Determining the Right Checking Account for Your Business
Not unlike choosing a personal checking account, you should select a business checking account that also matches your needs. Start by considering how you use your business checking account:
- What types of deposits do you make and how many checks do you write each month?
- What is your average monthly balance?
- Do you conduct a high or low number of monthly transactions – deposits, bill payments, debit card transactions?
- Is your business checking account combined with an interest-bearing one, like a money market or savings account?
- Do you utilize treasury management services?
- Do you prefer online and mobile banking?
Commercial banks like PlainsCapital Bank specialize in offering tailored solutions for business owners. For example, if your business processes a large number of customer deposits on a regular basis or could benefit from an added payroll service to help with your company’s growing employment needs, you should discuss this with your banker. If your checking account typically runs a higher balance, find out if your bank offers automatic sweep provisions designed to move balances in excess of a pre-determined amount out of non-interest bearing accounts into ones where interest is earned. Having these discussions with your commercial banker will help you establish accounts best suited for your business.
You should also consider your preferred style of banking. Today, many businesses manage much of their banking remotely. If this is important to you, then it’s imperative to make sure your bank has the online tools and mobile banking capabilities you need to run your company efficiently. And while you may not need or be able to visit a branch very often, select a financial institution that understands and anticipates the financial needs of your business, one that is focused on building a personal relationship with you on your terms, and one that is committed to delivering superior customer service.
PlainsCapital Bank offers a full range of commercial banking services including remote banking, business checking, treasury management and cash management solutions, fraud protection, wire transfers, savings and money market accounts, CDs, and business loans and lines of credit. Visit the PlainsCapital Bank website to learn more about our business products and services.