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…
5 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…
How to Open a Free Business Checking Account Online With No Deposit
There are a few places to open a free business checking account online with no deposit, but they are rare. Most business checking accounts, including the free ones, require a minimum deposit of $25 to $1,000 to open an account. However, if you do find one, these accounts can offer free checking with no monthly…