How to Open a Free Bank Account for Your Business

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Many banks and other financial institutions collect a service charge on a monthly basis if the balance in your checking account isn’t high enough. This might be charged in addition to other fees for specific purposes. But if you’re at the point of establishing an account for your business, you can avoid paying these fees by doing a bit of research on the banks that don’t add this fee.

You can have an account that provides free business checking, though you may still be liable for overdrafts on the account or if the number of transactions in a month goes beyond a limit set by the bank. When you research how to open a bank account, the key, of course, is to find the bank that charges the least or nothing at all. Get started by looking at the accounts available from nationwide banks, many of which have numerous bank locations. What you’ll need to do first is make a list of three or four of these and note the details on business-account charges.

Internet Convenience

Not only do you benefit from the convenience of doing much of your banking online, such as deposits and bill payment, you can also gather information about some of the financial institutions that operate primarily online. Some of these will also have physical branches for the times when you need to conduct business face to face.

As you look at both the big-name banks and the online banks, be very sure you understand the requirements such as a minimum amount to open the account. For example, one online U.S. bank requires that you deposit $1,000 minimum to get started. These amounts and other details can vary depending on where you are in the world. But don’t worry too much about this detail at first. There are many business-checking options available presented online.

It may be possible to open a free account with no minimum-deposit requirement. But, you should first decide why you need a checking account for your business, and decide how often you’re going to make use of it. This will help you make your choice, especially when the bank requires a minimum deposit.

Tip: When you begin researching how to open a bank account, make sure you understand the primary reason for doing so. You must keep your personal finances separate from your business finances, and that’s the end of the discussion on that subject.

 

The Main Reasons in Detail

You need a business-checking account to keep your operating funds separate and available, and to have the use of a debit card. This is one of the essential features you should be looking for when you’re ready to open an account for your company. It will also be of great benefit to your business in the future, because having a business account will make the loan/operating capital process move forward more smoothly.

Look for these features and benefits when you open your account:

  • Daily account balance required?
  • Minimum opening deposit required?
  • Monthly transaction limits?
  • Physical branch available?

As you begin the process of establishing your business account, always approach the process with the idea that you are willing to pay a reasonable amount for great service and convenience benefits.

 

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