Do you ever feel like your business checking account is making life more complicated than it needs to be? From high fees and limited accessibility to inconvenient hours and multiple trips to the bank – it’s easy for even the savviest of business owners to get frustrated. Read on for 3 key reasons why your current business checking account might not be working out, plus what makes for the best business checking account.
1. High and Complicated Fees
High fees can quickly add up and eat away at a business’s profits. When selecting a business checking account, make sure to read the fine print and understand all the associated fees. Look for an account offering low or no monthly maintenance fees and minimal transaction fees so you can save money in the long run. Bonus points go to accounts with simple fees that don’t require you to track earnings credits.
2. No Support
When dealing with financial matters, having reliable customer service or a dedicated team is essential in case any issues arise, or questions come up about how to best manage your funds. Before opening a business checking account, get to know the team that you would be working with to ensure they offer prompt responses and helpful solutions when needed.
In addition to the people helping with your account, ensure you have easy access to self-service tools like digital banking. This lets you stay on top of your finances and take control of your deposits and withdrawals.
3. Having to Track Pledges
When choosing a business checking account, you need to make sure that it’s backed by FDIC insurance so you can rest assured that your funds are covered. For balances over $250,000, some businesses and agencies will need to get pledges to insure their funds fully. An account with options for FDIC insurance over the standard $250,000 ensures you have enough space to accommodate the growth of your company, as well as any additional transactions or deposits that need to be made, without the need to keep track of pledges.
What is the best business checking account?
At Heritage Bank NA, we took feedback from our customers and common concerns we’ve heard from businesses and developed a suite of business checking accounts that provide FDIC insurance on up to $100 million, simplified fees, and a dedicated team to support you.
Our Secure Business Checking and Secure Vault Checking accounts both offer options for FDIC insurance beyond $250,000. Get up to $7 million* in FDIC insurance with Secure Business Checking, when combined with IntraFi Cash Service (ICS)**. Do you have more reserves than $7 million? Secure Vault Checking, with up to $100 million in FDIC insurance with ICS, might be right for you. Say goodbye to monitoring pledges!
Does tracking earnings credits take you away from important business? Monthly maintenance fees with our Secure accounts are simple. Maintain a minimum average daily balance of $230,000 and enroll in eStatements to waive the $500 monthly maintenance fee on the Secure Business Checking account. With our Secure Vault Checking account, enjoy no monthly maintenance fees when you enroll in eStatements.***
Our accounts are only as good as the team who supports them. When you open an account with Heritage Bank NA, you can rest assured that you will have a dedicated team supporting your business. Our relationship managers and bankers have your back when it comes to selecting the right account, answering your questions and concerns, and keeping you updated on new services and features that can help you make the most of your money.
* $7 million FDIC-insured limit applies to the customer’s entire deposit relationship with Heritage Bank NA.
** Additional terms and conditions apply.
*** Monthly paper statement fee is $15.