This is the time of year that many small businesses are realizing that they need to reorganize their finances. Specifically if they have not already separated their business funds from their personal funds!
With my banking background, I often feel the need to educate on such topics as accounts and services… this post covers No Fee Small Business Checking accounts.
Every business, no matter the size, should have a specially designated checking account to segregate funds and pay expenses. However, the needs of a business can vary greatly based on the size of the company and the volume of transactions.
For many businesses in Maine, a Small Business checking account at a local bank or credit union will satisfy all of their needs with NO FEES.
In order to find an account that will satisfy your needs, you need to start by asking some basic questions.
Here are some basic questions to ask when shopping for a Small Business Checking account;
- Is there a monthly service fee for having this account?
- Is there an average balance requirement for this account?
- Are there any per transaction or item fees?
- Is there a charge for a Debit card?
- Is there a charge for Online Banking?
- Is there a charge for Online Bill Payer?
- Is there a limit to the number of checks that can be written?
- How much do checks cost?
- Does the account earn any interest?
- What is the minimum balance allowed on this account?
In Maine, you should have no problem finding a Small Business Checking account that offers the following;
- No monthly service charge
- No monthly balance requirement
- 75 – 500 free transactions or items per month, then each transaction or item could cost anywhere from $0.10 – $0.50
- No charge for a Debit Card
- No charge for Online Banking
- There may be a small charge for Online Bill Payer with a business account
- No limit on Check writing
- Checks could cost anywhere from $15 – $150 depending on what you order, however some banks will give you the first order free
- Most free accounts do not earn interest
- The minimum balance could be anywhere from $1 – $500
Now there is no excuse to comingle your business and personal funds. Contact your local bank or credit union and investigate your options!
With over 10 years of community banking experience in Maine, I would be happy to answer any questions that you may have about business banking, accounts, and services. Feel free to contact me!