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Office & Business ChecklistsBusiness Banking Account Checklist - Choosing And Operating A Banking Account
A business bank account needs facilities and features that are different than those of a personal bank account. Therefore, stop and think before you open a business bank account with the bank where you have a personal account. You need to research the business banking facilities of more than one bank before you select the one where you can open an account.
The Advantage of Opening Business Account with a Familiar Bank: There are advantages of banking with a bank with which you already have a personal account. The bank authorities may be more helpful if they have known you for long and know that you have a good financial and debt repayment record.
Advantages of Shopping Around before Opening a Bank Account: However, there are many advantages of shopping for a bank account. You will have more options regarding the kind of banking services that suit your business needs the best. Since many banks offer deals to attract businesspersons, you can take the advantage of the deals to get an enhanced package.
How to Choose a Business Banking Account: You must keep in mind that you need not operate a single business account; depending on the size and needs of your business, you could have two or more business accounts. Here is a checklist to consider when you select a banking account.
1) Do you make frequent transactions at the bank? In that case, you may want to consider monthly transaction fee, rather than a fee for each transaction completed.
Opening a Business Banking Account:
Keep the following in mind when opening a business banking account.
1) Have a meeting with your business consultant before you open a business bank account.
It is always a good idea to separate your business account from your personal account, even if you run a small business or work from home. It makes it easier for you to avail business loans, and other facilities related to business. Consider the checklist given above when you shop for or open a business banking account. If you need to, you can even hire a business consultant to help you select a good bank to open an account with.