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A bank is not just a safe location for your money. Your choice in banking account can affect the way your business runs on a daily basis. Transaction limits will factor into how many transactions your business can make without paying fees, which greatly affects resource management practices. Additionally, monthly maintenance fees will factor into expense calculations. In order to ensure that your business capital is being maintained in the most efficient way possible, you need to choose a business banking account that is right for you. If you are a business owner, use this post as a guide to some of the best business accounts available.
Bank Of America
Bank of America’s business checking account has monthly maintenance fees that range from $12-$20. Fortunately, they offer several ways for you to waive these fees. One way is to maintain an average monthly balance of $5000. Another way is to spend at least $250 on a debit card associated with your Business Fundamentals account. Finally, you can avoid fees by having at least $15,000 in linked accounts. There is a standard 200 transaction limit. However, Bank of America has a leg up on its competition with its slightly higher $10,000 monthly cash deposit limit. They also have lower costs per transaction. Research whether your business meets the requirements needed to waive BoA’s maintenance fees. Also, consider whether your business will require hefty cash deposits. If so, Bank of America’s business checking account is an excellent business banking choice.
Chase For Business
Chase Business accounts are another excellent option for business checking, merchant services, business credit card, business lending and other resources. This is a particular great option if your business has a good credit score. In fact, the Chase business credit card, Chase Ink Business Cash, is currently offering a $300 bonus cash back opportunity. In addition to 5% cash back in select categories that relate directly to business expenses. If you want a one stop business financing solution shop, Chase for Business may be the business banking option for you.
US Bank
Unlike Bank of America, US Bank has no monthly maintenance fees. In exchange, they offer lower transaction limits of 150. US Bank also sets cash deposit limits at $2500. Obviously, US Bank’s business banking account is geared more towards a small-scale business. You may appreciate this fact if you are looking for a virtual US bank account. They also provide convenient online banking features like free online bill payment. In addition, they also offer a free invoicing service that is tied to several financing products. Their smaller limits on transactions and cash deposits might be a hindrance for big businesses. However, their lack of maintenance fees will surely appeal to those with tighter budgets. Therefore, US Bank’s business banking account is ideal for small businesses.
PNC Bank
PNC’s business banking account is great for those who also maintain a PNC merchant services account. Reaching a certain number of credit card transactions on your merchant services account will waive the maintenance fees associated with your checking account. Thus, having the two work in tandem can help eliminate fees on both sides. The transaction limit for their basic checking account is comparable to US Bank at 150. However, it has a much greater cash deposit limit at $5000. If your business takes a lot of credit card payments, consider maintaining a PNC merchant services account as well. This way you would be best served by opening a PNC business banking account.
First Citizens Bank
First Citizens Bank, like US Bank, offers a business banking account with no maintenance fees. The transaction limits and cash deposit limits however, are much higher. Limits are set at 175 transactions per month and $5000 in cash deposits. It also comes with useful reporting and monitoring tools. In addition it offers seamless integration with Quickbooks, Inuit and Quicken. You can increase your monthly transaction and cash deposit limits with a $25 a month plan. This option is pretty standard for most business banking accounts. However, it comes with an added bonus in the form of a free safety deposit box. First Citizens Bank is great for small businesses that need higher monthly limits without the inconvenience of a monthly maintenance fee.
Your choice in business banking account is crucial as it can affect the way your business capital flows for accounts receivable. Depending on the scale of your business, you might have to opt for a banking account with higher transaction limits. Or, depending on your budget, you might have to look for one with no monthly maintenance fees. Whatever your needs might be, it is important to think do plenty of research before making a decision. The business banking accounts listed in this post are some of the best available. Look carefully and you will find one that is right for you.
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