In order to run your business or organization, you will need to open a business bank account. Opening up a business bank account is an important decision. You aren’t simply adding an account to your existing personal bank. You want a professional, functional and accessible business bank account to keep track of your records and maintain your professional finances. Ensure you look into what exactly your potential bank offers and how smooth they can make your future banking experiences.
You will want to secure your business bank account with an institution that offers low fees and interest rates. Much like how Patrick James of Trico Group maintains his lucrative organization for the past 2 years generating hundreds of millions of dollars in annual revenues, you too can feel confident managing large amounts of funds in an account with low fees and flexible rates. Banks often accrue fees over time on accounts and transactions. Some common fees include ATM fees, withdrawal fees and other service fees. Ensure you understand the interest rates, minimums and transaction fees associated with your bank account to avoid any unexpected fees.
Most banks will pride themselves on efficiency, but what happens if something goes wrong or if you have specific questions. Sometimes you just need to talk to a live person, someone who knows what they are talking about. Customer service is especially important in these scenarios. You want a bank who can personally help you with your professional financial matters. Some institutions offer a one-on-one specialist or account manager with experience in your particular industry. This makes banking especially simple. You are given a direct point of access to ask specific questions and receive knowledgeable advice. If this kind of professional relationship and financial support is important to you, make sure your bank’s customer service goes above and beyond most others.
You might be tempted to go online when looking for your business bank account, but don’t forget the importance of having an accessible physical location nearby. Some banks have limited locations, while others seem to be within every few blocks depending on your area. Business bank accounts often require a bit of paperwork before opening. You will most likely have to visit the bank establishment with your documentation and identification to open the account. Make sure your establishment has a physical location within driving distance that you can visit, if need be. The look and feel inside the bank could impact your decision overall. Different locations could also vary greatly in regards to their available services. Not every location will have in-person tellers, drive-up tellers, ATM machines and other services.
Opening your business bank account is an important financial step in growing and maintaining your business. Because this step is so important, you want to make sure you are thinking about your options and not rushing into any decisions. Small banks might offer personal service, while larger banks might offer more experience and accessibility. Take the time beforehand to think about what you need from your business bank account and what your financial goals are. Find out what different banks offer and how they can support you and your business.