You started a business to be your own boss and to share your ideas, services, and products with the world (or, just the Tri-State area!). You’re passionate about what you do, and you need banking solutions that simplify your day-to-day. Comingling business and personal funds can cause confusion and problems down the line, so it’s important to keep your money siloed. A business checking account is just one of the columns supporting your enterprise’s needs, but it’s a crucial one – and not all of them can compare! Below are a few features you should look for while shopping for an account.
5 Features of the Best Business Checking Accounts
1. No Fees
While a monthly maintenance fee may seem like an inconsequential amount of money, it can add up over time. That’s why protecting your business’ bottom line starts with a free checking account. At General Electric Credit Union (GECU) our business members can choose from:
- Simply Free Business Checking. The name says it all – this checking account is easy to manage and comes with no maintenance or annual fee.1
- Premiere Business Checking. This business checking account allows you to earn dividends on your balance. It’s based on a tiered-rate system, so the higher your balance, the higher your earnings. You can avoid monthly fees by carrying an average daily balance of $10,000 or more.2
2. Robust Digital Services
The business checking account you apply for should give you access to a wealth of digital services, such as Online Banking and a top-rated mobile app. This gives you the flexibility to bank from wherever you are, whether that’s at the shop, office, or home. Plus, you’ll enjoy the added security of eStatements and the convenience of online account and commercial loan applications.
3. Local Focus
Your business deserves a banking partner that understands the community you’re a part of and who you’re trying to reach. That’s why it’s beneficial to work with a local financial institution. They’re familiar with the audiences and the places important to you because their team is a part of the community, too.
4. Overdraft Protection
You’re busy running a business. Sometimes, you may forget to check your account balance as a result. Luckily, the best credit unions offer overdraft protection to keep you from overdrawing your business checking account. From overdraft protection transfers that pull from another account to cover a charge to overdraft lines of credit, there’s a solution for every businessowner.
5. ATM and ITM Access
ATMs allow you to perform basic transactions without the aid of a teller. The financial institution you work with should have free in-network ATMs that are convenient for you to get to. GECU members have free access to nearly 100,000 in-network ATMs.3 Search your business or home zip code here to locate the nearest ATM.
Interactive Teller Machines (ITMs) give you even more options. Cash and deposit checks, make commercial loan payments with the help of our Personal Tellers, and withdraw cash in denominations of $1. Some of GECU’s ITMs are even available 24/7 via drive-thru or an ITM lobby, so you can do business on your time.
Ready to find a checking account that goes to work for your business? Reach out to the Business Services team at GECU. They’ll help you choose from our account offerings based on your needs and average daily balance. You can confirm your membership eligibility in advance here. Credit Union membership is open to anyone who lives, works, worships, or attends school in select Ohio, Kentucky, and Indiana counties.
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1You must deposit $25 to open a GECU Simply Free Business Checking account.
2You must deposit $25 to open a GECU Premier Business Checking account. If your average daily balance is below $10,000, you will incur a $15 monthly maintenance fee. To earn dividends, you must have a balance greater than $10,000. The tiers are as follows: Tier 1 daily balance $10,000 to $24,999.99; Tier 2 $25,000 or more. There is no minimum balance required to maintain this account. The account must be funded within 30 calendar days.
3Our ATM network is fee free for withdrawals for GECU debit cardholders. In-network ATMs include: GECU, Allpoint, MoneyPass, CULIANCE, and Fifth Third ATMs. For more details visit our Debit Card Access page. Foreign transaction fees apply to out-of-network ATMs, please review our Fee Schedule for those details.