How to Open a Small Business Checking Account

Keeping track of expenses for your small business is much easier when you separate your personal and business banking accounts. Most of the national banks offer at least two types of checking accounts for small businesses, and the basic requirements for opening this type of account vary slightly by financial institution. Some offer free or discounted checks and debit cards, no monthly maintenance fees and mobile banking options. Having a small business checking account can make it easier to manage expenses and manage your accounting at the end of each cycle.

Here's what you need to know about opening a small business checking account:

Shop Around to Find the Best Match

Shop around before you sign up. Seek out at least three different banks in the area that offer business checking services and find out what each one offers. Banks are competing for your business and each one will offer various types of incentives for new account holders. Some have very low or no maintenance fees, while others will offer unlimited deposits and transactions each month. Find out which bank offers the lowest fees for small businesses, and what types of perks you might be eligible for.

Learn About Online and Mobile Banking Options

If you're a small business owner that's always on the go, you may benefit from having online and mobile banking options available. Find out if there are any fees involved with conducting online transfers, and what options you have to manage your accounts with a mobile device. Online bill pay may be something your business needs, so take a close look at the features and options available with each type of account.

Gather Business Identification Documents

Most banks will need some specific information about your small business, including: copy of your business license, the business address, your tax ID number, a fictitious name certificate (if you have one), and personal identifying information such as a copy of your driver's license. If you're already a customer of the bank, find out if they offer any special packages for new business checking accounts or if they will waive the fee for certain services.

Sources:

Walden University Think Up -- How to Open a Small Business Checking Account?

Bank of America -- Small Business Checking Accounts

Nationwide.com -- Business Checking