Building a solid financial foundation starts with the right banking services. Just like choosing a personal checking account, you should select a business checking account, or a series of accounts, that match your needs. When choosing a checking account for your business, keep in mind how you use your business checking account.
- How many checks do you write each month?
- How many and what type of deposits do you typically make?
- How large of a balance do you usually maintain?
- Is there a convenient branch or ATM nearby?
- What other benefits are offered with the business account?
Considering what and how much you want out of your business checking account will set you in the right direction to choosing one to fit your needs.
- When choosing the right account, the first thing you want to remember, is to keep your personal and business accounts separate. Combining your accounts could make keeping records of your expenses difficult.
- Avoid unnecessary cost. Most banking institutions charge monthly maintenance fees. Consider what your average balance typically is in your account to decide what the best choice is. Monthly maintenance fees can usually be avoided by maintaining a specific balance.
- When opening a business account you’ll want to plan ahead. Keep in mind the paperwork needed to open an account. Call ahead to your banker to determine what you’ll need.
- You’ll also want to plan who will be the “signer” of your business checks. Will it be, just you? A partner? Staff member? More than 1 person? Preparing beforehand will save you the hassle of having to fix it at a later time.
Take a quick glance at the Business Checking accounts Community Bank of the Chesapeake offers! For more details visit cbtc.com/business.
Business Analysis Solutions – Specifically designed to meet the needs of our larger and/or higher volume business customers.
Preferred Business Checking – This option makes it easy to avoid monthly service charges, includes tools like Online Banking and Business Checkcards for convenience.
Community Checking – Best for a community organization, non-profit or sole proprietorship that are doing good in our neighborhoods.
Zero Balance Account – With this account, balances are brought to zero at the end of each day and any funds are transferred between master and subsidiary accounts automatically.
Business Checking Plus – Put your money to work while you run your business, ability to earn interest.
Insured Cash Sweep – If your business needs a secure and convenient way to safeguard large deposits, an insured Cash Sweep (ICS) is a solid solution.