Finding a business checking account has been a daunting experience. I just get the impression that banks don’t want my business. I get it that a simple checking and savings account doesn’t make the bank much money – but does that bank understand that a checking account is a gateway to other products, and that I’m more likely to get a loan or credit card if they treat me right as a customer?
Take, for instance, a recent exchange I had with a Bank of America manager while inquiring about a business account. She asked me what I was looking for, and I said a free checking account. She said that she had several free options, but that I would have to do certain things:
- Have direct debit of a paycheck
- Have 20 ATM transactions per month
- Have other accounts linked
I went back to her and I said – this is a small business account, there is no paycheck. Also, I don’t plan on having 20 ATM transactions per month. Why can’t I just get a simple checking account?
Her answer – well, we offer so many great services and you have to pay for them. I asked what services, maybe free checks or ATM fee refunds? Nope. The only “service” I would get is security of my account. That made no sense – the FDIC provides that. The bottom line – Bank of America just didn’t want my business.
Table of Contents
Criteria For a Business Checking Account
I don’t feel like my criteria for a business checking account is a lot to ask for. I just want:
- No Fees for maintaining an account
- Not having to do “stuff” to maintain an account
- A few free checks for opening an account
- Visa debit card so I can make transactions
- Online banking
With free business banking, I think that all of these criteria should easily be able to be met. It really isn’t that much to ask for.
Other Things That Matter
You know, there are some other things that matter. I would possibly be interested in other features that the bank may have, but they have to win me over with the basics first. For example, business savings accounts can help win me over as a customer, and possibly services like ATM fee reimbursement and having a network of ATMs.
These things aren’t mandatory, but they can help with a little icing on the cake.
The Solution
My solution so far has been to hunt for the best account. I’ve seen a few online banks that meet the criteria that I’m looking for, but I’d rather have a physical bank – especially if I can’t scan in my checks. I get about 2 checks per month, and I need to be able to deposit them easily.
What are your thoughts? What solution has worked for you when it comes to business banking?
About Carson Derrow
