Are you trying to start or run a small business? If so, then you likely have a bank account somewhere. Are you happy with the place you have your money? Are you paying outrageous fees? Do you have interest coming in on your deposits? You need to be asking these questions. Small businesses often get lost in the shuffle when it comes to banking. The banks seem to focus on large businesses or on individual depositors. They ignore the rest while charging them the most fees. Do you know there is such a thing as a small business bank?
Here are some things you should expect from a small business bank.
Free checking – Why do you continue to pay a bank to hold your money? That is a less than smart business move. If you are a small business, every penny counts. You need to cut costs wherever possible. One way to do that is to get rid of checking account fees. You can do that with an online bank that specializes in small businesses.
Free debit card – Some of these big banks think they can nickel and dime the small business owner. They will charge you for the debit card issue. Then they charge you a fee every time you use it. That is not a good thing for a small business to endure. You need to find a small business bank that will issue debit card free.
FDIC backing – Did you know that all deposits up to $100,000 in a bank backed by the FDIC is safe if the bank goes out of business? That is something that you need to consider about online banking. Many of these banks are FDIC backed. You will not be taking any chances by making the switch to their services.
Free remote deposits- You deserve the option of making deposits the same way as major retailers do. Did you ever notice that many retailers scan checks at the cash register? That scanning is automatically making the deposit. In addition, they hand the check back to the customer. You can do the same.
Interest on all accounts – You should be earning at least some interest on all accounts that you hold. The bank makes money off of all money deposited by lending it out. That interest should come back to you in part for the use of your money.