Most states require you to provide information and evidence that you have registered your business name according to state laws.
Talk with different banks because each bank has its own published pricing structure for service fees. Smaller banks tend to have lower prices for their services and some even offer free checking accounts.
Some questions to ask.
- What kind of checking account options do you have?
- What are the fees associated with each type?
- How much are the fees for each type?
- What options do I have for an interest bearing account?
- Can I get a credit, debit or deposit card for my business with you?
- How do I go about establishing a line of credit or getting a small loan for my business?
- How long before you will be able to approve shorter hold times on payments from my clients?
- Are you a participating lender of the Small Business Association?
Call and find out what documentation requirements the bank has for opening business accounts. They should ask you what type or legal form (sole proprietorship, corporation, LLC or partnership) of business you have. Gather this information and bring it with you.
Tips for choosing a Bank
Choose a bank in a convenient location.
Choose a bank that is a member of FDIC and the Federal Reserve Bank (Commercial and savings banks are required to be a member of FDIC.)
Choose a bank that provides the services you will need now and in the near future.
Find out what the bank's fees are for various trans-actions are and check to see if they are they competitive.
Find out what fees and interest is associated with their credit cards. Check to see if it is competitive.
Find out what balances are required on interest-bearing checking accounts.
