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Tuesday, August 9th
Novo comes close to meeting many expectations business owners have with business banking. They have no monthly fees, a low initial deposit requirement, no minimum balance requirements, no recurring fees or transfer fees, and they integrate with many financial technology platforms. Where they fall down is not having a way to deposit cash, no interest-earning accounts, and some negative reviews from customers that haven't been responded to. If you enter a banking relationship with Novo, go in with eyes wide open.
Wells Fargo is a large consumer bank with business banking features. Founded in 1852 and widely recognized for decades in the past by its stagecoach logo, Wells Fargo has evolved to become a global financial service. But with that growth has apparently come a distance between what its customers want and what Wells Fargo provides. We're advising to stay away from Wells Fargo for business bank accounts.
The answer to this question depends on a lot of factors. How mature is your business in terms of growth and revenue? How do your customers pay you? How do you pay your vendors? Do you expect to earn interest on the money you hold in your checking account? Can you afford to pay fees on transactions?
Access to cashflow is a big part of running your business. Without cashflow, you can't operate. So being able to deposit or withdraw money quickly, with the least amount of hassle, will partly determine whether you're successful in your entrepreneurial endeavors. For example, if you can't make payroll happen in the timeframe your employees expect, they will complain or even quit. Or, if you can't pay your bills on time, you'll be assessed fees and fines that put a dent in your bottom line.
When looking for a business bank account, you will want as many convenience options as you can find. You want a bank that works for you and improves your financial success, not one that makes you feel like you are working for the bank and that they keep taking your money.
We've broken down this review of business banking into several key criteria to compare between options. Not every bank has every option available, but these are among the most common we've found:
TopConsumerReviews.com has reviewed and ranked the most popular providers of business bank accounts available today. We hope this information helps you choose a bank that will make it easy and affordable to manage your money!
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People’s United Bank customers will see these changes as their ...
People’s United Bank customers will see the first in a series of changes on Friday as M&T Bank launches the process of moving account holders from the Connecticut-based financial institution over to ...
Thu, 04 Aug 2022