Running a business in successful manners requires certain steps that need to be followed in sincere manners. It may include choosing the business name, registration of the business with the concerned authorities, writing a business plan and opening the business account. Choosing the best free business checking account requires accurate tracking of expenses and income for the business and also know that it is quite different from the personal finances.
Those thinking to choose business checking accounts must consider the following factors –
- Monthly transactions and their number – Firstly estimate how many transactions are going to be accomplished on an average during a month. Take into account the cash, its withdrawals, deposits of cheques, payable through cheques and electronic payments etc. The banks may allow free business checking account facilities that are limited during each month. Additional transactions may incur charging of certain fees by the bank. It is wise to know the estimated number of monthly transactions.
- Account balance on daily basis – Maintaining an average balance on daily basis may not be chargeable by certain banks. Few of such institutions do charge some sort of fees if you are not able to maintain that minimum balance in your business account.
- Deposit on opening – Banking institutions generally ask for a certain amount of money as the initial deposit when you open the business account with them. This deposit amount differs from the one named as daily account balance. The initial deposit may differ from bank to bank and from account to account.
- Physical location of the branch – Operating your business account requires frequent visit to the banks. You have to deposit cash, make its withdrawal, deposit of cheques or make electronic payments. All this may need you or your representative to visit the bank branch that may be in close proximity to your business entity or far away from its location. Physical location of the banking institutions needs to be considered with great care before going ahead with the free business checking account and its operation.
- Banking institution’s size – This significant aspect goes a long way to choosing the particular bank. Smaller sized banks may be reluctant to reveal the facts about their charges online and may prefer you to visit them in person or discuss over phone. Larger banking institutions may however be lenient enough to apprise you about banking transactions and other details. As such it is wise to be associated with the larger banking institutions that provide trustworthy and satisfactory services. They give due consideration to the customers that are helpful for the local economy and facilitate big deposits and investments through them.
- Customer service – This aspect should be considered in deep manners before you go for the free business checking account and the relevant facilities in any bank. Satisfactory customer service is a must with regard to any type of transaction.
Weighing the above considerations goes a long way for total satisfaction with regard to your accounts with any banking institution.