These fees may range from $25 to $30 for domestic wire transfers and $45 to $50 for international wire transfers. While many banks allow fee-free incoming wire transfers, expect to pay a fee for outgoing wire transfers. This kind of bank-to-bank transfer allows you to deposit or withdraw large sums of money to or from other domestic or foreign bank accounts. While most banks don’t charge you for receiving an ACH transfer payment, you may have to pay a monthly fee to send payment to your vendors or service providers via ACH transfer. You can send and receive paperless payments via your business checking account with ACH transfers. Additionally, some banks allow businesses to order employee debit cards so that authorized members of your staff can make purchases on the business’s behalf-but within the limits you, as the primary account holder, set. You can use your business checking account debit card to make purchases for your business. With a business checking account, you can order checks under your business name so that your payments will come from the business rather than you personally. Once you have established your business checking account, you’ll be able to handle the following types of transactions: How Does a Business Checking Account Work?Īs with a personal checking account, opening a business checking account requires that you fill out paperwork and make an initial deposit. While many banks waive their business checking account monthly fees if you meet certain requirements-maintain a minimum daily balance, have a minimum number of direct deposits per month or spend a minimum amount with your associated debit card each month-these minimum requirements tend to be higher than similar waivers offered for personal checking accounts. Business checking accounts, on the other hand, almost always have associated fees. ![]() Many personal checking accounts don’t charge a monthly fee or have easily waivable fees. In terms of how checking accounts work, the main difference between a personal and a business checking account is the cost. And both are FDIC (Federal Deposit Insurance Corporation) insured, meaning your money is safe in the event of bank failure. Both allow you to make deposits and withdrawals, draft checks, make ACH payments and make purchases and cash withdrawals with a debit card. Personal Checking AccountsĪt first glance, a business checking account doesn’t seem that different from a personal checking account.
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