September 27th, 2008 by Kenny Kings

If you start a new business or if you have a small business, but you are not satisfied with your checking account, an account of new activities can be control in order. Needless to say, face a wide range of choice in the banks and the types of checking accounts.

Here is a suggested checklist to use as new banks to evaluate whether you have plans to open a new online business current account:

1. Is it free?

Many banks offer free business checking accounts. But remember to check all the details, since the total amount you pay each month not only consists of the monthly, but also the additional costs you pay to use your account.

2. What kind of fees not to charge the account?

Types additional costs You can pay will vary by bank and account type. Examples: payment of a fee per transaction (beyond a certain number of transactions processed) to pay the fees if your balance falls below a certain minimum, and pay the fees associated with placement of digital copies of your outgoing checks online.

3. What is the APY of the account?

APY means Annual Percentage Yield (TRA). As its name implies, referred to the amount they can earn interest on the amount of instruction given for one year. Note: The APY calculation takes into account compound interest. Obviously, the higher APY is better.

4. Able to open an account online?

Some accounts can be ordered online. Check with your bank you request and if this option is enabled.

5. Do you offer a cash incentive?

Some investment banks offer a cash incentive, say $ 50 or $ 100 to open a business current account. Everyone can use a little extra money if you can find a bank that provides holders of this new account.

6. Is it FDIC insured?

Of course, you want your bank to be insured by the FDIC. This means that a government agency to cover the amount of your deposit if the bank goes bankrupt. Some limits of the maximum coverage is applicable.

7. What other services do you offer?

One of the advantages of finding a bank offers are the additional services they offer. Many banks that specialize in accounts of companies offer payroll services, merchant processing of credit cards, safe deposit boxes and help businesses during the loan.

8. Do you offer custom controls?

This may or may not exceed your bank's wish list, but many small businesses, such as the ability to offer custom controls. This can tie in the look-Branding and-feel of your company.

9. Do not collect overdraft fees?

Most banks remain an important part of their compensation income related to overdraft charge. Indeed most, overdraft protection programs are opt-in, which means they are automatically enrolled in the program to be registered for the account. Fortunately, Some banks offer programs for overdraft protection that he was never charged overdraft fees – even if you overdraw your account.

In search of a business bank account, decide which of these elements in the list are important to you. Then go shopping for your new account. Consider creating a sheet in Excel or on a piece of paper to keep track of current accounts that do not fit your needs. Make the best record!

Get information on no-overdraft business checking accounts that you can open online at: http://www.squidoo.com/banks-without-overdraft-fees.

community, sharing, social, tools, web2.0