Smart business banking solutions

When opening a small business bank account, consider asking the following questions:

• What are the monthly maintenance fees, and how can they be waived?
• Are there minimum balance requirements?
• What types of transactions are included in the monthly fee, and what are the charges for excess transactions?
• Is online banking included, and what features does it offer?
• Are there any fees for incoming and outgoing wire transfers?
• What additional services are available for small businesses, such as merchant services, payroll services, and business credit cards?
• How accessible is customer service, and what are their hours?

Small businesses can typically choose from a variety of certificate of deposit (CD) and savings account options, including:

• Traditional Savings Accounts: Standard savings accounts offering interest on deposits with easy access to funds.
• Money Market Accounts: These offer higher interest rates and check-writing privileges but may require higher minimum balances.
• Short-Term CDs: CDs with terms ranging from a few months to a year, offering fixed interest rates with the requirement to keep the funds untouched until maturity.
• Long-Term CDs: CDs with terms extending beyond a year, offering higher interest rates but with the same stipulation of keeping funds untouched until maturity.
• Jumbo CDs: High minimum deposit CDs that typically offer higher interest rates due to the larger amount of deposited funds.

Yes, there are “no fee” or low-fee business bank account options. These accounts may have:

• No monthly maintenance fees or the ability to waive fees by meeting certain criteria, such as maintaining a minimum balance.
• Free transactions up to a certain limit, with charges only for excess transactions.
• Free online and mobile banking services.
• No fees for incoming wires and limited fees for other services like check deposits.

To open a small business bank account, you will typically need the following:

• A valid photo ID (driver’s license, passport, etc.) for all owners and signers.
• Your Social Security number (SSN) or Employer Identification Number (EIN).
• Business formation documents (e.g., Articles of Incorporation, Partnership Agreement).
• Ownership agreements if applicable (e.g., Operating Agreement for LLCs).
• Business license or registration certificate.
• Proof of address for the business (utility bill, lease agreement, etc.).