Choosing a Checking Account for Your Business

Friday, June 20 at 07:05 AM
Category: Business Banking

Just like choosing a personal checking account, you should select a business checking account, or a series of accounts, that match your business needs. Because every business is unique, Arvest offers a wide variety of business checking accounts. Before digging in, start by considering how you use your current business checking account:

  • How many checks do you write each month?
  • How many and what types of deposits do you typically make?
  • How large of an average balance do you maintain?
  • Is there a convenient way to make deposits with a branch, ATM or Mobile Check Deposit?

Taking these factors into consideration is vital to picking the right checking account for your business.  Once you’ve answered these questions, research your checking account options.

If you’re a relatively small business that writes very few checks per month and has few deposits, you’ll likely want the most basic checking account like Free Small Business Checking. The luxury of no fee comes with the limitation of checks, debits, deposits, and deposited items that can be processed each month. However, don’t let the word “limitation” run you off. If your plans for this account don’t include a lot of check writing or deposit making, then this type of account is the one for you.

If your business is growing fast or is already moderate to large in size, then you’ll likely want a checking account that holds no boundaries to the amount of transactions you make each month. These will likely come with a monthly service fee but carry extra benefits that are worthwhile. Some accounts of this type, like a few options from Arvest, even include options of minimizing or completely eliminating the monthly service fee if certain requirements are met.

Take a variety of factors including checks written, deposits made, average balance and convenience into consideration when choosing your business checking account.

Tags: Arvest Biz, Business Banking
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