One major difference between online banking and traditional banking is the way you can access their services. Online banks are designed for businesses that prefer to do their banking transactions electronically while traditional banks are best for businesses that need to transact in a physical branch. Online banks and traditional banks also differ in terms…
How to Change Business Bank Accounts & When to Switch
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?
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…
4 Best Bank Accounts for Self-employed Professionals in 2021
The last thing you need as a self-employed professional is complicated banking. That’s why the best banks for self-employed individuals offer free or low-cost business accounts, easy-to-use mobile and online apps, and software integration that simplifies accounting. In this article, we’ve listed banks that provide the best business checking accounts for self-employed professionals who like…
Remote Deposit Capture: An Overview
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…
How a Business Bank Account Will Benefit You Immediately
If you’re wondering if you need a business bank account and don’t know where to start, consider the benefits first. Business bank accounts help separate your business finances from your personal finances and help protect your company assets. These accounts also serve to simplify your taxes and allow you to build a banking relationship that…
When an Online Bank Is Right for Your Business & How to Use One Safely
Online banking is as common as banks themselves, but what is an online bank? Online banks offer banking products and services that help you maintain and manage your finances, such as checking and savings accounts, but without the physical locations of a traditional bank. Online banks sometimes have fewer account options, and cash deposits often…
CD vs Savings: Which Is Best for You?
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?
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?
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
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…
The 7 Best Ways to Earn Interest & Make Your Money Work for You
One simple way to earn interest and make your money work is to open interest-bearing deposit accounts. Whether it’s a basic savings account or an interest-earning checking account, it’s a convenient way to meet your savings goals and watch your funds grow. Since these bank accounts come in a variety of types, including certificates of…