For over a decade now, individuals have been using Internet bank accounts to make their lives easier. However, businesses have been slower to accept and utilize the conveniences of online banks. In an age where businesses are trying to streamline and automate as many business activities as they can, it only makes sense that this philosophy should also be applied to their banking activities.
An Internet bank can offer businesses of all sizes:
1. Internet checking accounts.
2. Internet savings accounts.
3. Other types of online banking accounts and services such as CDs, IRAs and money market accounts.
After identifying the types of accounts you want to open, your next step is to find online banks that have a good reputation and that are FDIC insured. To sign up for a business bank account with an online bank you will need to:
1. Fill out an application for a business bank account.
2. Submit tax ID number, a copy of business license, incorporation documents and financial reports.
3. Make your initial deposit.
Action Steps
The best contacts and resources to help you get it done
Select an Internet bank
Before you can open an online bank account you need to select an Internet bank.
I recommend: Bank of America and
Wells Fargo Bank have both been rated as top 10 online banks by "Kiplinger's Personal Finance Magazine."
Complete online banking account application
Complete your business bank account application online by filling in general information about the location of your business, type of business you own, profitability of your business, etc. You may also be asked questions about your company's tax ID number and you may be asked to submit financial statements for your company.
I recommend: If you don't already have an EIN to set up your business bank account apply for one on the
IRS website. Visit
Microsoft Office's website for interactive templates for financial statements.
Bookkeeperlist also offers a great template you can download and use.
Deposit money into your Internet bank accounts
The final step for setting up an online bank account is to fund your account. This can be accomplished electronically or manually.
I recommend: If you don't feel comfortable mailing in your initial deposit you can make your initial deposit via
Western Union or via your online bank's wire transfer link. Use
Bank of America's wire transfer services or
Wachovia's wire transfer services.
Tips & Tactics
Helpful advice for making the most of this Guide
- It is important that you understand the risks involved in using online banking systems before you sign up for an account. Protect your money by taking proper precautions such as installing firewalls and changing your password frequently.
The official source of Setting Up Internet Bank Accounts for Businesses is
the Internet Bank page at Business.com
Featured Vendors
U.S. Bank® FlexperksNew Way To Earn Rewards With More Than 150 Airlines. No Blackout Dates and No Redemption Fees! Experience New FlexPerks Travel Rewards Visa®.
www.FlexPerks.com
Offshore Bank Accounts and Banking Services WorldwideOffshore corporate and private bank accounts with leading offshore banks. Internet banking, debit cards, credit cards and cash cards.
www.myoffshoreaccounts.com
Businesses Can Earn 2.00%With GE Capital Corporation. Not An Offer Of Securities For Sale.
www.geinterestplus.com/businesses
Challenge Your BankingThe Personal Service and Innovative Products to Grow Your Business.
www.ProvidentBankNJ.com
Related Resources from Business.com
Comments
Is any content on this page inappropriate? To let us know, please 
