Running your business is surely a tedious task when it gets various financial institutions and regulating bodies involved in day-to-day operations.
To keep up with the pace of globally expanding market where business transactions happen with just clicks and ticks, one surely needs to keep a checking account for smooth operations.
But the major dilemma you are likely to face at this point is choose a checking account that solves all your banking purposes so that you don’t have to pay more fees, minimise interference and run business transactions efficiently.
Here’s a list of some vital steps that you should go through before picking a checking account:
- No Monthly/Annual Fees
With so many bank companies involved in a cut-throat competition with each other, there are many that don’t charge their customers monthly or annual fees that generally extracted from them. Some banks do away with these charges in case open a savings account with their bank too. So before picking out your checking account do make sure to inspect whether they charge any kind of fees or not, as its an unnecessary charge that is easily avoidable.
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- Low Limitation On Minimum Balance And Transactions
Your checking account should provide you the ability of incurring as many transactions as you want for the everyday functioning of your business operations. Also you should not be restricted to maintain a particular amount of account balance at a particular time and should be free to withdraw and deposit money as you seem suitable without having to worry about being charged with interests and balance fees.
- Free and Widely Available ATM Access
This one is a no-brainer! You should always choose an account in a bank that has a large network of ATMs in your country or one that reimburses your charges for using the ATMs of other bank companies. After all who wants to pay money for withdrawing money out of your own account?
- Online Tracking And Mobile Access
Since checking accounts are used for everyday business transactions, it is much more useful if you can do all activities online. Nobody has the time to visit a bank for every minor transaction that’ll also take up a lot of your precious time. For this reason your checking account should always be within your access whether you operate it on your office computer or from your smartphone when you’re on the move.
- Overdraft Transactions
Although you should try to avoid over-drafting your account, you should make sure to pick a bank that charges low interest on overdraft transactions. Some banks even provide the facility of linking your savings account with checking account so that in case your checking account shows an overdraft, you can borrow money from your own savings account rather than borrowing money from the bank and then paying a large fees on it. So the most important thing to monitor while making the right choice of checking account is how the bank facilitates your overdraft.
When it is really inevitable to keep a checking account out of your business, it is very important to have all these points checked out in your mind before putting your trust in a bank so that you don’t end up with a bank account that only sends you credit bills which will ultimately take a toll over your lives.