Banking has changed a lot of the last thirty years. A person can do the banking online now, including ordering checks and opening an account. The one disadvantage is that there are too many options for opening a business checking account that it is hard to know which one is the right one.
1) The Bonus
Most banks do offer some kind of introductory offer for a new client, including a bonus for signing up. The one requirement is that most people have to maintain a set balance in their account each day. Chase Bank is a great example of this topic.
Chase will offer new clients a $300 bonus if the client keeps a minimum balance and does regular business for the first 60 days. That sounds simple enough, but there are going to be a lot of clients who fall short of this requirement.
FYI #1: An extra $300 or so in the account should not be the deciding factor. Clients need to take a look at the other features offered before they make a choice.
FYI #2 Clients who fail to keep their accounts open for business and maintain that initial balance with Chase will lose the $300, and possibly their account. Banks have been known to close accounts that do not keep a daily minimum balance. That is why clients need to make sure that their business with the bank is worth opening an account like that.
2) The Fees
Some banks will waive the “service fee” as long as they meet other requirements. Other requirements can include keeping a high balance in the account and signing up for another product they have. Banks have a way of getting the client on both sides. Clients who do not consider some of the options will be faced with monthly charges between $15-30.
3) The Bare Minimum
Some banks do have a set limit for their clients, and others do. Some banks will tell the client to deposit a certain amount to open the account only.
One client had to open an account with $150. The client was free to keep as much or as little in the account as he wanted after that. Clients should speak with the bank before opening an account. It is better to know the fees beforehand instead of being surprised at the last minute.
4) What Are Clients Allowed With Transactions?
It is better if clients speak with their bank representative first because some banks will start charging once the client has reached a set limit. Clients who have unlimited transaction options, including no minimum balance are lucky.
There are a lot of clients who will be hit with fees after they have reached a specific number of transactions.
5) In-Person and Online Accounting
Clients should consider how they want to handle their banking. Does the client want to walk into a physical location and speak with someone? Does the client want to handle everything online avoiding human contact?
It is safe to say that there are benefits to doing both. Some people like to do a lot of online shopping. In that case, there is not much sense in going to a physical location. There are also options that online banking offers that physical locations will not, including an app.
The bottom line
Make sure the preferred banking choice has the necessary features needed to do business online or off.