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$200 Business Checking Account Bonus Terms & Conditions
What Do I Need to Open a Business Bank Account?
Each stage of building a business presents unique challenges. Once you finally have money coming in, you need to decide where you're going to keep it. For most companies from large corporations down to sole proprietorships, a business bank account is essential. But there are a few things you need to know before you can open one.
Below, we'll explore why you should open a business bank account, what documents you need, and how to decide which account is right for your company.
Overview: Why should you open a business bank account?
Having a business bank account can make your life a lot simpler. Here are five reasons why.
1. Protect your personal funds
If you use a single account for your personal and business finances, your personal savings could be at risk in a lawsuit. That means if someone sues your business and the court awards them compensation, your personal money could be fair game, even if the way you earned it had nothing to do with your business at all. A separate small business banking account protects your personal savings in these situations.
2. Avoid tax issues
Maintaining a separate business bank account makes it easier to track business earnings and expenditures. This can save you a lot of headaches when you go to file your taxes and it can help you avoid problems with the IRS. Separating your personal and business finances indicates to the IRS that you're running a legitimate business and not a hobby business, which is not permitted business tax deductions.
3. Accept credit cards
You cannot accept debit or credit card transactions through a personal bank account. If you have customers that habitually pay with cards, you need a business bank account to process them. Otherwise, you must limit your customers to paying with cash or a check, and that could deter some from working with you.
4. Give others access to company funds
When you're running a partnership or corporation, you probably won't be the only person who needs to make a business purchase or access the company's funds. You don't want your business associates using your personal bank accounts, so a business bank account for an LLC or corporation is a better arrangement.
5. Maintain a professional appearance
Your company will appear more professional if you can write your vendor checks from an LLC bank account rather than from a personal account. Customers may also feel more secure writing checks to a business name than to you as an individual.
What do I need to open a business bank account?
These are some of the most common requirements to open a business bank account.
1. Employer Identification Number (EIN) or Social Security Number (SSN)
Most banks require business customers to provide their employer identification number (EIN) in order to open a business checking account or savings account, though some may permit sole proprietors to open a small business account with just their Social Security Number.
You can obtain an employer identification number (EIN) for various types of businesses by filling out a simple form on the IRS website. Source: IRS.gov.
If you don't have an EIN, you can obtain one for free by filling out the application on the IRS's website as long as you have a valid Social Security Number and your business is operating in the United States or its territories.
2. Personal identification
Just as when you open a personal bank account, your bank will want to see a driver's license, passport, or another form of state-issued identification to prove you are who you say you are.
3. Business formation documents
Your bank will need a copy of your formation documents. For limited liability companies (LLCs), this means the articles of organization; for a corporation, it's the articles of incorporation. These documents list some basic information about your company, including its management structure, who is responsible for managing the finances, and how your business will operate.
4. Ownership agreements
If you're running a partnership or a corporation, you and the other owners will need to create a partnership or operating agreement. This will outline each owner's rights and responsibilities as well as how the business will operate.
5. Business license
Your bank needs proof that your business has the appropriate licenses before it will enable you to open a business bank account. The requirements to obtain a business license vary depending on where you live, so do some research to find out what's required in your area.
6. Certificate of assumed name
If the name you use to advertise your business to your customers is different from the company's legal name, you will need a certificate of assumed name, also known as a doing-business-as (DBA) name. Your bank will need a copy of this as well when you open your account.
7. Monthly credit card revenue
Businesses interested in opening a merchant services account to process debit and credit card transactions should provide their bank with details of their average monthly credit card revenue. Startups may not have any prior credit card revenue but they should have an estimate of how much they expect.
How to open a business bank account
When you're ready to open a business bank account, here's what you need to do.
1. Decide which accounts you need
There are several types of business bank accounts and your company may need more than one. The most common are:
- Business checking account: Similar to a personal checking account, business checking accounts are designed for receiving payments and spending. This is where you keep your working capital. It's possible to earn interest on these funds, but interest-bearing business checking accounts are rare.
- Business savings account: This is where you put money your company doesn't intend to spend in the near future. Savings account funds earn interest over time, but they have more limitations on how you can access your funds.
- Merchant services account: A merchant services account is necessary if you plan to accept credit and debit card transactions.
