How to Choose the Right Business Banking Account
Choosing your first business banking account can be a little intimidating. There are any number of commercial banks in Ashburn VA, each of them offering specific benefits and drawbacks. While a lot of the business banking accounts may look the same, subtle differences that seem small can loom large down the road. You can be sure that they all conform to [statetitle] law, but beyond that, youíll want to ask a few questions before you make your final choice of which bank gets to serve your business.
Does the Bank Offer Free Checking with a Business Banking Account?
Free checking is growing increasingly rare as banks attempt to recoup their loss in the area of overdraft fees. There are still some Ashburn VA banks that offer free business checking, though, so shop around.
What Fees Will You Incur?
Check into the fee structure for the business banking accounts offered carefully, and compare them to your business patterns. Some fees to watch out for include cash deposit processing, check processing fees and check fees if your bank balance falls below a certain amount.
Is the Bank Insured by FDIC?
Your business banking account should be covered by FDIC up to $250,000. If it's not, look for another bank. Nothing is worth losing that protection.
Does the Bank Offer Overdraft Protection for Business Banking Accounts?
Overdraft protection usually comes with a price, but itís a price that's well worth it if you accidentally overdraw your account. The last thing you want is to have a check to a business vendor bounce. If you have to pay a little extra for overdraft protection, go for it.
Does the Bank Offer All the Business Banking Services You Need?
In addition to a small business checking account, youíll want a bank that offers as many other business banking services as possible. Do they offer small business loans? Can they help you with a merchant account for credit card processing? Do they offer revolving credit accounts or a line of credit?
The more business banking services you can consolidate with one bank, the more convenient and cost-effective itís likely to be for your business to use that bank. Take the time to examine the offerings of all local banks before you make your decision so that you'll be sure to get the best deal for your business.