finding the right, free, checking account for your business is a lot like trying to find the perfect pair of jeans or sneakers. Some just seem to fit better than others and are a better match for you and what you are looking for. The perfect fit for a checking account starts with finding the right bank. Some questions to consider when talking to a bank representative are: How many branches of this bank are there and where are they located? How many ATMs are in your area? What is the banks service charge, if any, for using ATMs? What are the banking hours? Does your bank offer online banking? Is there any overdraft fee? If so, how much is the overdraft fee?
- Ask about the fees. Regardless of if the initial cost to open your checking account is free, checking accounts often come with hidden fees and can add up to a lot of money down the road if you are not careful. If you are wise, you can avoid most, if not all, of these fees by choosing a fee-free checking account and asking the right questions before you get started with your bank.
- Can You Earn Interest? Most people think you can only earn interest off of saving accounts, but contrary to this belief, there are some checking accounts who offer their clients interest rates on checking accounts which can rival, or even beat, those of a savings account. The catch to earning interest off of your checking account is you must have a high enough balance in your checking account to qualify. If you chose a smaller bank, or a credit union, you may also qualify for their “rewards” program and other incentives for using their bank services and for having a certain amount of money in your checking account.
- Shop around until you are satisfied with all of the services of your bank. There may be multiple banks who offer you a free checking account, but this does not mean they are the right bank for you. You can be as picky as you want to be when choosing a bank, so chose one who you feel comfortable with and offers you the most perks, as well as who is willing to work with you now and in the future. You are in control of your business, your bank, and your checking account!