How to Open a Business Checking Account

Do you have a business checking account? This account helps business owners manage taxes, as well as legal and practical money issues. Putting this barrier will allow you to follow and document your day-to-day transactions. To open an account, you must determine what accounts you need, choose your bank, get your paperwork, and accept payments.

If you’re interested, read more to find out how to open a business checking account.

We recommend business accounts from institutions like Chase Bank and Huntington Bank!

• Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities. • Multiple ways to waive the $15 Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card. • Full-service business banking. Convenient access to all your business banking services in one place -- lending, checking, credit card and payment solutions. • Your choice of payment types. Choose from a full range of options for accepting payments and making deposits that include Zelle®, Online Bill Pay, wire transfers and ACH payments. • Convenient access to payment processing. Process all major debit and credit cards with QuickAccept®. It's a built-in feature with your Business Complete Checking account. • Get support you can rely on. Get access to our customer support team, plus a wide array of solutions that carter to every stage of your business • Full-featured banking online and on-the-go. Manage your business' finances on your terms with the latest online and mobile banking technology. • Associate Debit and Employee Deposit Cards available upon request Apply Now at Chase

Determine What Accounts You Need

To determine what accounts you consult an accountant for professional recommendations before heading to the bank. The type of business bank account will affect the fees as well as the intended use of the account. Depending on your situation, your bank account varies. For instance, the types of business bank accounts include business checking accounts, savings accounts, and certificates of deposits.

So how would you know what type of account would be right for you?

A business checking account is a deposit account that provides a debit card and physical checks. It allows you to make transactions with no limit.

A business savings account will allow you to store extra money you have worked and will let you save. A business certificates of deposits is a long term savings account that will allow you save excess money that typically earns a higher interest rate than a traditional savings account.

Choose Your Bank

To choose your bank, you should make a list of your needs. You should consider following some factors to help you choose. For instance, you should think about the banking relationship, cost, network, online/mobile experience, bookkeeping integration, and future business needs.

Factors to look out for:

• Fees
• Services Offered
• Benefits
• Balance Requirements
• Interest

Learning more about these factors about each bank will allow you to choose the right bank for your business.

Get Your Paperwork

When you open an account, you tend to have to provide documents that shows your name and business. If you are a sole proprietor, you’ll need your social security number and two forms or personal ID such as driver’s license and passport.

Limited Liability Corporation:

• You will need your Federal Employee Identification Number as well as a copy of your articles of organization

C-Corporation:

• You will need your Federal Employee Identification Number to apply for a business bank account, Certified Articles of Incorporation, and Corporate Charter

S-Corporation

• You will need to show your Federal Employee Identification Number and either your certified Headinarticles of incorporation or corporate charter. You should verify with your bank about what you will need to bring to save time

Accept Payments

Once you have chosen a bank and account, you should get ready to accept payments. Online payments could be a convenient choice so you won’t have to drive anywhere!

You should consider tracking the taxes you owe, funds coming into the business, business expenses, from electricity and technology, to dinner meetings, donations made on behalf of the business, and payroll costs.

Author’s Verdict

If you own a business, you should definitely open a business checking account. It will allow you to separate your personal and business transactions. Additionally, you’ll be able to keep track of all your payments at your business. It will make your life easier! It’s really simple. All you have to do is determine what accounts you need, choose your bank, and accept your payments.

If you’re interested, you should check out the best business bank deals! Also, feel free to read more information on business checking accounts and business checking account requirements.

Chase Coupon Codes 2024 ($100, $200, $300, $400, $500, $700, $2000 Checking Bonuses)

Huntington Bank Bonuses & Promotions: $100, $400, $1,000 Checking Offers 2024

HSBC Bank Promotions: $1,500, $2,500 Checking Bonus (Nationwide)

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