Choosing a Checking Account for Your Business

Financial Resources

Just like choosing a personal checking account, you should select a business checking account, or a series of accounts, that match your needs. Start by considering how you use your business checking account:
• How many checks do you write each month?
• How many and what types of deposits do you typically make?
• How large of an average balance do you maintain?
• Is there a convenient branch or ATM close by, especially if you make daily deposits?

Most institutions offer a basic business checking account with very low or no fees. However, most will restrict the number of checks that can be written on a low or no fee account to prevent a business from having an account with very low balances and writing a large number of checks. For instance, most institutions would not allow an account with a very low balance to be used to process payroll checks for a business with hundreds of employees.

The good news is that most institutions have programs that combine a business checking account with some type of interest bearing savings account for larger balances. If you are looking for an account where you will write a large number of checks or a payroll account for a large number of employees, be sure to discuss your needs with the institution, and they will probably have an arrangement with fees and balance minimums that will work for your business. Depending on your needs, ATM access to the account and online capabilities may be a must.

With so many things to consider, choosing a checking account can quickly become overwhelming. At WestStar Bank, we put together an easy-to-read, side-by-side comparision of our business checking accounts so it's easier to choose the one that best fits your individual business needs. No matter which one you choose, our business checking solutions offers something for every kind of business.

Financial articles provided by WestStar Bank are for information purposes only and are not to be construed as tax or investment advice. Please consult with a tax and/or investment professional if you have any questions or doubts about any of the information contained in the articles.

Products: The Commercial Account, The Small Business Account, The Commercial NOW Account

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