Banking institutions offer many services your business can use, such as checking and savings accounts, online banking service and business loans. Many banking institutions offer business banking accounts that you can open. Some charge a fee, but others may not. By learning some banks basics, you can access and use these services offered to your business.
First, look for a bank that can offer you a business banking account. Many banks also offer online services, which is a great asset to your business. You may also be able to get a business loan from them to help start your business, update your business or make improvements. You can access all of these services with one bank.
1. Choose a bank that offers a variety of services, and open a checking and savings account with them.
2. Ask if your baking institution offers online banking, and find out how to access it.
3. Talk to a loan officer at your banking institution, and find out how to apply for a business loan to help your business with whatever services it needs.
Action Steps
The best contacts and resources to help you get it done
Open a business checking and savings account at your banking institution
Once you find a banking institution you would like to use for all of your business needs, the first thing you'll want to do is open a checking and savings account at one of your new commercial or private banks. By having a checking account, you can pay all of your bills and payroll from one account. A savings account will allow you to save money for your business, and earn interest on that money. Some banks offer services that allow a certain amount from your checking account be placed in your savings account on a regular basis.
I recommend: Citibank offers different checking and savings account packages that you can choose from, and open, online.
Commerce offers several checking and savings accounts you can choose from, some of which are free.
Find out if your banking institution offers online banking
Online banking can save you time by allowing you to access your bank accounts any time of the day or night, keep track of your accounts, transfer funds between your accounts and even pay your bills.
I recommend: Chase offers many online banking services, including online bill pay.
WaMu offers easy, secure online banking services.
Apply for a business loan at your banking institution
Whether you just started your business, or have been in business for years, a business loan can help you get the equipment and services you need. Your banking institution is the best place to look for a business loan. Check to see if your bank will offer you any special deals on a loan since you're already a customer.
I recommend: U.S. Bank offers a lower APR to their customers.
Bank Mutual offers business loans.
Tips & Tactics
Helpful advice for making the most of this Guide
- Check to see what other services your banking institution can offer your business. For example, some institutions offer resources for starting, growing and protecting your business, technology support, advertising your business and promoting your business.
Related Resources from Business.com
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