Banker

Before opening an account, talk with a couple of different banks. Each bank has its own published pricing structure for service fees and by doing a little research you can save yourself some money each month. Smaller banks tend to have lower prices for their services, some even offer free checking accounts. Larger, big-name banks with will be more helpful if you are doing business internationally.

Questions for a banker

1. What kind of checking account options do you have? What are the fees associated with each type?
2. How much are the fees for each type?
3. What options do I have for an interest bearing account?
4. Can I get a credit, debit or deposit card for my business with you?
5. (If you need a loan) How do I go about establishing a line of credit or getting a small loan for my business?
6. Once I have been a customer for a while, will you be able to approve shorter hold times on payments from my clients?
7. Are you a participating lender of the Small Business Association?

Once you've made your selection, call the bank and find out what documentation requirement the bank has for opening business accounts. They should ask you what type or legal form (sole proprietorship, corporation, LLC or partnership) of business you have. Gather all your documents and sit down with a representative at the branch you anticipate doing most of your business with. This will be your home branch. Your home branch will have more authority to perform certain services for you than other branches or the call centers.

Introduce yourself to the branch manager, if possible. Let him or her know that you are starting a business and expect to establish a long-term relationship with the bank. Be organized, professional and outgoing. People like to help people they like.

Banks have a variety of account types some that pay interest and/or waive monthly fees if you maintain certain balance levels. Find out what your options are and based on your anticipated use, pick the account that is most appropriate for you.

If you need a small start-up loan, your banker is an excellent resource. The bank may be able to provide a loan at their own risk or issue a loan to you that is guaranteed by the Small Business Administration (SBA). (The SBA does not make loans directly.)

Most banks these days use customer support call centers. The call centers can be very helpful for requesting information about your account and for handling a variety of requests (check clearing, copies of checks, initiating stop payments, etc.), especially during non-banking hours.

Sometimes, however, you may need more personalized attention and this is where the representatives in your primary branch can be even more helpful. For example, banks have standard 'hold' times (the number of days you have to wait before you can access the funds) for large deposits. When you deposit funds in the ATM, the standard hold times will definitely be applied.

Let one of the branch officers know that you may be receiving large checks from your clients and that you would appreciate having availability on your funds sooner than the standard hold times for large checks. If you have established yourself as a responsible and reliable customer, you may be able to get quicker-than-standard availability inside the branch. Sometimes a teller will be able to speed up this process, but generally, the teller will have to get approval from their supervisor or the branch manager. If you already have a relationship or an agreement with that person, you'll be ahead of the game.

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