BUSINESS BANK ACCOUNT NEEDS

THINGS TO KEEP IN MIND BEFORE OPENING A BUSINESS BANK ACCOUNT

In short, here are the most important pointers you need to keep in mind before you choose a business bank account:

1. Account Type:

Checking, Savings, Money Market, or Combo: Decide whether you need a straightforward checking account for daily operations, a savings account for stashing cash, a money market account for better interest rates, or a combination of these.

2. Online and Mobile Banking:

Accessibility and Features: Ensure the bank offers top-notch online and mobile banking services. Look for features like mobile check deposit, bill pay, and account alerts to keep your business running smoothly from anywhere.

3. ATM Network:

Fees and Locations: Check the bank's ATM network for convenient access and low fees. Nobody likes surprises when withdrawing cash!

4. Debit and Credit Cards:

Availability and Terms: Find out if the bank provides business debit and credit cards, and what the terms and perks are. Rewards, cashback, and low interest rates are always a plus!

5. Overdraft Protection:

Options and Costs: Look into the overdraft protection plans available. It’s good to know you have a safety net if you ever need it, but be aware of the costs involved.

6. Merchant Services:

Accepting Payments: If you'll be accepting card payments, check if the bank offers merchant services. It’s crucial for smooth transactions with your customers.

Chase Business Complete Banking is a small business checking account designed to help you start or grow your business. It includes the ability to accept credit cards, providing you with essential tools to keep your business running smoothly. With Chase QuickAccept, you can accept credit cards with no hidden fees or monthly contracts.

7. Cash Management Tools:

Bill Pay, ACH Transfers, Wire Transfers: Effective cash management tools can save you time and money. Look for bill pay, automated clearing house (ACH) transfers, and wire transfer options.

Bank of America’s Business Advantage Fundamentals™ Banking provides easy QuickBooks integration, making your accounting an easy task.

8. Business Loans and Lines of Credit:

Availability and Terms: Consider if the bank offers business loans or lines of credit to help your business grow. Check the terms and interest rates to ensure they fit your needs.

FEES AND CHARGES

Nobody likes hidden fees! Here’s what to watch out for:

Monthly Maintenance Fees:

Minimum Balance Requirements: Some accounts have monthly fees that can be waived if you maintain a minimum balance. Check the specifics so you’re not caught off guard.

With Novo, there are no monthly fees or minimum balance requirements to maintain. Online business banking gives you the freedom you desire to focus on what you love.

Transaction Fees:

Limits and Costs: Be aware of any limits on the number of transactions you can make each month and the costs for exceeding them.

ATM Fees:

Out-of-Network and Overdraft Fees: Using out-of-network ATMs can rack up fees quickly. Also, check the fees for overdrawing your account.

Overdraft Fees:

Costs and Prevention Options: Know the costs involved with overdrawing your account and what options the bank provides to prevent it.

Wire Transfer Fees:

Incoming and Outgoing Costs: If you’ll be sending or receiving wire transfers, look into the fees for both incoming and outgoing transfers.

Account Closure Fees:

Early Termination Charges: Some banks charge a fee if you close your account within a certain period. Make sure you’re aware of these terms before you commit.

By considering these points, you'll be well-equipped to choose the perfect bank account for your new business. Happy banking!

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