Updated: Jan 16
Starting a business is an exciting process and it’s important to make sure you take all the right steps right away. Choosing a business bank is one of the most important decisions you will make as a business owner. Here are some tips on how to choose a business bank to work with:
1. Research The Bank’s Services: Take the time to research each bank’s specific services, such as merchant services, payment processing, and overdraft protection. Many banks offer a variety of services and packages specifically designed for businesses.
2. Ask About Fees: Talk to your prospective banks and ask about fees for any services you may need, such as loan origination fees, overdraft fees, and monthly maintenance fees. It’s important to make sure that the fees you’ll be paying are cost-effective and worth it for your business.
3. Compare Security Options: As a business, you’ll want to make sure your finances are secure. Compare the security offered by each bank and make sure it meets your business’s needs. Look into the banking institution’s security software and ask about additional online security measures they offer.
4. Check Reviews: Read online reviews of the banks you’re considering. See what other customers are saying about the customer service, online banking experience, and fee structure to get an accurate picture of what you can expect.
5. Online Services: Will your bank allow you to be paperless? Can you deposit checks through their app? Will the bank allow you to have an accountant user?