If you’re an entrepreneur or a partner in a start-up venture, you often need help with things like technology, legal, human resources, marketing, sales, and, of course, banking. In fact, banking is such a significant part of the day-to-day efforts of new businesses that a bank account is typically the first thing they acquire after receiving their official business certification documents from the Secretary of the State. For a new business start-up, a business checking account means a place to put those initial few deposits. It gives you the ability to write checks for general products and services like business card printing, office supplies, and computer equipment – a few of the essentials you may need to get started.
A business bank account also sets the tone for future banking or financing goals. For example: Your company may someday wish to open a money market account, put money away in a business savings account, or meet short- or long-term investment goals with a business CD. As such, it benefits the wise entrepreneur or start-up to take a good look at the options and opportunities a bank or credit union offers their business. After all, not all banks are alike. Given all that the typical start-up needs from their financial institution, it’s smart thinking to actively seek out a supportive and reliable bank or credit union for your business needs.
Here are three things to look for when choosing a bank or credit union for your business: