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7 Tips for Choosing the Ideal Business Checking Account

May 17, 2024

business checking

If you’re a business owner, the service providers you choose should make your life easier, freeing you to run your business. You don’t want to have to make frequent changes. You want providers that easily meet your needs today and that can continue to meet your needs as your business grows.

When choosing where to open a business checking account, some of the benefits you’ll want are similar to those you’d look for in a personal checking account, while others will be unique to the world of business. Here’s what to look for in a business checking account.

1 – Low minimum balance requirements. Especially if your business is somewhat new, you may not be able to maintain a large balance in your checking account. So, look for an account that requires a relatively low minimum balance.

2 – Interest paid. Whatever balance you maintain in your business checking account, it would be ideal if your bank or credit union paid interest on that balance.

3 – Low or no fees. There are enough costs involved in running a business without being hit by various service charges related to your checking account. So, when selecting an account provider, be sure to review its full list of fees, such as maintenance, low-balance, overdraft, or ATM fees.

4 – A great online experience. Be sure to look over the website of the bank or credit union you’re considering for a business checking account. Is it intuitive and easy to navigate? Is online bill-pay available? What about mobile deposits? And, does the institution offer a user-friendly mobile app?

5 – ATM access. If the freedom to use automated teller machines is important to you, how many ATMs does the bank or credit union you’re considering for your business checking account offer, and how convenient are they to your home or office? Some institutions may offer a limited number of their own ATMs, but their customers have access to ATMs that are part of a large network. How convenient are those ATMs and are there any fees involved in using them?

6 – Accounting program integration. Whether managing your payroll, tracking cash flow, or filing your taxes, you’ll want to make sure that your business checking account can integrate with your accounting program.

7 – Other benefits. Additional capabilities to look for in a business checking account include merchant credit card processing, money wiring services, availability of a savings account, and access to customer service representatives who are trained to understand and meet the unique needs of business owners.

You’ll also want the peace of mind of maintaining a checking account with a financial institution that shares your Christian values. In this day and age, when so many banks are regularly in the news for having to pay fines for unethical and illegal behavior, you’ll want to do business with an organization you can trust.

Click here to open a business account with CCCU! Are you looking for other accounts? Click here to view more.

Matt Bell is the author of Trusted: Preparing Your Kids for a Lifetime of God-Honoring Money Management. He speaks at churches and conferences throughout the country and writes the MattAboutMoney blog.

This article should not be considered legal, tax, or financial advice. You may wish to consult a tax or financial advisor about your individual financial situation.

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