Posted on January 18, 2010.
Opening a business checking account online - What to Look For If you start a new business or if you already have a small business but are not happy with your current account, a new business account may be in order. It goes without saying that you are facing a wide range of choice in banks and the types of auditing.
Here is a suggested checklist to use as you evaluate new banks if you are planning on opening a new business checking account online:
1. Is it free?
Many banks offer free business control. But do not forget to check all the details, since the total amount you pay each month is not only composed of the monthly fee, but all the extras you pay to use the account.
2. What kind of expenses does the charge account?
The types of additional charges you will pay depends on the bank and the account type. Examples: paying a fee per transaction (beyond a certain number of transactions processed), pay the fee if your balance falls below a certain minimum, and the fees for the posting of digital copies of your outgoing checks online.
3. What is the TRA to account?
TRA stands for annual percentage yield (APY). As its name suggests, it is the amount you stand to earn interest for a down payment in a given year. Note: The calculation of compound interest TRA takes into account. Obviously, the higher the TRA, the better.
4. Can you open an account online?
Some accounts allow you to apply online. Check with the bank you are applying for and whether they allow this option.
5. Do they offer a cash incentive?
Some investment banks offer a cash incentive, say $ 50 or $ 100 for opening a business checking account. Everyone can use a little extra money, if you can find a bank that offers this for account holders.
6. Is it FDIC insured?
Of course, you want your bank to be insured by the FDIC. This means that a government agency to cover the amount of your deposit if the bank fails. Some limits of the maximum coverage is applicable.
7. What other services do they offer?
One of the advantages of finding a bank deals are the additional services they offer. Many banks that specialize in corporate accounts providing payroll services, processing of credit cards for merchants, lock box and ready to help companies of course.
8. Do they offer custom controls?
This may or may not be top of your wish list bank, but many small businesses the ability to offer personalized checks. This can bind the branding look-and-feel of your company.
9. Did they charge overdraft fees?
Most banks are still a huge part of their fee income related to the charge overdraft fees. In fact, most of overdraft protection programs are opt-in, which means you are automatically enrolled in the program who has signed for the account. Fortunately, some banks now offer overdraft protection programs that will never charge you overdraft fees - even if you open your account.
When looking for a business bank account, decide which items on the list are important to you. Then go shopping for your new account. Consider creating a spreadsheet in Excel or on a piece of paper to keep track of checking accounts and do not meet your needs. May the best win Account!
