, online banks tend to charge fewer fees. But consider what that means in terms of access to your money, since you wouldn’t have the option of managing your account in person.Having a business checking account at a bank with physical branches can be reassuring if you need one-on-one help managing it. You may also require the convenience of a physical branch if you make daily deposits of cash and/or checks.
For instance, you may be limited to writing a certain number of checks each month. Or, if you’re transferring funds electronically, there may be limits on the amount of money you can move in a single transaction. Just remember to check the fine print so you understand what’s needed to qualify. Also, keep in mind that bank account bonuses are taxable. If you receive one, your bank should mail you a Form 1099-INT and you’ll need to report that on your taxes.If you use accounting software programs to manage business finances, then being able to integrate that with your checking account can make that easier.
Keeping business and personal accounts separate can also allow for added liability protection. And if you process credit card payments through your bank, that can help keep your customers’ information safe and secure.
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