A business bank account requires different types of options and features than that of a personal bank account. For this reason, it is important to take your time and think prior to opening a business bank account with the same bank that holds your personal checking account. You should take the time to research a multitude of banking establishments before you make your final decision.
There are some benefits to deciding to open your business bank account with a bank that you know. These advantages can be that you know the people who work at the bank. The authority figures at the facility are familiar to you and you have already established a relationship with them. They know you and with that they can assist you in your banking needs because you already have a good track record on file with them.
On the other hand, there are some benefits to researching and deciding to go with a new bank for your business bank account. These benefits can be that you could have more options available to you to find the correct services that will help your business grow. It is possible you would get a promotional advantage to going with a new bank since they try to bring in new customers by offering special deals. You might be able to get more out of your business bank account than you would by staying with your old bank.
When making your choice of where to open your business bank account, there are some things that you should keep in mind. One thing that you might have thought about is that you don’t necessarily have to open just one bank account for your business transactions. You may decide to open two or even three accounts to deal with your business transactions. This can vary depending on the requirements and how big your company is.
Here is a checklist of things that you should keep at the front of your mind when deciding on opening a business checking account.
1. Are you required to make transactions to and from your bank account often? If you do, then you may want to find a bank that will charge a set monthly fee instead of a per transaction fee.
2. Do you do a lot of business with credit card and debit cards? If you do, then a merchant business bank account is probably ideal for your needs.
3. Do you deal a lot with overseas customers? If you do, then a foreign currency account is probably best for your situation.
4. If you find that you need a few different business bank accounts to handle your business transactions, please keep the following in the front of you mind.
A) Having accounts established with different banking institutions can offer you different options to help your business grow and conduct your transactions easily.
B) Having multiple accounts established with one banking institution can offer you better rates and more reasonable deals for being a loyal customer.
When you finally make your decision on where you wish to open your business account, you should keep a few things in the forefront of your mind when you go to open your business bank account.
1. Set up an appointment to meet with your business consultant prior to opening your business bank account.
2. Go prepared. Make sure you have all of your documents that you will be required to have to open your account. These documents will include, proof of your age, proof of residency, and proof of your income.
3. You will be required to get an account opening mandate from the bank before you can officially open your business bank account.
4. Give your certificate of incorporation to the bank if you company has been incorporated.
One of the best pieces of advice that I can give to those who are starting up a new business is to keep your personal and business dealings completely separate. This includes your small businesses ran from your home as well. This will make things much simpler to assist you in getting approval for business loans and other types of business related applications. The checklist I have supplied above can help you to be prepared when opening your account. If you find that you are confused about any part of the process, it may be in your best interest to hire a business consultant to help you with it.