Suppose business is slow and you look at your checking account. Suddenly that monthly 'Analysis Charge' (service fee), looks totally unnecessary and is a burden.
Time to change banks?
These days plenty of online banks have free or low-cost business checking accounts.
Before you make the move, remember it won't be easy switching all the automatic withdrawals to a new bank and it might not be worth it to take your business online.
* No fee banking.
You can get this with many online banks: Azlo, Chase, NOVO, BBVA, and many more.
Before you move for no fees, consider these possible problems:
– Cash deposits. Online banks with no branches don't accept cash.
– Transaction fees. Some banks offer just a few free transactions. Some charge deposit fees.
– Checkbooks. Some online banks may not offer checkbooks.
– Minimum deposit.
– Transaction limits for deposits and checks.
* Amenities.
Some of these include:
– Online checking payments.
– Connect to accounting software.
– Mobile deposits.
– Built-in invoicing.
– Free incoming wires.
– Integrations with mobile credit systems.
– No in-person signup.
* The advantage of being known locally.
Small business people might not play golf with the bank manager every week (or they might), but having a history with your bank can make a huge difference. When the banker knows your name, your history, your lawyer, your accountant, the bank can be an asset in unforeseen business circumstances.
* Account history.
Before you move accounts, make sure you download or get a copy of your entire account history. You'll need that for tax purposes and, possibly, for the purposes of company history.