November 3, 2024 • 5 min
Article Contents
Opening a business bank account is a key step in getting your small business up and running. Not only does this type of account make it possible to accept payments from customers, but it also makes it easier for your accounting and provides protection for you in case the unthinkable happens.
Not sure how to get started? This guide will provide you with an overview of different types of business bank accounts, a thorough list of documents you might need to provide, and the steps to opening a business bank account.
Credit unions and banks offer a variety of options for small business owners, including business checking and business savings accounts. Lenders may also offer other products for small businesses, including overdraft protection, merchant services or payment processing solutions, and business credit cards.
When you look for a business account, be sure to understand any fees and restrictions on the account, such as monthly account fees and transaction limits.
Be sure to understand any fees and restrictions associated with your business bank account, such as monthly account fees and transaction limits.
In order to open a small business bank account, you’ll need to provide some documents related to your business. The specifics may vary based on your financial institution, but you should expect to provide the following:
We’ve made it easy by compiling a list of what you need for a business account at Patelco.
This step will require some research, but this decision will impact your entire business. Here’s what to consider as you look at financial institutions:
When you’re ready to apply for your business bank account, you’ll need to provide the documents listed above. Depending on the bank, you can apply online, in person, or over the phone – but you’ll need to make an initial deposit once your application is approved.
To apply for a business account at Patelco, you will need to be an existing Patelco Credit Union member and own a business (or own a business and qualify for membership). Patelco business accounts can be opened through the Patelco Virtual Branch™, where our team members can walk you through the application process, review the required documents, and answer questions about the types of accounts and products available to you, including merchant services, overdraft protection, and the Patelco Business Rewards credit card.
Once you open an account, you can start using it to deposit and withdraw money, write checks (when applicable), and make online payments. You may also want to set up automatic transfers to your business savings account to help you save for future expenses.
As with any bank account, be sure to keep track of your transactions and reconcile your account regularly. Keep your business bank account information confidential and be aware of common business scams.
Congratulations! Opening a business bank account is a simple process, but it is an important step for any entrepreneur.
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