Maximizing Small Business Bank Accounts - Fees And Credit

Small business bank accounts vary considerably in terms of the fees they charge as well as credit options they offer. The following are some tips in ensuring that you extract maximum benefits form your small business bank account:

Fees & Minimum Balances

Banks vary considerably in terms of the minimum balance required to avoid monthly service fees on business accounts. Make sure you are aware of these balances as well as the fees that you may be charged if your balance falls below this level. Value added services such as online bill payments and check images also vary with respect to charges.

Some banks also have a limit on the free number of transactions available to small business bank accounts in a given month. If you plan on having a large number of transactions in a month, you need to make sure you choose a bank that will not result in excessive bank fees.

Loans & Credit

Make sure you choose a bank that offers small business loans and the option for you to obtain a business credit card. You will inevitably need business credit either for expansion purposes, or to finance temporary cash flow issues. Most banks will be able to offer overdraft protection on small business bank accounts to help you avoid bank overdraft fees. A good bank also loans small businesses in the form of business lines of credit and letters of credit for suppliers. Make sure to ask your bank about your lending options.

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Maximizing Small Business Bank Accounts - Fees And Credit

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