The Difference in Checking Accounts Between Three Major Banks
A free business checking account sounds enticing, but do you know what it really means? Free business checking is typically associated with not having any monthly maintenance fees. While offered by many banks as an incentive to sign up, it doesn’t actually exist – at least not the way you think it does. You’ll find that most banks do have monthly maintenance fees in addition to other fees you may be unaware of. However, there are options available to help waive these fees. These are put in place by the bank and often involve meeting a requirement such as maintaining a set monthly balance.
When choosing a bank for your business, there are many additional questions to keep in mind. Are there any fees on cash deposits? How many locations does the bank have? And, are they conveniently located near you? Choosing your bank is one of the most important first decisions when starting a business. If you don’t do your research, you may be in for a surprise down the line.
This infographic compares free business checking accounts offered by Bank of America, Wells Fargo, and Citibank. While all three options have their pros and cons, the best bank for you will depend on your business needs.