The perks of opening a business account and the knowledge you should have before doing so
Updated: Nov 30, 2019
If you own a business you should own a business checking account.
Easier to keep good records
Track expenses and revenues
Makes tax time easier
Keeps us from dipping into our personal accounts
Business accounts have more lenient fees because of banks like having a business account
You become eligible for business loans, credit, and debit cards
Build a business credit history
Before opening a business account you should be prepared to ask banks some questions. Ask questions Iike, “ Does this bank have locations in other states” or “ What are the fees for depositing money? Is there a daily cap amount?”
Here is a list of questions you should ask
Do I need an EIN to open a bank account
How many ATMs are there locally and nationally?
What are the fees
What is the minimum balance I can keep in my account?
Are they any apps for mobile banking?
What perks do they offer? I.e business loans, lines of credit?
What are the steps to closing a business bank account?
Once you have all the facts and decide on a bank it is time to make sure you have all the necessary documents and dollars. You will need your business documents that show that you have a legal business. Your EIN and whatever the minimum amount is to open a business bank account. And boom you’re open for business!
Business bank accounts are an important pillar of the structure of your business. It’s extremely important that you keep good, clean records. For some, a business is not a business unless it has a business checkings account.
Thanks for reading! I was able to round out my education with some basic research and these helpful videos!