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Benilyn Formoso - Suralta

About the Author

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Benilyn Formoso - Suralta

Benilyn Formoso-Suralta is a staff writer at Fit Small Business focusing on finance, accounting, and Small Business Loans. She brings with her 12 years of experience as a banking officer with the Bank of the Philippine Islands with expertise in consumer banking, real estate sales, and foreign exchanges.

In her downtime, Benilyn is a yoga and fitness enthusiast. She also enjoys spending time at the beach with her two children.

What to Know Before Opening a Joint Business Bank Account

By Benilyn Formoso - Suralta on April 13, 2021 | Banking, Ultimate Guide

people discussing the charts and graphs

A joint business bank account offers a convenient way for you and your business partners to consolidate and monitor your business finances. However, since you and your partners will have equal access to your business funds, you have to know the risks and rewards involved with opening a partnership bank account before deciding if this…

How to Change Business Bank Accounts & When to Switch

By Benilyn Formoso - Suralta on April 6, 2021 | Banking, How To

woman is opening bank account

Every business needs to have a business bank account. It does not only ensure that you keep your personal and business finances separate, but it also helps with your important business transactions. As your business grows, your business bank account requirements also change. Business growth is one reason why you should consider changing your business…

What Is Business Banking?

By Benilyn Formoso - Suralta on April 5, 2021 | Banking, Ultimate Guide

Female hand holding bank terminal and table

Business banking refers to banking transactions that are specific to business clients. Business banking services include loans, credit cards, savings accounts, and checking accounts designed to meet the needs of businesses rather than individuals. The term business banking is also used interchangeably with commercial banking. Business banking is best for sole proprietorships, partnerships, limited liability…

Remote Deposit Capture: An Overview

By Benilyn Formoso - Suralta on March 18, 2021 | Banking, Checking Accounts, Ultimate Guide

Remote deposit capture processes check deposits using electronic images instead of the actual paper checks. This digital-based facility is offered by both traditional and digital banks, allowing clients to process check deposits remotely using a computer or a smartphone and an internet connection. This banking feature allows your business a convenient, secure, and easy way…

CD vs Savings: Which Is Best for You?

By Benilyn Formoso - Suralta on February 22, 2021 | Banking, Savings Accounts, Versus

Savings accounts and certificates of deposit (CD) are effective ways to help you save money and earn interest. CDs and savings accounts typically differ in interest rates and ease of access. It’s important to know the different features of each account type to find out which one works best for your savings goals. What Is…

What Is a Returned Item Fee?

By Benilyn Formoso - Suralta on February 19, 2021 | Banking, What is

A returned item fee is a term that refers to a penalty charged by a bank or any financial institution for a returned payment or bounced check due to insufficient funds (NSF) that failed to cover the transaction. A returned item fee typically ranges between $20 to $40 per instance, which may vary from bank…

What Is Overdraft Protection?

By Benilyn Formoso - Suralta on February 19, 2021 | Banking, Checking Accounts, What is

Overdraft protection is a term that refers to an optional service offered by banks to protect depositors against non-sufficient funds (NSF). For a fee, the bank will cover your financial transactions that exceed the funds in your account. Overdraft protection is an essential service if you need all your financial transactions to go through successfully….

APY vs APR: Learn the Difference

By Benilyn Formoso - Suralta on February 19, 2021 | Banking, Versus

Annual percentage yield (APY) and annual percentage rate (APR) are both used to calculate interest on account balances during a one-year period. APY refers to the interest you can earn on your bank deposits and investments. APR is the interest that you must pay for borrowing money from credit accounts, such as loans, mortgages, and…

What Is FDIC Insurance?

By Benilyn Formoso - Suralta on January 27, 2021 | Business Insurance, Insurance, Ultimate Guide

FDIC insurance is a banking term that refers to the government-backed insurance provided by the Federal Deposit Insurance Corporation (FDIC). FDIC is an independent agency that protects depositors against financial losses in case the covered bank fails to repay them. The standard FDIC insurance amount is $250,000 per depositor per insured bank, for each account…

What Is an Overdraft Fee?

By Benilyn Formoso - Suralta on January 12, 2021 | Banking, What is

An overdraft fee is a banking term that refers to the charges incurred when you don’t have enough funds in your account to cover a check, withdrawal, debit card payment, or auto-debit transaction. Overdraft fees are charged when the bank temporarily covers a financial transaction against insufficient funds, which causes your account balance to go…

What Is APY?

By Benilyn Formoso - Suralta on January 12, 2021 | Banking, What is

APY, or annual percentage yield, is a banking term used to measure how much interest you will earn on a bank account for one calendar year. APY includes the compounding interest, which is the interest paid on both principal and earnings. APY is calculated using the annual interest rate and the frequency of compounding periods…

4 Best Business Checking Accounts for LLCs for 2021

By Benilyn Formoso - Suralta on January 4, 2021 | Banking, Buyer's Guide, Checking Accounts

Editor’s note: This is a recurring post with regularly verified account details. As a limited liability company (LLC) owner, you can open a checking account at most traditional and digital banks to help separate your business and personal finances. The best accounts have features that make LLC banking more convenient, including payroll services and accounting…

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