Free Business Banking- What it Means for You?

Answer 1

Free business banking can save you hundreds of dollars every year in banking expenses. A lot of banks will charge fees for dealing with a teller in person, using business checks, and transfers between bank accounts. These are all transactions that business both large and small will use regularly. Finding a bank that waives the fees for these is ideal, especially for business owners.

Options to Look For

When you start looking at free business banking options there are several things you want to look for. You want a bank that offers online banking for free. This will let you take control of your business account when it's convenient for you. Some business banking accounts charge for this access, but most are starting to realize that this is an important feature for businesses.

You also want to look for banks that allow you to make unlimited transactions in the physical location without a fee. If you run a retail business this will be especially important. A lot of banks offer free online account management but turn around and limit the number of transactions you can perform in-branch. You may end up paying a fee if you go over that limit.

Business Savings and Reserve Accounts

Many banks will offer free business banking if you include multiple products in your portfolio. For instance, if you open a business checking account you may be able to have the fees waived if you also add a business savings account. Some banks refer to these as reserve accounts, but they are essentially the same thing. If you are shopping for a bank to handle your merchant accounts, consider using the same bank for your checking accounts as well. This is a good way to combine services without paying fees. You may also be able to get discounts on the merchant account fees if you do this as well. The same can be said for business credit card accounts. If you open a credit card account you may be able to save on your business checking and merchant accounts. This is a great way to take advantage of free business banking across the board.