Owning and running and business involves a lot of moving parts and responsibilities. One way you can put your mind at ease is opening a business checking account with an institution you trust.
What to Look For in a Business Checking Account
As you look into finding the perfect business account, you want to make sure that you are getting the services you need. Not every business needs the same services from a business checking account. Does the bank or credit union offer different services or add-ons, depending on if you are a non-profit or a small business run by just you? These are things to think about before you open up a business checking account. You will also want to look at a business checking account’s fee structure. Are the fees high compared to other institutions? Is there a monthly fee for a service that you don’t even use?
When you open a business checking account with a credit union or bank, you may also want to keep the future of your business in mind. Establishing an account can help you with keeping your personal funds and business funds separate, which helps for tax purposes and minimizes liability. Establishing an account can also set you up for taking out a small business loan in the future when you want to expand or upgrade a part of your business!
How to Open a Business Checking Account
Before you open a business checking account, you will need to have your ducks in a row. What does this mean for you? You will want to bring in proper paperwork that establishes you as the business owner and your business as legitimate. These required documents could include your business license, your DBA “doing business as” fictitious name, your business’s Tax Identification Number, and a business address for the business checking account.
Additional required documents will depend on what type of business you own. If you are the sole owner of your business, there is less paperwork to bring when you open your business checking account. If you are part of an LLC in Nevada, you want to make sure you bring an Operating Agreement to show manager’s authority and a recent annual list of members and managers that was filed with the Nevada Secretary of State.
Types of Business Checking Accounts at Great Basin FCU
At Great Basin Federal Credit Union, we have different business checking accounts tailored to various businesses and their needs. If you have a not-for-profit business, our Non Profit Business Account works for your business. There is no minimum balance required. Great Basin also offers a Sole Proprietor Account as well as a Business Account for Corporations, Partnerships, or Limited Liability Companies.
The best business checking account option with Great Basin FCU is our Core Business Account. Your business can qualify for the Core Business Account if you use at least three of Great Basin FCU’s services:
- Personal Core Account
- Business Visa Credit Card
- Business Loan
- Average Daily Share Balance of $2,500+
When you open a Core Business Account with Great Basin FCU, your business enjoys perks like no monthly service fees, free cashier’s checks, and a $50 credit towards check orders each year.
Learn more about business accounts at Great Basin Federal Credit Union to find that our business accounts offer for your business banking needs. Call or stop by to start the process of opening up a business checking account at Great Basin Federal Credit Union today!Share: