Call for Artists, Making Money at Juried Art Fairs, Craft Shows and Festivals
I just received a letter from my bank, stating that my business checking account will go from free to a fee starting in April.
Has anyone else seeing this with their banks? Is there any bank out there that is still free?
Unfortunately we can't keep our money in our mattresses while running a business but these fees are not good for the small business owner.
Any suggestions would be greatly appreciated.
I've been paying $10/month for years. I never did see free business banking in Indianapolis. OTOH, I sidestepped their exorbitant business check printing fees by printing my own and more than offset the $120/year service fee.
Hey Patty. I don't know what part of Wisconsin you are from, but Home Savings in Madison is great. Small business accounts are free. I have been with them for 6 years. The are locally owned and operated. The took no gov't bailout money either. Of course these days, most transactions take place by mail or on the web, so location is not as big of an issues, as it was in the past. Stay away from the huge banks. Look for local, community banks or a credit union. Here is the link: https://www.home-savings.com/page/Business/Bchecking/
Thanks Colin, I'm in the middle of Milwaukee and Madison, near Oconomowoc. The reason I would need to visit a bank is to make a deposit after a show, otherwise I do everything online.
I know some banks will waive fees if some requirements are meet. Like certain daily balance or # of transactions.
I already had to close an account in FDL because of the so called Dormant fees.
Try a credit union. Mine provides free checking, both for personal and business use.
I should mention that for the most part with a credit union debit card you can use any Credit Union ATM in the country without additional fees.
I get free business checking from Chase as long as I use my debit card a certain number of times a month.
I use Bank of America, and it's free as long as I use the debit card once a month.
I used to use a local bank here in Ft. Myers FL, but when I started traveling out of the area I needed a bank with a presence in the states I was working in, so I switched. Worth keeping in mind if you travel.
That is certainly something to consider as Associated is not in all states.
TCF Bank small business checking is free, with no requirements. I think they are only in the upper Midwest.
I have free banking for my business through USBank although I think I have to have a certain number of dollars between my personal and business accounts to keep it free.