What is the best (most beneficial) bank for business checking accounts?

Question

I have recently formed a corporation, now I need a bank to do business with. What will be the best (most beneficial bank for a business checking account and why?

Answer 1

Really, since I'm not sure where the corporation is, I can't suggest a bank. What I can say is that you should 'shop' banks. Your personal bank isn't always the bank that your business will benefit from the most. Many common questions you will receive when shopping will be....

1. What kind of corporation?

2. How many transactions do you plan on running through the account monthly (in and out)?

3. How many checks do you plan to write monthly?

4. What do you expect your average daily balance to be?

etc....based on your answers some banks will be able to place you in special accounts free of monthly charges. (depending on your business status). The bank I worked for has a 'Club' business account. This was the account above the basic free. The club requires a total balance of $20,000 combined of all accounts bearing that business name with same TIN. There are other factors such as loans and loyalty that add to no fees as well. They have a preferred account as well (>$40,000). These both offered free or discounted checks that the basic free account didn't. Free moneyorders/cashierschecks, travelers cheques, deposit slips, discounted loan rates, and exclusive money market rates were also made available to these customers.

You should have all of your certificates of Inc ready when you visit and ask if they need any other docs. Also, to address ?s 2&3 above, most banks limit paper transactions (deposit, slips, checks deposited and wrote out). The basic free accounts average 100 paper items per month with a 50 cent fee for each additional item. Limits raise from there.

I hope I at least helped with your bank shopping experience.

Good Luck!