| A business bank account needs facilities and features | | | | 2) A merchant account is a good idea if a large chunk |
| that are different than those of a personal bank | | | | of your bank transactions is carried out through debit |
| account. Therefore, stop and think before you open | | | | and credit cards. |
| a business bank account with the bank where you | | | | 3) If you need to conduct many overseas |
| have a personal account. You need to research the | | | | transactions, then a foreign currency account is a |
| business banking facilities of more than one bank | | | | good option. |
| before you select the one where you can open an | | | | 4) If you need more than one business banking |
| account. | | | | account, you need to consider the following:o Holding |
| The Advantage of Opening Business Account with a | | | | accounts with many banks will give you facilities you |
| Familiar Bank: | | | | need for different aspects of your business.o Holding |
| There are advantages of banking with a bank with | | | | more than one account with a single bank makes you |
| which you already have a personal account. The bank | | | | eligible for many deals offered by the bank. |
| authorities may be more helpful if they have known | | | | Opening a Business Banking Account: |
| you for long and know that you have a good | | | | Keep the following in mind when opening a business |
| financial and debt repayment record. | | | | banking account. |
| Advantages of Shopping Around before Opening a | | | | 1) Have a meeting with your business consultant |
| Bank Account: | | | | before you open a business bank account. |
| However, there are many advantages of shopping | | | | 2) Bring your documents, including proof of residence, |
| for a bank account. You will have more options | | | | age, and income, since these will be needed by the |
| regarding the kind of banking services that suit your | | | | bank to verify your statement. |
| business needs the best. Since many banks offer | | | | 3) The bank will give you an account-opening |
| deals to attract businesspersons, you can take the | | | | mandate so you can open an account with them. |
| advantage of the deals to get an enhanced package. | | | | 4) If your business is incorporated, you will need to |
| How to Choose a Business Banking Account: | | | | submit a certificate of incorporation. |
| You must keep in mind that you need not operate a | | | | It is always a good idea to separate your business |
| single business account; depending on the size and | | | | account from your personal account, even if you run |
| needs of your business, you could have two or more | | | | a small business or work from home. It makes it |
| business accounts. Here is a checklist to consider | | | | easier for you to avail business loans, and other |
| when you select a banking account. | | | | facilities related to business. Consider the checklist |
| 1) Do you make frequent transactions at the bank? | | | | given above when you shop for or open a business |
| In that case, you may want to consider monthly | | | | banking account. If you need to, you can even hire a |
| transaction fee, rather than a fee for each | | | | business consultant to help you select a good bank |
| transaction completed. | | | | to open an account with. |