Most banks offer free business checking to various businesses. This is because they all try to compete for clients in the ever changing world of business. If you are into business, the best way you can make profits is to reduce the amount of expenses that you are incurring. Paying charges to banks is one of the expenses that you need to minimize if you cannot eliminate completely. While banks are also looking for what you are trying to avoid, there are several things that you can do to minimize this charge. For most banks, the word free checking comes with conditions and you need to know and learn these factors in order to enjoy the checking.
Minimum average balance
Almost every bank that informs members or potential clients of a free business checking requires them to maintain some minimum balance in their accounts. That means you cannot use your money until your account runs below the minimum set by the bank. Therefore, if you are looking to enjoy the free services you need to look at what your business can keep and the various minimum balances banks require. You will definitely choose one that fits your business, one that your business can comfortably handle the balance without straining.
Take Advantage of Waive Fee
Free business checking comes with a waive fee that most banks offer to its customers if they maintain some minimal amount of balances everyday or monthly. The amount that the bank waives differs and this is where a business person can take advantage. For instance, there are banks that will need you to maintain a balance of $3,000 to enjoy any waiver. This implies that if you get below the amount you will have to pay but if you manage to then you will not pay or you will pay less. Therefore, for you to enjoy the waiver, you need to choose a bank that offers the best waiver at the minimum balance required. There is no need for you to use a bank that requires you to have a minimum balance of $8000 when you can simply use one that requires you t have a balance of $3000.
Cash Deposit Fee
The amount of transactions that you make in a day in any business is used by the banks to determine whether you can enjoy free business checking or not. Several banks will give you a minimal amount of deposits that you can make for free. If the amount is surpassed then you can pay the transaction fee. Therefore, when choosing for the best bank, you need to look at the deposit fee that you may need to pay should you deposit more. Choose one that has a high amount of free deposit offer as this will mean you will deposit more without paying any fee.
Almost every bank is now accepting the online way of banking. This goes a long way in assisting business especially those drawing a lot of checks. You need to choose a bank that offers the best online services especially live chats on their websites for you to easy get access to any information or assistance that you may need.