2. Select a bank
Once you know which types of accounts you need, you need to find the right bank. Keep the following things in mind:
- Account variety: Obviously, you need a bank that can provide you the basic business bank accounts you need right now, but you should also try to anticipate your future needs. If you think you may want a business credit card or business loan in the future, make sure your bank offers these as well.
- Fees: Business bank accounts may have monthly fees as well as per-transaction fees if you exceed a certain number of transactions in a month. Other fees to watch for include cash deposit fees, ATM fees, and wire transfer fees. Think about which of these services your bank uses and how these fees could affect your profits.
- Interest rates: Interest rates matter most on business savings accounts, but some business checking accounts offer interest as well. A higher rate is better, but you have to weigh this alongside the other factors listed here.
- Branch and ATM network: Whether you choose an online or brick-and-mortar bank, make sure it has a large ATM network with fee-free ATMs in your area if you believe you'll need to access cash. Brick-and-mortar banks are a better fit for those who value personalized customer service, though they often have higher fees than online banks.
- Account management tools: A good business bank account should enable you to view your balance, pay bills, and move funds around through an online account or a user-friendly mobile app. This also makes bank reconciliation much easier.
3. Gather the required documents
Now that you know which business bank accounts you need and which bank you'd like to work with, you should gather all the important documents discussed above so you're ready to apply. If you have any questions about anything else you might need in order to apply, reach out to the bank to ask.
4. Apply for the account
Many banks enable you to apply for a business bank account online, though a few may require you to visit a branch in person to do so. Applying shouldn't take too long as long as you have all your paperwork in order.
If you run into any problems when applying online or you have any questions about the application process, don't hesitate to reach out to the bank. You want to make sure everything's done correctly so you don't run into issues with your bank or the IRS later.
5. Deposit funds and start using your account
Once your account is set up, you can deposit funds and begin using it just like you would any other bank account. Your bank may require you to make a certain minimum deposit when you set up your account. This can be cash or money you transfer from another bank account via electronic or wire transfer. You could also write a check.
3 tips when setting up a business bank account
Keep the following tips in mind when opening a business banking account.
1. Compare accounts at several banks
It's tempting to open a business bank account with the bank where you have your personal accounts because then you can manage your money all in one place, but this isn't always your best option. Compare bank accounts and fees from several banks and make your choice based on which account is best for your business, even if that's an account at a separate bank. You can always transfer funds from one bank to the other as needed.
Consider choosing U.S. Bank or a similar financial institution that offers several tiers of business bank accounts so you can upgrade as your business grows. Source: U.S. Bank.
2. Make sure your business bank account leaves you room to grow
Some business bank accounts impose transaction limits and charge you extra fees for exceeding them. This can prove costly if you're constantly bumping up against this limit. Review your business budget and anticipate how your company's future growth could affect how much you pay in fees every month.
If you think your current business bank account could become restrictive, check to see if the bank has another account that would provide you with the additional free transactions or other services you need.
3. Save time with accounting software integration
Some business bank accounts integrate with popular accounting software. This can save you time when it comes to managing your business finances and creating expense reports and balance sheets because you won't have to manually look up information in your business bank account and enter this into your accounting software.
The bottom line
A business bank account is a must if you're serious about growing your product or service into a profitable company. There's a lot to think about when comparing the options available to you, but if you follow the steps above, you should be able to find the perfect fit for your business.
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Open a new SunTrust Business Checking Account
Truist Business Checking $200 Bonus
Small business owners can earn $200 from SunTrust (now Truist) for opening a new business checking account. Full details below!
This offer is expired and may no longer be available. Check out current offers from Truist Bank or all available offers instead.
- Bonus Amount
- Account Type
- Business Checking
- Available In Your Area?
- No update your location
- Offer Expired On
September 30, 2021
- Bonus Requirements
- Open a new SunTrust business checking account using the promo code SB21NEWCHK5.
- Within 30 days, deposit $1,500.
- Bonus will be credited to your new account within 4 weeks of meeting requirements.
- Monthly Fees?
- Varies By Account see below
One of the easiest business checking bonuses we've seen! Simply deposit $1,500 into your new account to earn $200.
How To Earn The Bonus
The Truist Business Checking promotion requires you to deposit and maintain a minimum balance in order to earn the $200 bonus. Full requirements to receive this bonus are:
- Open a new SunTrust business checking account using the promo code SB21NEWCHK5.
