What Should the "Best Business Bank Account" Offer?

Given the number of banks offering business services, it is important for a business owner to conduct due diligence and ensure that they sign up for the best business bank account services that banks can possibly offer. A bank account can do wonders for businesses of all natures, especially for ones where the volume of transactions is higher. A current bank can have a wide range of fees attached to it based on the options the bank offers. Therefore, it is important to identify your needs and choose appropriately.

Service & Account Keeping Fee:
Most banks tend to waive the account keeping fee subject to some conditions. These conditions are mostly based on maximum number of transactions, minimum daily balances or a certain number of direct deposits made into the account. Every business should have an idea of its daily banking activities and should choose an option to avoid the account service fees.

Interest on Balances:
Depending on what your average daily balances are, some banks not only waive the account service fees, but also pay interest on daily balances. Certain minimum balances may be required, be sure you are aware of these benefits.

Checkbook Packages:
A lot of banks offer free check books and deposit slips for new business accounts. This may be limited to a certain period of time, but can be a cost-saving solution because checkbooks can get expensive.

Online Banking:
Maany businesses nuse online banking services and they offer various services. The services include online tax payments, online payroll and online account statements.

Combined Business and Personal Banking:
Through your business account, you can also get perks applied to your personal banking. The perks can include waivers of account keeping fees, better interest rates for savings accounts, and single online access point for your business and personal banking.

Business Debit Cards:
With a debit card, associated with your business checking account, you have access to your business cash anywhere in the world. This not only helps you keep a track of your expenses but also the ease and accessibility to view transactions anywhere (through the use of ATMs).

Business Credit Cards:
A lot of banks now offer business credit cards that offer competitive rates and no annual fees. The cards provide ease of purchasing goods and services online or otherwise. Depending on the size of business, cards can be issued to different employees of the business. If an employee of a business is allowed a certain amount of expense a month, controlling the expense becomes much simpler. Also, checking accounts can be used for direct debit of payments for these expenses.

Overdraft Facility:
Most banks provide an overdraft protection and business bank loans to business account holders. An overdraft protection usually comes with low fees.