Finding Free Small Business Banking Accounts and Services

If you have just set up your business, you are probably looking for options for free small business banking services so you can best utilize the limited resources at your disposal. You can find many options by following a few simple steps:

Step 1: Identify Your Needs

You will need at least a bank checking and savings account.   Keep in mind that many banks also provide merchant services to integrate credit card payments and tap into small business bank loans. Once you have our requirements, you can research the various options available.

Step 2: Research the Available Options

Most online banks will offer free checking and savings accounts that meet your needs, but may limit the number of monthly transactions you can carry out. Business bank check packages can be expensive, so make sure you are aware of the extra charges you will incur. Similarily, all banks are not the same and some do not offer merchant services, so make sure you research well.   Business loans work differently so you may choose to go with the bank you personally bank with since you may be able to leverage your relationship for better terms.

Step 3: Identify Paid Services Required

You may require additional services such as lockbox, bill payment and direct deposit services. You can usually get discounts on these services even if you have to pay for them. Make sure you negotiate with the bank.  

Step 4: Prepare your Paperwork & Open the Bank Account

The last step is to ensure that you have your EIN, your incorporation details, and your personal account statements. Fill out the account opening forms, and you should be ready to use your account within 2-4 business days.

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