Editor’s note: This is a recurring post with regularly verified bank details. If you’re looking for a real estate investor-friendly bank, loan options are likely your top priority. So, we’ve listed the top real estate banks that offer the best in commercial and noncommercial investment property loan options. What’s more, these banks offer business checking…
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What Is Commercial Banking?
Commercial banking is a banking term that refers to bank products and services specifically designed to meet the financial needs of corporations, institutions, and government clients, instead of individual clients. Commercial banking products and services include savings and checking accounts, merchant services, treasury services, commercial loans, global trade services, payroll services, and other corporate-related products….
How to Open a Business Bank Account in 6 Steps [+ Checklist]
Opening a business bank account can help you improve your cash flow by separating your business and personal finances. To open an account, you’ll need to follow a six-step process that includes choosing the right type of account, finding the best bank for you, understanding the costs, gathering the required documentation, submitting your application, and…
What Is ChexSystems?
ChexSystems is a reporting agency that retains consumer banking information. However, you’ll only appear in ChexSystems if you have negative bank activity like bounced checks, overdrawn balances, and fraudulent or suspicious activity. If you’ve been reported by a banking institution or retail store to the agency, it can prevent you from opening a new bank…
6 Best Banks for Nonprofits for 2021
Editor’s note: This is a recurring post with regularly updated account details. Nonprofit businesses have their own unique financial challenges, so the last thing they need is problematic banking. Nonprofit checking accounts offer easy access, low-cost banking with features tailored to help organizations manage finances. It’s even better when the nonprofit bank commits to community…
Where to Open Business Checking Account Online With No ChexSystems
There are multiple credit screening systems for potential consumer banking customers, but the most common is ChexSystems. If you’re looking to avoid this screening system, look for an online business checking account that doesn’t use ChexSystems. These accounts allow you to open a new checking account, despite any previous negative banking activity. What Is ChexSystems?…
What Is a Money Market Account?
A money market account is an interest-bearing account that typically pays interest rates higher than a savings account. Your funds are kept liquid, and you earn a lower interest rate than other investments because money market accounts are considered safe investments. Money market accounts give you the ability to write up to six checks per…
Bank of America vs Chase Business Accounts: Which Is Right for You?
Bank of America offers two business checking accounts: Business Fundamentals Checking and Business Advantage Checking. Meanwhile, Chase offers three accounts: Total Business Checking, Performance Business Checking, and Platinum Business Checking. Each account provides a different monthly allowance of free transactions and cash deposits. The right account for you typically depends on the number of monthly…
How to Open a Sole Proprietorship Bank Account in 5 Steps
Setting up a bank account for a sole proprietorship is a simple process and can be done in five steps. You can start by registering your business name, finding the best account to open, and gathering the required documents. Once you have the required documents, you can apply online or in-person at your local branch….
5 Best Banks for Small Business in 2020
The best banks for small business owners offer a variety of banking products that help you grow, fund, and maintain your business. These business products typically include checking accounts, savings accounts, credit cards, and loans. Choosing one bank that caters to all your business needs typically is more convenient than opening different types of accounts…
6 Best Money Market Accounts & Rates 2020
The best money market accounts (MMAs) pay the highest annual percentage yields (APYs). While money market rates typically vary for each bank, you can expect the best rates to be over 1%. Opening an MMA ensures that you’ve tucked your money somewhere safe while you earn a decent return as well. Best Money Market Accounts…
What Is a High-yield Savings Account?
High-yield savings accounts typically earn annual percentage yields (APYs) that are much higher than standard savings accounts—up to 25 times the national average. Since online banks offer the highest interest rates on savings accounts, savers who aren’t adverse to internet banks will get the best high-interest savings accounts available. High-yield savings accounts are some of…