Business

George Ammar- Factors To Consider Before You Open A Business Bank Account

By on November 21, 2017

Most people love to avail services for which they do not have to pay any charge. You are also not an exception to this rule as an enterprising entrepreneur. Experts from the banking industry say when you opt to open a business account with the branch of a corporate bank, there are certain services you should accept without asking any questions. This is because such services can help you to save hard cash and your valuable time. These are two aspects to you consider to be very valuable as a proprietor.

George Ammar – Important features to consider when opting to open a business bank account?

George Ammar is a popular Certified Public Accountant and former Chief Financial Officer of Resilience Capital Partners LLC. He says you should consider the following 3 important features when opening a business bank account in a branch of a prominent corporate bank:

  1. No monthly charges

Experts point out that as an entrepreneur you first thing you need to consider when it comes to opening a business bank account is whether you can avail free services. They explain that before you even think of giving your assent by signing the application form, it is always prudent on your part to do some research. You need to find out what ‘free services’ include. Will the bank charge any fees for using plastic money, automated teller machines, depositing cash beyond a certain limit or making bill payments on your behalf? If the answer to these questions is ‘no’, then you should open such a business bank account. Again, you need to ensure that these services can help you to conduct your organization’s operations in the marketplace smoothly.

  1. Convenient working hours

You should to also remember that free banking never compensates not getting the services you need from this financial institution when you require them as an entrepreneur. You have to find out the normal business hours of the branch where you intend to open such an account on any particular day. Does this establishment conduct its business operations during the weekends? There no point opening a business account with a bank which does not accept cash deposits after its normal working hours or clear check for transactions that occur on the same day. This type of inconvenience can waste your time and hard-earned money. You may even lose loyal customers,

  1. Online banks

Being a busy entrepreneur, you may be taking advantage of the internet to pay your bills, transfer money, accept payments from your clients and even check your bank balance. You need to ensure that corporate bank where you open a business bank accounts offers you free online banking service.

  1. Granting loans

At times you may need to take a loan from the bank you choose to open an account to ensure the smooth running of the business. You need to ensure that this process is hassle-free and you can get the money instantly.

George Ammar says the success of a corporate bank depends upon how well it can serve its customers. Opening a business bank account in the branch of a bank you can trust can be a catalyst in helping your organization carry out its operations in the marketplace. However, you need to ensure you can avail the above 3 important features when it comes to opening such an account.

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KAREN MILLER
Boston, MA

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