important thing you need to know that personal and business banking
are two different segments altogether. So if you’re looking
for a bank that will match your business criteria, then take
into consideration various aspects like how close is the bank from
your office. Though telephones, internet and ATMs today
may have cut down the time of standing in long queues, but still
you’ll need to visit the bank occasionally, if only to
put in cheques. If you’re likely to have a lot of transactions
requiring you to visit the bank, then proximity is obviously
a key issue.
Secondly you need to know whether the bank has an online banking
service, as it gives you control over your bank account at the
click of a mouse. Through online banking you can check balances,
transfer funds, and see know your daily transactions, which will
help you manage your credit much more efficiently.
It is also important to know whether the bank has a free banking
facility for a fixed period of time. However, carefully check
the terms and conditions attached as once the free period is
over, the charges imposed may be subsequently higher. Some banks,
meanwhile, offer discounted banking for a longer period of time
and this option may make economic sense for you.
Finally, find out
about Bank overdrafts as this will help you to overcome short-term
cash flow crisis. Inquire from the bank
how much it is willing to lend a business such as yours and how
it is calculated – whether through a fixed formula or is
it to the discretion of the manager.