Business Banking

Does your business need to manage cash effectively? These resources cover everything from opening a business banking account to complex business banking transactions.

Frequently Asked Questions

  • What should you look for in a bank for your small business?

    When determining which bank works best for your business, there are several factors to consider, including checking and savings account services, interest rates for deposit accounts, introductory and service fees, branch and ATM banking accessibility, transaction limits, minimum balance, and signup offers.

  • How do you open a business bank account?

    Start by choosing where you want to bank. Some business owners choose to open a business account at the same bank they use for their personal bank accounts. When you open a business bank account, you will need to provide certified documentation to verify your business. If you’re a sole proprietor, for instance, a business license and a registration of your trade name might be required.

  • How do you establish business credit?

    If you are just starting your business, then the business is essentially an extension of yourself. Your business and personal credit report will initially be linked. By establishing business credit, you separate your personal credit from your business credit. It takes time and effort, but begin by separating your business finances from your personal finances. Set up a business bank account, and keep your books separate.

  • How does remote deposit work?

    Organizations see a large volume of checks, and they need to get funds available quickly for operations, payroll, and expansion. Remote deposit is a way to process payments without sending paper checks to your bank or credit union. By scanning an image (or taking a photo) of checks instead of moving physical documents around, you get faster deposits and fewer errors.

Key Terms

A person with short black hair leans against a table, drinking from a mug while looking out a window
How To Establish a Brokerage Account for a Business
Two businessmen in suits shaking hands in an office
Irrevocable Letter of Credit
Coffee shop owner reviewing bank statements at a cafe table
Commercial Banking
Business accounting
Why Your Business Needs a Business Bank Account
Man signing paperwork with a teller at a retail bank
Retail Banking
Taking care of business
Your Business Needs Its Own Credit
Safety Net
How do You Get Paid when Somebody Fails to Deliver?
A woman writes a check at her desk
Lockbox Payment
Businessman working late at computer in office
Learn About the Different Types of Letters of Credit
Merchant using a card scanner and customer swiping a credit card.
Preventing Customer Chargebacks in Your Small Business
Cash Only
"Cash Only!" See Why Some Stores Don't Take Plastic
Close-up of a fountain pen on a check
How to Reduce the Odds of Getting a Bad Check From a Customer
Woman signing a check
Template for Outstanding Check Letter
women looking at account balances on cell phone
How to Grow Your Savings While Growing Your Business
man looking at bank account on computer
Small Business Banking: Why You Should Consider Business Bank Accounts
A young woman plant-shop owner sits at a light filled desk and scrutinizes her debit card.
Why Your Debit Card May Be Hurting Your Small Business
Workers for a non-profit organization providing community meals.
How To Find the Best Bank for Your Nonprofit
Best Banks for Small Businesses
Best Banks for Small Businesses in 2022
Bearded and bespectacled customer talking to a banker at the bank
The Pros and Cons of Banks vs. Credit Unions
Customer signing paperwork to open a business account with a bank manager.
5 Reasons Why You Should Not Mix Personal and Small Business Banking
Merchant Account - Credit Card
What a Merchant Account Is and How to Get One?
Businesswoman doing the financial work, crunching numbers
How a Does a Business Owner's Capital Account Work?
 
 
 
 

Page Sources

  1. U.S. Small Business Administration. "Open a Business Bank Account."

  2. U.S. Small Business Administration. "How to Establish Business Credit for the First Time."

  3. State of Connecticut Department of Banking. "ABC's of Banking."

  4. Bureau of the Fiscal Service. "Automated Clearing House."

  5. Board of Governors of the Federal Reserve System. "Microfinance in the United States."

  6. International Trade Administration. "Methods of Payment: Letter of Credit."

  7. Cornell University Legal Information Institute. "48 CFR § 52.228-14 - Irrevocable Letter of Credit."

  8. U.S. Small Business Administration. "Asset-Based Lending: What is the Upside and Downside?"