Free Business Checking Account Online

Free Small Business Checking Accounts

You did not find this site by accident. It is quite possible that you are a small business owner who is not very happy with his/her bank. You might also be considering starting up a brand new business and you could be searching for bank or credit union checking accounts to manage your finances. Chances are that you are searching for financial institutions that offer free business checking accounts online. Finding a free business checking account can help save your company a few dollars, and those few dollars can go a long way.

The average fee charged by banks for company checking accounts varies, but you are probably looking at $200 per year or more in monthly maintenance fees alone. That $200 per year can go towards a lot of office supplies and we all know that when starting out, every little bit helps. Corporate banking accounts vary from one organization to another. Different financial organizations charge different monthly maintenance fees depending on the number of transactions that you make from your business checking account, or how often you make those transactions.

What might initially seem like a free business checking offer can quickly lose the free checking status. As such, it is important to compare the different business checking plans offered and use some foresight in choosing the best business checking account for your needs. For instance, if you look at the different types of features offered by different small business checking accounts, you will see that some banks have a limit on the size of your deposits per month.

Most banks have a limit in their most basic business checking accounts of $5000 in deposits per month. With a bit of research, you can find banks that a limit of $10,000 of deposits in their basic small business checking. For simplicity we’ll use the more common figure of $5000 maximum per month in deposits. Were you to exceed that amount there would be additional fees incurred. If you then want to avoid those fees, you would have to upgrade your account to the next higher plan, which would most likely have stricter terms and higher minimum balance requirements. Sometimes these upgraded plans require that you pay monthly fees or jump through a few hoops in order to avoid those fees.

Imagine being a small business owner and you happen to exceed that $5000 maximum monthly deposit. You will be faced with the option of paying extra fees to your bank if you exceed that amount, upgrading to another checking account plan for your business, or switching banks altogether. Let’s assume that you are just getting off the ground, any extra fees that are incurred will be felt in some way or another. Chances are that you are not expecting to make a lot of money from the start, so every single penny that you have can have an impact. Many small business banks have multiple business checking accounts to choose from, including a business checking starter account. These banking institutions usually make these types of checking accounts free or they make it relatively easy to make and keep it free.

The purpose of these starter business checking accounts is that no one knows how big a company is going to grow or how well your small business will perform. It is in the interest of the banks and credit unions to provide you with an incentive to do your banking with them. Bill Gates did not know how big Microsoft would become and most likely, neither did their banker. However, imagine how happy they were when the company became the behemoth that we all know today. Imagine the amount of business that their banker has generated over the years. What if you are the next Microsoft, or the next Apple, or the next Oracle or even the next Cisco?

Search for Free Business Checking Accounts Online

A wise bank or credit union will offer your small business these types of free checking accounts for your small business to woo you. The business banking services associated with this basic account may not be that vast, but if you are just starting out, you focus should be to keep your overhead costs down and focus on generating more revenue for your company. You should consider opening one of these small business starter checking accounts and should your business begin to blossom and grow, you would be wise to upgrade your checking account plan accordingly.

When you open a free business checking account, it is important to know that any bank or credit union has the right to change the terms of that business checking account at will. If the economies worsen and the numbers do not add up or keeping free business checking becomes a losing proposition for your bank or credit union, it is their right to modify the terms and conditions of the checking account to make the terms more favorable for them. As such, it is up to you as a business to compare business checking accounts as well as the financial strength of the bank that you are planning to do business. It is not wise to jump at the first business checking account that offers you free checking. It is quite possible that you can sign up with a bank or credit union and within a year, your bank may be facing financial difficulty.

When you want to find the best business checking account, it is important to do your homework. In an economy where there is a lot of uncertainty and fears of a recession, banks that are not well managed can begin to experience rapid financial deterioration. Of course, as long as your banks and credit unions are insured by the FDIC and NCUA, respectively, you have nothing to worry about and will always be protected. Therefore, that is the most important thing that you should determine. Make sure that your financial institution of choice is protected and carrying the proper insurance. Once that is confirmed you can rest easy and focus on the other features and benefits of your business checking.

