The free business checking account that most banks offer isn’t actually free. For banks, free business checking means that you pay no monthly maintenance fees. However, banks do charge monthly maintenance. But they also provide a way to have these fees waived. Maintaining a certain monthly account balance is a popular way to waive this fee. Still, you can expect to pay other fees associated with a business checking account. The can include cash deposit fees or transaction fees.
When choosing the bank best for your business, there are a few things to consider. Is there a limit on monthly transactions? Or, how much will fees be on cash deposits? You also want to make sure that the bank has plenty of locations and is conveniently located nearby.
This infographic takes a look at Bank of America, Wells Fargo, and Citibank. All three options are great but the option best for your business depends on your needs.
Infographic Source: http://fitsmallbusiness.com/how-much-does-free-business-checking-cost/
Leave a Reply