- Within 30 days, deposit $1,500.
- Bonus will be credited to your new account within 4 weeks of meeting requirements.
The fine print
- You must be a new SunTrust business checking client.
- To be considered a new business checking client, the business cannot have an existing SunTrust business checking account with the same Taxpayer Identification Number (TIN), including but not limited to an Employer Identification Number (EIN), prior to promotion start.
- The business client cannot have closed a business checking account within 90 days of the promotion start date (on or after March 3, 2021).
- The business account holder must be 18 years or older at time of account opening.
- The account holder cannot be a non-resident alien.
- The business must be registered within the U.S. with the business’s physical street address located in Alabama, Arkansas, Georgia, Florida, Maryland, Mississippi, Free business checking suntrust Carolina, South Carolina, Tennessee, Virginia or the District of Columbia and have a valid U.S. TIN or EIN.
- Qualifying deposits for new business checking accounts exclude debit card credit transactions and NSF fee refunds. Deposits can be made on a one-time basis or cumulatively over the 30 days.
- Offer is only applicable once per client.
- The new business checking account must remain open and in good standing with a minimum balance of $0.01 until free business checking suntrust reward is processed in order to receive the reward.
- Closing the account within 6 months will forfeit the reward.
Why Truist Bank?
SunTrust and BB&T merged in 2019 to form Truist, becoming the sixth-largest bank in the U.S. with more than 10 million customers. They position themselves as being community-focused, pledging to "lend or invest $60 billion to low- and moderate-income and minority borrowers" from 2020-2022 alone.
New customers still cannot open an account under the Truist brand, but all SunTrust and BB&T accounts will eventually be folded in – so if you're interested, stop by whichever brand is most readily available in your area.
Truist assures that most customers won't need updated account numbers – and that they're committed to making the process easy for those few customers that do – but, as with any merger, know that the risk of inconvenience in needing new checks, debit cards, or in updating bills that draw from the account is certainly a possibility once the merger is finalized.
Additionally, while we don't yet know what their products or tools will look like, it's safe to free business checking suntrust they'll be in line with the other major national banks – IE, a wider breadth of options but lower interest rates than most credit unions or online-only banks.
Simple Business Checking
Simple Business Checking does charge a monthly fee of $5, but there are ways to get this waived:
- Waived for 12 months. Then avoid by:
- Make 5 transactions each month.
Primary Business Checking
Primary Business Checking does charge a monthly fee of $15, but there are ways to get this waived:
- Maintain a daily collected balance of $1,000.
SunTrust Business Advantage Plus
SunTrust Business Advantage Plus does charge a monthly fee of $25, but there are ways to get this waived:
- Maintain a daily collected balance of $20,000 combined between this account and two other SunTrust Business Advantage Plus accounts.
How does this checking offer from Truist compare?
American Express gives you $300 when you open a Business Checking account. see full details
Earn $200 from PNC Bank when you open a Business Checking account. see full details
Best Bank Accounts for Small Businesses That Are Established
12. Bank of America Business Advantage Checking
With a Business Advantage Savings account, you’ll pay no fees for stop payments, incoming wire transfers, or choice of other services. You’ll also get QuickBooks integration at no cost and you can open a second Business Advantage Checking account with no additional monthly fee. Though fees are comparatively steep at $29.95 per cycle, you can avoid them in a number of flexible ways, such as spending with a business credit card or maintaining a monthly balance of $15,000. Bank of America also offers merchant and payroll services.
13. U.S. Bank Gold Business Checking Package
If your business has moderate transaction activity, U.S. Bank’s Gold Business Checking Package can manage cash flow with 300 free transactions per statement cycle and 100 cash deposits. U.S. Bank also offers payroll processing and an EZ-Switch Kit to help you conveniently transfer a new business account. You’ll need to apply in person at one of the 3,200 branch locations.
14. Wells Fargo Analyzed Business Checking
This analyzed checking account is best for larger organizations that have a high volume of transactions and complex cash management needs. The account is supported by Wells Fargo’s Commercial Electronic Office, which offers treasury information reporting, online statements, desktop depositing, ACH origination, and online wire transfers. Your business account balance generates an earnings allowance that can be free business checking suntrust to offset account fees.
