The best banks in the USA for small businesses
Having an account just for your company should be a priority, it will be the key for you to manage it as it should be. If you are entering this adventure it is essential that you know what they are. The best banks in the USA for small businesses. Hispanic Entrepreneurs brings you a list of these banking entities so that you can choose the one that suits you best.
More than an alternative, having a bank account is a requirement, so even if you are starting it is important. With this you can process payments with point of sale (POS) and enjoy other products such as credit cards. This will help you build credit and finance the company to keep your capital and earnings safe.
But at the time of opening the account you should know well what the banks offer to choose the best offer. Remember that startups and small businesses have different characteristics than large companies.
Therefore, if this is your case, you should explore the banks that offer services that favor your small business. That is, the one that charges lower rates and suits your needs and work pace.
Find out some important aspects such as whether it allows you to make cash, virtual or check deposits. If ATM operations are free, type of customer service, collection of commissions, etc. However, keep in mind that every business is different, so base your decision on the movement and the characteristics of your company.
The best banks for small businesses in the USA
1-Chase Bank
It is the most popular among small and medium-sized businesses because it provides various solutions to business owners of this type. It has offices throughout the United States. Provides checking and savings accounts, commercial checking service free of charge when they maintain a minimum balance of 1.500 dollars.
It makes it attractive because it has one of the best online banking systems and mobile platform. In addition, commercial credit cards such as Chase InkPreferred with which you apply for free trips or discounts.
Offers installment loans, $10.000 to $500.000 lines of credit, real estate loans, and equipment financing. Also, online payroll service, access to human resources functions, check scanning and electronic deposits.
In addition, it has a merchant service account. You have incentives such as cash back and reward points for every credit card purchase. Additionally, it exempts from the collection of commissions to withdraw money or make cash deposits.
Determine which checking account is ideal according to the structure and size of the business. Provides resources to emerging and established businesses, as well as training, seminars and community resources.
It focuses on working with minorities, meaning African-American and Latino business owners, women, and veterans. It is committed to supporting African American and Latino business owners through accessible training and education. It also allows employees to take advantage of exciting features, rates, and commissions. It has everything you need and you can manage everything online.
To open a business account at Chase Bank, they generally require company registration and an Employee Identification Number (EIN). As well as identification such as a driver's license or visa if you are not a resident, a recognizable proof of expenses number (SSN or ITIN). Plus, a utility bill in your name, online application approval, and fictitious name authentication if you use one.
But keep in mind that the requirements They can change depending on the type of account you are going to open and the type of company. Gather the collections and request an appointment at the branch of your choice to formalize the process.
2- Navy Federal Credit Union
It is the largest credit union in the world, serving 10 million members. Accepts Department of Defense and Coast Guard active duty members, veterans, civilian personnel, contractors, and their families. It has 200 members from emerging companies and established businesses.
It stands out because it has a good service for small businesses, shops, restaurants and cafes. You have several options, including business checks, accounts, loan portfolios and microcredits. It also includes payment processing platforms, employee insurance, and retirement plans.
Since credit unions are non-profit entities, you can take advantage of their higher interest rates for savings accounts. Charge much less in commissions and surcharges.
To access its portfolio of services you have to make your business a commercial member if you meet the requirements. You are required to join them as an individual and deposit $250 or $255 depending on the type of company to start the relationship.
All the account openings It does them online, as well as applications for lines of credit, cards, loans and other financing alternatives. For sole proprietor and general partnership businesses, a Tax Identification Number, license, business permit, or fictitious name certificate is required.
For the rest, the validity certificate, TIN, real beneficiary form and fictitious name certificate. Fill out the online application form, compile the documents and in the next 2 business days call the bank to complete the process.
3- Axos Banks
Backed by being America's oldest online bank, Axos BankIt is an excellent option for SMEs. Your Business Interest checking account is free as long as you maintain an average daily balance of $5.000, otherwise you will pay $10 maintenance.
It offers 50 free monthly transactions per month, the checking account generates interest on the amount deposited. While, basic business checking account authorizes up to 200 free transactions per month, other operations at no cost and does not ask for a minimum balance.
Similarly, it has savings and money market accounts for companies, certificates of deposit and other services to manage cash. New business owners receive a $200 welcome bonus.
To open the account you must enter their website and apply. They initially request the name, address and tax identification number (TIN) of the company. Owner's name, date of birth, social security number, and current photo ID.
