If you’re looking to start a business, one of your first steps will be to find a bank. Not just any bank, but one that’s perfect for your business. Many banks now offer free business checking accounts to entice small business owners into signing up. But, does free business checking really exist? Not really - at least not entirely.
When banks offer free business checking, they’re saying there will be no monthly maintenance fees on your account. In reality, they do charge these fees but they provide you with a few options that will waive these fees. Hence, “free business checking” without it actually being free. You can also expect to see other fees associated with having a business checking account, such as cash deposit fees and transaction fees.
In addition to fees, there are a few other factors you should take into consideration when choosing a bank. How many locations does the bank have? Are they conveniently located near you and available when you need them? All of these things are important to your business. The infographic breaks down everything you need to know to make the best decision for your business.
When banks offer free business checking, they’re saying there will be no monthly maintenance fees on your account. In reality, they do charge these fees but they provide you with a few options that will waive these fees. Hence, “free business checking” without it actually being free. You can also expect to see other fees associated with having a business checking account, such as cash deposit fees and transaction fees.
