(Newswire.net — October 19, 2020) — Any business aims to make profits while cutting losses. Opening a free checking account for your business might be the first step in that direction. A free checking account is a deposit account that is not charged monthly maintenance fees or requires a minimum balance to operate.
Why a free checking account?
Since the CARD Act, banks have created more ways to increase their profits. These include increasing the minimum balance, charging maintenance fees to accounts and debit cards, as well as ATM surcharges. This is why you need a free checking account. Here are a few tips if you intend opening one:
Find a bank with a wide ATM network:
This is important to you. Find a bank whose ATM you can easily access with it having to spend time and money or being forced to use another bank’s ATM and paying surcharges.
Find a bank that pays interest on deposits:
Many customers allow their banks to get away with using their money to trade without compensating them for that. Banks should pay interests on every deposit; some do. Make some researching your locality and find such banks.
Register with a credit union:
Credit unions are best when it comes to getting a checking account. You are most likely to find one close to you, so it is easy. Credit unions provide their members unfettered access to their accounts and charge only the barest minimum necessary to cover overhead costs. Other benefits they offer can do your small business a lot of good. For example, a checking account with them makes it easy to apply for low-interest loans as well as business grants.
Find an institution that offers mobile and internet banking services:
This is important, especially if you have to travel around a lot or have your business online. Online banking services open up many opportunities to your small business while significantly reducing the cost of (in terms of money and time) of conducting physical transactions.
Make sure you have overdraft protection:
Protecting your checking account is easy; one thing you need to do is set an overdraft protection order. This will keep your account from running a deficit and help you keep track of how you are spending.
A checking account will help your small business whether it’s early years by reducing most of the costs associated with banking. You should consider opening one.