The right business account can offer many benefits and can even boost profitability, while the wrong account can cost you fees and lost earning potential. Before you make your decision, it’s important that you know what to consider.
Why you should open a business account. Opening a business account keeps transaction records and money separate from your personal finances. This makes tax filing easier, helps to ensure accounting accuracy and IRS compliance, and protects you from personal liability. It presents your business as a professional, well-established organization and enables you to offer customers the convenience of paying via credit or debit cards in addition to cash or the occasional check. You’ll need several documents to open a business account, including an Employer Identification Number (EIN).
Choose the right checking account. Business checking accounts work hard and play a crucial role in the daily operation of your organization. Your checking account is truly the heart of your business finances with funds being pumped in and out on a regular basis. The right checking account can have a considerable impact on your profitability.
First, consider the items below to help narrow your choices:
- Maximum number of free transactions allowed per month
- Minimum balance requirements
- How many people will need check-writing authority
- Availability of ATMs, direct deposits, bill paying, transfers, and statements
Next, estimate the monthly cost of the following common fees, if applicable. Sometimes, fees can be waived if specific terms are consistently met.
- Account service fees
- ATM fees
- Credit or debit card usage or payment acceptance fees
- Fees for duplicate credit cards
- Cost of paper checks
- Coin roll purchase charges
- Night bag processing charges
Then, consider the potential earnings or savings a specific account offers you:
- Dividend earnings
- Debit or credit card rewards
Clearview offers several business checking account options to fit your business needs. When you consider all of the business checking account options out there, you need the one that fits your business banking best. So whether you need a no-monthly-fee, dividend-earning account, or a straightforward business checking account, Clearview has you covered.
- Basic Business Checking – Our Basic Business Checking account is ideal for the small business owner and is a free package of services, which carries no minimum balance requirement and no monthly fee when you do not exceed the quantity of services provided. This account includes 300 transactions, including deposits processed, checks deposited and paid, and cash deposited and/or furnished.
- Basic Dividend Checking – Our Business Dividend Checking account is perfect for sole proprietors and nonprofits. This account has all the features and benefits of our Basic Checking account, plus monthly dividends on the account balance.
- Business Checking Plus – Our Business Checking Plus account is a great option if you need more transactions than those offered in our Basic Business Checking package. This account offers the same services as the Basic Business Checking package, plus an additional 200 transactions for a low monthly fee.
- Business Dividend Checking Plus – Our Business Dividend Checking Plus account is a good fit for sole proprietors and nonprofits who want the features and benefits of the Business Checking Plus account along with monthly dividends on the account balance.
- Business Money Market Account – Our Business Money Market account is designed for businesses looking to maximize business cash flow. The account is tiered to allow higher dividends as your balances increase.