Wells Fargo Business Checking Account Fees

Wells Fargo Business Checking Account Fees

A business checking account is vital for any type of business. Whether you are just starting out on a business plan or have been running your venture for a while now, having a business checking account will make record keeping and transaction making a lot easier for you.

Not only does it give you an air of professionalism, it makes tax preparation easier for you. Keeping your business and personal accounts separate is also the best way to avoid jumbling up your business and personal transactions and missing tax deductions you qualify for.

All major banks and most of the smaller ones too offer a range of business checking accounts. These accounts are as different in structure as they are in number, and can be overwhelming for the first time business account applicant. Some have no monthly maintenance fees and no minimum opening amounts; others charge a nominal monthly fee and still others have high minimum balance requirements.

You should choose a business checking account that meets your business needs. If you do most of your transactions online for instance, choose an account that gives you the freedom to transact online without having to contact the branch every time you need to make a major transaction. If on the other hand you mostly deal with checks, choose an account that allows you to conveniently deposit and withdraw by check.

Factors to consider when choosing a business checking account

1. Cost
Take into consideration all the fees charged to run and maintain the account. This includes any opening fee, monthly maintenance fee, transaction charges and rates, penalties and other hidden fees you may inadvertently be forced to pay. Read the policy well and identify any loopholes in the fine print that may attract charges in the future. Sometimes, an account with a monthly maintenance fee is more economical than a free account with tens of small charges in the long run.

2. Services
How many services does the bank offer courtesy of the business checking account? Does it offer free online banking and bill pay? Will they help with the processing of your merchant credit card? How about giving you a business loan – what are the conditions and requirements for getting a business loan form them? What are the loan limits? All these are essential services for the advancement of your business.

If you require more premium services but cannot get that with a basic business checking account, consider opening an advanced account. It may cost slightly more but if it helps you meet your business goals better, it is worth it.

3. Insurance
Open an account with a bank that is insured with the Federal Deposit Insurance Corporation (FDIC). This ensures that you have nothing to lose should the bank go under, and will be compensated adequately.

Tips for choosing the right business checking account

1. Identify your business needs then choose an account that meets these needs. You may not find an account that addresses all your needs, since each business has unique needs. However, the best business account is one that meets as many of these needs as possible.

2. Compare both cost and services. You will be surprised at the difference in cost and services you can get, even between two accounts offered by the same bank. Enquire about the charges associated with the account, and the kind of services offered.

3. Consider opening a business account at your bank. It may earn you a special rate and priority or executive status, which are both good for your business.

What are some of the basic features that matter in a business account?

1. Online banking
2. Business debit cards
3. Bill pay for those who do online transactions
4. Easy access to ATMs across the state or country if you travel a lot.
5. Mobile banking support. You should be able to access your account from a mobile phone for when you are on the move.
6. A reasonable number of transactions per month at no extra charge.
7. Discounts on business check orders.

There may be additional banking services that you may require, depending on the nature of your business. Feel free to ask the bank whether they provide these services. They may be available at an additional cost but if they are vital for your business, then they are worth paying for.