Also, trade name certificate, fictitious name certificate. The rest of the requirements depend on the Business Type. May require general partnership agreement and all amendments, IRS 501-c-3 status letter, minutes of meeting with active members. Until management contract agreement, etc.
4- Wells Fargo
There's a lot Wells Fargo can offer small businesses. This is the best Small Business Loan Administration (SBA) lender. The bank with the most branches in the USA and the third largest in total deposits.
It has a varied catalog of business checking accounts, all subject to maintenance fees if you do not meet the minimum amount. For example, the Simple Business Checking account requires a balance of $500.
It includes payroll services, business taxes, flexible loan programs, and is the one to go for if your business does a lot of cash. You can deposit and withdraw at any location, since its ATM network is one of the largest. Apart from internet and mobile banking with excellent performance and lower interest rates.
To open the account you need as requirement give your personal data, Social Security Number (or ITIN), identification and initial deposit. In addition, to present a series of documents depending on the type of company and the presence of all partners.
Requires certified copies of company documents, taxpayer identification number, 2 types of identification provided by a government agency. Fill out the forms and deliver the certification related to usufructuaries in case they are legal entities.
If you do the process online or by phone, you have to scan the documents and identification or send them by fax. The bank gives precise instructions when you choose any of these last options.
5- M&T Bank
For businesses located on the west coast, the M&T Bank is a good alternative due to the facilities it has to help SMEs. Has More than 700branch offices in the mid atlantic and an outstanding customer service team.
His staff analyzes the company's finances to provide the tools he needs according to his situation. Notably, it is one of the SBA's 10 lenders and provides online and mobile banking services.
Within its catalog there are at least 5 types of current accounts ideal for small businesses. Likewise, it has specific accounts for some industrial sectors, for medical services and independent contractors.
Its business banking services include business checking, cash management, financing, credit cards, and digital banking. It even covers electronic payment, payment acceptance options, fraud protection, and resource management advisory resources. Good interest rates and low commissions.
Its disadvantage is that in order not to pay commissions, you have to maintain the minimum balance of the account. For example, for the Simple Checking for Business account it should be $2.500. And its ATM network is limited.
At the same time, the bank develops programs that increase access to education, capital, and resources in this sector and the enterprises of minorities and women..
To be a client you can use their website or go to one of its branches where you will have more advice. To open an account they ask for SSN or EIN number, business information and identification of the owner and his personal data.
6-US Bank
It appears as the best bank to make free transactions at ATMs distributed throughout the country. It stands out for its Silver Business checking account that has no monthly maintenance fee and is aimed at small businesses. Those who make less than 150 monthly transactions benefit the most, because for each additional they charge $0.50.
Authorizes 20 checks to be deposited virtually at no charge and provides card payment processing platform services. Even payroll and billing services. You only have to maintain a minimum balance to avoid commissions. In the Platinum Business Money Market account they ask for one of $10.000 and in the PreferredBusiness it is $1.000.
It is necessary to open the account the EIN or the tax identification number of the company. If you are a sole proprietor you must use the social security number. The articles of incorporation, of organization, the statute or legal document that indicates when the company was formed if there are partners must be recorded.
You must present a government-issued photo ID and provide other personal information such as address and phone number. You have the option of carrying out the operation through the website of U.S. Bank.
7- First Republic
This entity is the right one if you find yourself obliged to travel outside the United States. With this you can manage money and make transactions in different parts of the world.
Las accountthey have low fees at ATMs also outside the country,low cost of maintenance and minimum balances. Additionally, it works with flexible online banking, easy bill payment and a 1,95% introductory fixed rate loan.
The commercially analyzed checking account of First Republic It allows linking it to others to increase the credit. It does not charge fees for incoming transfers, requires a minimum opening balance of $5.000 and a debit card for quick transactions.
At the same time, it offers a commercially analyzed checking account with protection services. As well as commercial interest current account, multi-client management account and simplified commercial checking account. To obtain more information about their products you must call or go to their offices.
We all know how complicated it can be to run a business. It's not easy, but if you want your company to succeed and grow without complications, you need an account for your business that makes the process easier. That's why we recommend getting one as soon as possible, because then everything should run smoothly no matter what happens in the future. You can also feel more secure knowing that there are some great banks here in the United States that offer services specifically tailored to small businesses like yours. If you have any questions about which bank would best suit your needs or how they operate, please do not hesitate to contact us through our website at www.asesorias.hispanosemprendedores.com
We invite you to read our article that will help you identify and report scams in the USA
Related Notes: