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Business Checking Accounts
Starting a business can be a daunting endeavor for entrepreneurs at any age and coming from any background. With so much of the focus on product or service development and understanding the consumer market, it is easy to let financial operations drift lower on the priority list and settle into disarray.
Business Checking Account Rate History – Average APY (%) Rate Trend over Time
What is a Business Checking Account?
To help organize (or reorganize) this component of your business model, many financial institutions offer a business checking account, which is a type of commercial account. The account is also sometimes called a business interest checking or premium business checking account.
Opening a Business Checking Account
When business transactions are few in number, and revenues and expenses are minimal, small business owners often continue to use their personal checking accounts for operations. This could be problematic, however, as separating the credits and deductions associated with your business may become cloudy and can create all sorts of negative issues when it comes time to file tax returns. If you have an established business, whether a sole proprietorship, partnership, limited liability company, corporation, or non-profit, opening a small business checking account makes a whole lot of sense. Required documents needed to open an account will vary depending on the type of business.
Benefits of a Business Checking Account
Businesses with employees can issue payroll checks from a business checking account and make ATM deposits and withdrawals. Business checks and debit cards usually come with the account, as well as a limited number of free transactions. Also, most banks and credit unions now have fairly sophisticated online banking platforms through which you can order checks and perform other account management tasks. Make sure to take a look at the varying fees for each type of transaction, especially if you expect to use your account for a high volume of point of sale transactions. Monthly service fees typically come with every offering, but some banks and credit unions will give you the opportunity to waive them by maintaining a minimum balance in the account. Free business checking is often available as well.