As a small business owner, you want to focus on banking features that are available, useful and help you realize success with your company. Each financial institution offers unique small business banking programs and packages, ranging from free business checking accounts, business savings accounts, loans and credit card services as well as online features from credit unions and banks.
Here are a few things to consider when looking for a small business banking account:
- Some credit unions and banks offer free business checking accounts, while others require a minimum balance.
- You may need after hour depositing. Many small business banking programs include this.
- Most banks and credit unions offer a debit card or check card with the opening of a free business checking account.
- You may have an option of an unlimited amount of transactions when you start a free business checking account with your credit union or bank or there may be limits on usage and account balances.
- Overdraft protection can be useful when you use your business savings account to cover any overages by your business checking account.
- Your business funds can earn money with an interest bearing savings account.
- CD's and money market savings accounts are offered as another source of generating money with your business savings account.
- Small business loans from credit unions or banks can be an essential element for expansion in the event that you do not have the capital to cover the cost of growing your company.
- Online business banking has opened the door for convenient, 24 hour access to your account including statements, bill payment and the transfer of funds across accounts.
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