Business banking can be a bit different than your personal banking. You’ll find that many of the needs are similar, they just serve a different purpose. It is important to write down your list of must-haves in order to do business with a banking institution. Here are some things to consider:
- Fraud Protection: This is an absolute must. In the event of an account breach, theft, or unauthorized charges how quickly will the bank be able to act?
- Check Signing Authorization: If your business includes a partner or staff members, will your business checks require one signature or two? Make these decisions before opening your account and you’ll avoid the headaches of making changes later.
- Minimum Monthly Balance: You’ll want to ensure you can maintain the minimum daily or monthly balance in your business accounts. Some business accounts offer monthly fee waivers if the account balance stays above a specific amount every month.
- Fees: Every banking institution has different fees, and some don’t offer any type of incentive or option to waive them.
- Account Services: Don’t forget to consider what additional services might the banking institution offer, such as mobile and online capabilities, foreign currency exchange, ordering checks, and digital statements.
- Reputation: Take the time to check out positive, negative, and neutral reviews online. Negative reviews do not always mean it’s a bad bank, just a bad situation.
Do not feel pressured to open an account with the first bank you sit down with. Explore your options with both large and small financial institutions. Some smaller banks may offer more options and better incentives. Their size may also allow them to have better safety protocols in place.