BUSINESS CHECKING

Would you like to earn bigger returns on your bank account? Governmental Employees Credit Union offers a checking account rate of 0.80% APY so members can handle daily incoming and outgoing transactions, while earning interest.

Checking Account Rate Terms and Conditions

You’ve decided you need to open a business checking account and are on the hunt for a great deal. With so many institutions offering business checking accounts with an almost infinite combination of options and features, just knowing where to begin can be difficult.

To make things easier, start where you usually do when you’re ready to open a new account. For most people, that’s their local bank.

You may be a business owner or self-employed and are considering opening a business checking account. If you aren’t completely sure whether one is right for you, weigh the benefits of having a business checking account against any potential drawbacks:

Pros of Business Checking Accounts:

The best business checking account details not only include features that improve day-to-day operations, but attractive interest rates that can help your business earn a little more money from deposits. Whether you’re interested in a small business checking account or one tailored to meet the needs of a huge corporation, a high interest rate is the cherry on top.

It is important to understand that the interest rate should not be the top determining factor in choosing an account. The overall terms of a business checking account, like fees and specialized services, should weigh heavily in your decision. It is an added bonus, though, when you discover a great rate.

Business checking accounts are specifically designed to meet the daily financial needs of a business rather than an individual. Such types of businesses include:

• Corporations
• Limited Liability Companies
• General Partnerships
• Limited Partnerships
• Limited Liability Partnerships
• Non-profits
• Sole Proprietorships

There are several reasons a business owner may elect to open a business checking account rather than a conventional checking account, including:

When you are ready to open a business checking account, there are many features and potential benefits to evaluate first. Choosing the right account for your business is not a decision to be made hastily. The business checking account you choose to open should accommodate the specific needs of your business and ultimately enhance overall productivity.

The following are things to consider when shopping for a business checking account:

Your free checking account is at risk. Financial institutions that once offered these perks for customers are beginning to shutter the practice and charge fees for even the most basic of banking services. With the financial crisis of 2007 hammering banks and increased regulations in the industry hampering their revenue streams, banks are readjusting their strategies and free checking accounts may soon come to an end.

Checking accounts have not always been free, however. The concept has been around only since the 1990s, but quickly became widely popular account option for most people. Even so, that isn’t to say all banks with free checking accounts are going the way of the dinosaur. If you do happen to be one of the unlucky people losing their banking perks, should you immediately begin shopping for a new checking account?

Yes, it is possible to obtain a free business checking account.

Often, a bank or similar financial institution charges fees for business checking accounts. These fees can be an overall service fee, for not maintaining the minimum balance or more specific things like writing lots of checks and charges associated with holding an online business checking account. However, some business checking accounts are free when certain requirements are met.

While a business checking account is designed to meet the financial needs of a business instead of an individual, small businesses are accommodated further with the availability of small business checking accounts. These accounts do not offer as many options and features as regular business checking accounts but are more affordable to small businesses that don’t require the extra bells and whistles.

Business checking accounts are important financial tools for business owners.

If you’ve already found the best business checking account for your business, the following are the next steps you can take to open your first business checking account: