About Business Checking Accounts and Fees
Business checks have the business name and address clearly printed towards the top left side. Each check has an individual number and the numbers proceed in sequence. Each check is imprinted with the business account number as well. Because businesses typically write more checks than an individual does, banks may charge fees for business checking accounts. Banks that charge fees may base them on the number of checks written each month, monthly maintenance fees, failing to maintain a minimum monthly balance, or utilizing online banking services. Small to medium size businesses, may qualify for free business checking accounts at some banks if they do not require special services. Sole proprietorships and nonprofits may find interest earning checking accounts if they search. Banks may require the business tax identification number, or owner's social security number to open a business checking account.
Additional Business Checking Services
Businesses that can accept credit card payments can increase sales. Some banks may offer merchant account services as part of business checking account services. The bank is able to deposit funds into your business checking account as they processes the credit card payments. Some banks may allow you to download your business checking account statements over the Internet so you can integrate the information directly into your accounting software. Utilizing this feature will save considerable time when reconciling monthly bank statements. Online banking features that allow businesses to view and print canceled checks, whether written or deposited, can speed reconciling as well as solving customer disputes.
Flexibility in Business Checking Accounts
Banks vary in services offered as well as flexibility. Look for a bank that offers you flexibility in adding new users, or changing account features, so your business checking account can grow with your business. Make sure you understand transaction limits, balance limits, and other penalties so your business does not incur unexpected fees. You may find business checking accounts that also offer payroll tax services that enable your business to pay taxes online and receive IRS confirmations.