It might be possible to open a free business checking account with no minimum deposit, but one must ask oneself, why would you even want to open a business checking account with no minimum deposit? It kind of defeats the purpose of even having a business checking account. Your business checking is there to pay bills, and also for payroll. There are some banks that require a high balance of thousands of dollars in order to have a free banking account, but there a great number of banks and credit unions that require only a small amount to activate open a business checking account. Rather than searching for free business checking accounts with no minimum deposit, you would be better served spending your time searching for free business checking accounts do not have a minimum balance requirement.

A Business Direct from HSBC account is one such account and it is ideal for business owners who work long hours and appreciate banking with more flexibility-without additional cost. This free business checking account from HSBC can be set up with all of the options you need to bank directly online, on the phone, or at any ATM.

Business Direct from HSBC Benefits:

• Online account opening - no need to visit a branch 
• No monthly maintenance fees 
• No minimum balance requirements 
• Unlimited monthly transactions at HSBC ATMs (contact for limitations) 
• No HSBC fees when using non-HSBC ATMs 
• 10 free wire transfers per month (5 incoming, 5 outgoing) (certain limitations may apply) 
• Business Internet Banking with free online Bill Pay 
• Dedicated business customer service line  
• Special discounts on products and services like Merchant Services 
• MasterCard BusinessCard® Card with 0% intro APR (which remains fixed for 6 months and increases thereafter) 

For Florida residents, Bank Atlantic has a free business checking account with a lot of perks.

Bank Atlantic Free Business Checking Features:

• No minimum balance 
• No monthly service fee 
• 1,000 FREE monthly transactions1 
• FREE monthly coin and currency deposits up to $5000 
• Easy-to-balance monthly statements 
• Free Check Images returned with monthly statements 
• Free Bill Pay with access to Cash Management Services2 
• FREE BankAtlantic Business Debit MasterCard® with MasterCard Easy Savings™3 
• Minimum opening deposit is only $100 

For residents of North Carolina where Crescent State Bank is located, they are offering a business checking plan called Community Checking.  Crescent State Bank believes that making a difference in your community shouldn't cost you a fortune in banking fees.

Crescent Community Checking Features:

• Minimum Deposit to Open the Account: $100 
• Minimum Daily Balance to Avoid Monthly Fee: $100 
• Monthly Service Charge: $6.00 if balance falls below minimum 
• Check Writing, Debit Card & ATM: Unlimited debit/ATM, limit 10 checks per month* 
• Online Banking and Bill Payment: Free 
• Frills: Free Courier Service* (where available) 

Account Details: *Each check in excess of ten (10) is assessed a per transaction fee of $.30. Organizations must maintain a minimum daily balance of $100 during the statement cycle in a Community Checking account to avoid a $6.00 monthly service charge.

Interest bearing checking accounts are also something that you may want to consider. For example PNC offers a choice of interest bearing business checking solutions that come with a selection of Cash Flow Options to meet the cash management needs of most businesses.

PNC Bank offers three Business Checking with Interest accounts for you to choose from based on your transaction activity level and anticipated balances.

Business Interest Checking

• No monthly maintenance fee with an average monthly collected balance of $5,000 
• Interest is earned on account balances 

Analysis Business Checking with Interest

• For businesses dealing with high transaction volumes, substantial balances or multiple checking accounts 
• Interest is earned on account balances. 

Corporate Analysis Checking with Interest

• For businesses with high transaction volumes, substantial balances and complex cash management needs. 
• Earnings Credit is applied to reduce or offset monthly fees. 
• Account balances in excess of the balance needed to offset fees will earn interest. 

Opening a business checking account is quite easy to do. Some banks and credit unions will even allow you to open your new business checking account online or in many cases begin the process the process online. As a business owner it is important to find the right mix of benefits and features that suit your business needs. With the various business checking plans that are offered by both online banks and your local banking branch locations, you are in the driver’s seat when it comes to choosing where you want to conduct your banking. Choose wisely and read the fine print. Make sure that if your bank is requesting that you jump through a series of hoops in order to qualify for free checking that you will be able to meet those requirements. If not, simply find another place to conduct your financial transactions.