My Biz Account

One of the things that I had to decide when I first started my business is which bank will I set up my business account. I was impressed that many banks will immediately give you access to a credit card or a line of credit based on a good personal credit rating and acceptable business risk. There were numerous business account types and services to decide upon, and of course my choice was basic checking since I had minimum start-up cash and as of yet no clients.

However, as time went on the problems that I experienced were that I did not have immediate access to my funds at the time of deposit and the account fees were unacceptable to me. When you are a self-employed and have bills to pay this is not what you look for in a bank.

So, I transferred my business account to a bank that specialized in small business. I received free checking and a gift due to a promotion that was occuring at the time. I found that my checking account was free as promised, but fees were being accessed for other "services" which was unacceptable to me. I still had the problem of not having immediate access to my business funds at the time of deposit as well.

Finally, I transferred my business account to a credit union. I now have immediate access to my funds at the time of deposit plus free business checking. Business checking is fairly new to credit unions who are not as sophisticated as banks when it comes to business, however my credit union fits my needs just fine. When it comes to picking out a bank I suggest you do the research prior to setting up an account and pick what totally fits your needs. Personally, I still have that business credit card from the first bank, but I feel I am getting the quality service that I need from the credit union.