Best Bank Accounts for Small Businesses with High Transaction Volume
15. CitiBusiness Flexible Checking Account
If your small business needs include 500 transactions monthly and averages a monthly balance of at least $10,000, this flexible business bank account may be best suited to you. You’ll pay no fees if you meet the monthly minimum balance (otherwise, fees run between $22 and 25, depending on your state), and can deposit up to $20,000 in currency each month. Citi, which operates physical locations in nine states and Washington, D.C., only accepts applications in person.
16. PNC Business Checking Plus
With this PNC business bank account, there’s no charge for up to 500 combined transactions per month. With more opportunities to offset monthly account maintenance fee than the company’s Business Checking account, Business Checking Plus also offers cash-flow insight and analysis at no charge. You can also earn cash back with PNC’s rewards program, and the bank’s Quick Switch Kit makes it easy to switch banks. Apply online, by phone, or in person.
17. Citizens Bank Business Advisor Checking
If you’re running a small business that’s quickly expanding, an free business checking suntrust to this Citizen’s account may give you a nice boost. Perks include 500 free check transactions per statement period, $100 off your first order of checks, a 10 percent discount on payroll services, and a business credit card with no annual fee. Combine the balances of your business loans, savings, and money market accounts to help waive monthly maintenance fees.
Best Online-Only Bank Accounts for Small Businesses
A standout in the world of online-only business bank accounts, Novo santander car finance contact number uk completely free business checking with no hidden fees and won’t charge you for ATM withdrawals, money transfers, account balance minimums, or transaction free business checking suntrust. Overdrafts and withdrawals against unavailable funds are the only actions that will result in a charge, at $27 per transgression. Open an account in mere minutes from your phone with just $50, then easily pay bills and move money between accounts. ACH transfers are a breeze, but if you need to issue a physical check, they’ve also got you’ve covered. Digital entrepreneurs will appreciate Novo’s clever cash-flow insight and analysis with easy-to-comprehend feedback, and, as a digital native, this business bank also takes integration seriously, too, interfacing with QuickBooks, Stripe, Slack, free business checking suntrust Xero.
Designed for digital entrepreneurs who want access to hassle-free, integrated tools, an online-only account with Azlo allows you to send and receive (by check or bank transfer) unlimited domestic payments entirely fee-free. (International payments are on the way.) Azlo integrates with Stripe and Square seamlessly and plans to connect with Etsy, Paypal, QuickBooks, and Nearest food bank next. Partnered with Compass Bank, Azlo offers FDIC backing and all the relevant security. Azlo is also committed to supporting immigrant entrepreneurs, whom the bank describes as “the most entrepreneurial group in the U.S., starting businesses at twice the rate of the rest of the population.” With no international transaction fees, unlimited transactions, no minimum balance requirement, no incoming wire fees, instant payments with other Azlo members, and a fully digital setup, the future of banking lives here.
20. Axos Basic Business Checking
Designed for small businesses with moderate account activity, Axos (which until recently was called Bank of Internet USA) charges no monthly maintenance fees bank of america increase withdrawal limit offers unlimited domestic ATM fee reimbursements. You’ll get your first set of 50 checks free, QuickBooks compatibility, 200 free combined transactions per month (30 cents per item thereafter), and free bill pay. For a low-fuss account, the minimum opening deposit is comparatively higher than some banks on this list at $1,000.
21. TIAA Small Business Checking Account
Created exclusively for sole proprietors and single-owner LLCs, TIAA’s Small Business Checking Account offers no monthly maintenance fees and competitive APYs (from .20 to .61 percent) on balances. You’ll need $1,500 to open an account but will be reimbursed for ATM fees. Other services include domestic and foreign wire transfers, comprehensive bill pay solutions, ACH transfers, and state and federal tax payments.
22. Axos Business Interest Checking
If you’re a growing business with some cash reserves, this Axos business bank account offers competitive interest rates and free business checking suntrust monthly maintenance fee free business checking suntrust an average daily balance of $5,000. (Otherwise you’ll pay $10 monthly.) Like the bank’s Basic Business Checking account, you’ll receive unlimited domestic ATM fee reimbursements and your first 50 checks free. But this account is best for the small business with low transaction rates: Included are 50 combined items per month (you’ll be charged 50 cents per item thereafter) and 60 remote deposits.
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