In order to choose the best small business checking account there are a lot of factors to consider. In today's presentation we are going to focus on fees, features, and transaction costs. So lets get started!

1. The Best
Small Business
Checking
Account

2. In order to choose the
best checking account
there are a lot of factors
to consider
Most businesses will want to
focus fees, features, and
transaction costs.

3. The things that will affect this are:
•Your average monthly balance.
Generally the
higher this number the more features your account
will have and the lower the monthly account fees will
be.
•The number of electronic transactions. If you
are doing more than 150 electronic transactions per
month, you might want to consider an account with
higher monthly fees, but lower transaction costs.

4. The things that will affect this are:
•The amount of cash transactions.
If you are
doing more than $5000 in cash transactions per
month, you may also want to opt for an account with
higher monthly fees but lower transaction costs.
•Quickbooks Integration - While most banks allow
you to download transactions, of the banks we
reviewed only Bank of America has quickbooks full
integration.

5. Overall,
most banks offer small business checking
accounts that follow similar formats.
Usually, checking accounts will
have a monthly fee that will is
waived if you maintain a large
enough balance.

6. In order to
explore options,
we have broken down the offerings
from Bank of America, Wells Fargo,
Citibank, and a small local bank to
represent what you might expect from
a local bank near you.

7. Best Account
for Less than $5,000 average
monthly balance:

8. If your business is
just starting out
we recommend checking your local and
regional credit unions to see what they
have to offer.
Neither Bank of America nor Citi offer free business
checking accounts if your average monthly balance is
below $5,000.

9. Wells Fargo Simple
Business Checking
Credit Union (Rockland
Trust Free Business
Checking)
Monthly Fee
$10 (if below $1000)
$0
Account Minimum
for Waived Monthly
Fee
$1000 and enroll in
online statements
N/A
Free Monthly Cash
Deposits
$3000
$0.30/per $100 after
Unlimited
Monthly Free
Transactions
50
$0.50/per after 50
$300
$0.50/per after 300

10. Wells Fargo Simple
Business Checking
Quicken/
Quickbooks
Integration
• WebConnect - Free
• DirectConnect online
banking with
Quickbooks - $14.95/
month.
• DirectConnect online
banking and Bill Pau
with Quickbooks $24.95/Month
Credit Union (Rockland
Trust Free Business
Checking)
No

11. Wells Fargo Simple
Business Checking
Credit Union (Rockland
Trust Free Business
Checking)
Free Debit Card
Yes
Yes
Interest Paid
No
No
Free Online
Banking
Yes
Yes
Mobile Access/
Mobile Check
Deposits
Yes
No
Direct Line
Customer Service
24/7 phone support
Yes

12. Best Account
for $5,000 + average monthly
balance:

13. All the
major banks
offer accounts with waived monthly fees
at this level, and fairly competitive
features. Your local credit union may
still be the best option, but you might
want to consider going with a major
bank because they offer a larger
selection of ATMs.

14. CitiBusiness
Streamlined
Checking
Account
Bank of
America
Business
Fundamentals
Wells Fargo
Business
Checking
Credit Union
(Rockland
Trust Free
Business
Checking
Monthly Fee
$15
Varies by
state ($14+)
Account
Minimum for
Waived
Monthly Fee
$5,000
$5,000
$600
N/A
$5,000 10,000
$10,000
$0.20-0.30/per
$100
$5000
$0.30/per
$100 after
Unlimited
250
200
$0.45/per
after 200
150
$0.50/per
after 150
300
Free Monthly
Cash Deposits
Monthly Free
Transactions
$12
$0

15. CitiBusiness
Streamlined
Checking
Account
Bank of
America
Business
Fundamentals
Wells Fargo
Business
Checking
•
•
•
Quickbooks
Integration
No
WebConnect
– Free
DirectConne
ct online
banking with
Quickbooks
and BillPay –
$15/month
•
•
Credit Union
(Rockland
Trust Free
Business
Checking
WebConnect –
Free
DirectConnect
online banking
with
QuickBooks –
WebConnect
$14.95/month.
– Free
DirectConnect
online banking
and Bill Pay
with
QuickBooks –
$24.95/month.

16. CitiBusiness
Streamlined
Checking
Account
Bank of
America
Business
Fundamentals
Wells Fargo
Business
Checking
Credit Union
(Rockland
Trust Free
Business
Checking
Free Debit/
Credit Card
Yes
Yes
Yes
Yes
Interest Paid
No
No
No
No
Free Online
Banking
Yes
Yes
Yes
Yes
Quickbooks
Integration
No
$5,000
No
No
Mobile Access/
Mobile Check
Deposits
Yes
Yes
Yes
No
Direct Line
Customer Service
Call Center Call Center Call Center
Yes

17. Best Account
for $10,000 + average monthly
balance:

18. If your business can maintain
an average monthly balance
above $10,000, you can get a
free checking account
with a higher number of free monthly
transactions, and higher free cash deposits.
At this level, Bank of America also waives the $15/month
fee for Quickbooks integrations, which is worth considering.

19. CitiBusine
ss Flexible
Checking
Account
CitiBusine
ss Interest
Checking
Account
Bank of
America
Business
Advantage
Wells
Fargo
Business
Checking
Credit
Union
(Rockland
Trust Free
Business
Checking)
Monthly Fee
$25 (may
vary by
state)
$15 (may
vary by
state)
$29.95
$16
$25
Account
Minimum for
Waived
Monthly Fee
$10,000
$10,000
$15,000
$10,000
$10,000
$5,000
$10,000
$0.30/per
$100 after
$5,000
$0.30/per
$100 after
Unlimited
20
500
$0.45/per
after 500
150
$0.50/per
after 150
500
$0.50/per
after 500
Free Monthly
Cash
Deposits
Monthly Free
Transactions
$20,000
500

20. Quicken/Quickbooks Integration
CitiBusiness
Flexible Checking
Account
WebConnect – Free
CitiBusiness
Interest Checking
Account
WebConnect – Free
CitiBusiness
Interest Checking
Account
WebConnect and DirectConnect online banking with
Quickbooks and BillPay – Free
•
•
Wells Fargo
Business Checking
Credit Union
(Rockland Trust Free
Business Checking)
•
WebConnect – Free
DirectConnect online banking with QuickBooks –
$14.95 per month.
DirectConnect online banking and Bill Pay with
QuickBooks – $24.95 per month.
WebConnect – Free

21. CitiBusine
ss Flexible
Checking
Account
CitiBusine
ss Interest
Checking
Account
Bank of
America
Business
Advantage
Wells
Fargo
Business
Checking
Credit
Union
(Rockland
Trust Free
Business
Checking)
Free Debit/
Credit Card
Yes
Yes
Yes
Yes
Yes
Interest Paid
No
Yes
No
Yes
No
Free Online
Banking
Yes
Yes
Yes
Yes
Yes
Mobile Access/
Mobile Check
Deposits
Yes
Yes
Yes
Yes
No
Direct Line
Customer
Service
Call
Center
Call
Center
Call
Center
Call
Center
Yes

22. Conclusion
Choosing the business checking
account that is best for you will
depend on the
unique requirements
of your small business.

23. smaller side
Businesses
Should seriously consider the
options offer by local banks.
They often offer a more robust set of
features at a lower price point, as well
as superior customer service.

24. Large Small
Businesses
May be able to get a robust set of
features, plus potentially earn
interest on your deposits.

25. Join The Community:
www.FitSmallBusiness.com
Click here to tweet
this presentation.