Questions you should ask to bank before opening a business account
Every successful business requires a successful bank that provides adequate financial support upon which the business is built. It is very important to have a well-tailored business account customized to meet the business need. Depending on the size and nature of business, the bank account should add value to its customers. Businesses do well to begin with a free business account and gradually upgrade to an account with high interest and low fees once the business has established steady and good earnings. It is always better to list your business goals and match it with the financial institutions available in that area to determine the best business account for your business. You should never be gimmicked with the flashy on spot offers rather the focus should be on the cost effectiveness and services rendered by the bank.
Let us now check on some questions we must ask to the bank before opening a business account.
(1) Are free business accounts available in the bank in that area and whether the services offered suits your business need?
(2) Are business debit and credit cards available? If yes then how much are the fees for using the service and match the fees with your business earning to understand its viability.
(3) Is there any limit on the amount of withdrawal and if there are any fees applicable after the preset limit.
(4) If you cause an overdraft will you be required to pay any charges and how much would that be.
(5)Is there any option to move funds from one bank account to another free and how much time does it take?
(6) Is there any option to open a savings account which accrues interest linking the same with the business account?
(7) Is there physical bank branch in your area?
(8) How safe is the online banking feature of that bank and if there are any fees for the online banking service?
(9) Does the bank offer telephone banking and mobile banking services?
If you get the answers to these questions satisfactory and if it suits your business need you can go ahead for opening your business account in that bank.