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so are you wanting to open up your own business checking account well if you are then there's a few things that you need to watch out for so in today's video I'm gonna cover some of the different fees that you definitely want to add some stuff that you will never hear a banker talk about and some things that you will never see in your personal checking account to watch out for so we're gonna be talking about in today's video that's something you want to know make sure you stick around [Music] well hey there entrepreneurs and welcome back to on trade Woman TV where I help you transform your passion into the business that you love so that you can change people's lives now I got a question recently on a video that I did and it is by Shelley and she asks can you do a video on how to choose the best bank for your business example I have a service based business hair and makeup and I've been in the market trying to find a good bank to set up a business account thanks so much Shelley for your question I'm really pumped to answer this for you so let's jump into it so when most people are choosing a bank they typically may try to go or consider with something that's local or someplace that they're already banking for their personal checking or savings or something else like a money market account or something like that however I would encourage you not to do that just offer those merits alone yes you may be more familiar with the bank and the people and things like that and that's always a plus but you want to make sure that you're picking a bank that is best set up for your needs now if you can do it at the same location that's great but if not don't be afraid to try something else or go someplace else another thing is that there is also a big difference when it comes to you know what should you do a regular big bank like the u.s. bank or Bank of America or should you go with something local and you know maybe support a local credit union or something like that I would encourage you also don't just jump to a credit union because it's local and all those good things now don't take this in the wrong context I absolutely you know recommend supporting local businesses and all of that great stuff but when it comes to your business and your money sometimes they fall short and being able to handle all of the different things I mean just being familiar with the different things especially you know retailing online business market space and things like that and all the different stuff that plugs into it now go into some of the different details but I wouldn't recommend just my personal opinion I would not recommend using a credit union I have not found where they are able to best service you in all of the different categories that I'm going to be talking about so if let's jump into it so the first thing that I would recommend when it - you know a specific bank and I'm gonna stick to banks and credit unions for the purpose of this video is mobile accessibility when we are doing business we are always on the go very rarely are we just stuck in one particular location if you do have a brick-and-mortar business you are spending some time there but you also don't want to just be creating something that requires you to be in town so you need to have mobile accessibility and yes the website may be mobile friendly but do they have an app and this is one of the few times where you know somebody having a specific dedicated app is super helpful because you know your church may have an app or school may have an app but it's like it's not really doing anything different than you know just a mobile website would do but you want to make sure that it has some mobile accessibility because when you are out of town if you do have to handle something when you're away from your location or if you have a home-based business like I do I'm working right here at my home office then you still need to be able to handle your business whether you're here - hopefully that you know like texting and driving all that stuff but it happens you get in traffic or a red light and you're just legit sitting there so you have time to quickly check that so you want to make sure that it's not just mobile friendly but the mobile accessibility is there and so I want to touch on just a couple things but it's a lot of stuff that I want to hit on so I'm not gonna go into detail every little thing but I do want to make sure I at least go over some of the stuff so the first thing of that for the mobile accessibility is the limitations of the app when they do have the app is it just again checking the account balance or can you do some other functions with it one of the things that I absolutely love is that I can make direct deposits if I'm getting paid by check for whatever reason or for some specific job or whatever then I can make sure that I can take a picture of that with my phone and within a short time frame they're able to respond now again this is something that when it comes to smaller banks or something that's only local that you want to be cautious of - because if you do have someplace that's local they don't have a 24 hour like bank book Bank of America Bank or something like that they may have customer service that's 24 hours or something like their local or smaller banks may not so you don't have pretty good turnaround time when you're doing functions like that or if you need to utilize chat services and I'll get into some of that a little bit but make sure that it is having different things that you are going to be able to do and that the limitations are very very low so don't just make sure they can check the balance and all of that stuff like make sure you check the limitations of what the app can do and what it can't do and even if you're not banking with them yet go to the Google Play Store go to iTunes Store and just scroll through some of the images and see what kind of stuff does it say that you can do versus the end and just really pay attention to the things that you can't do another great thing is like payment transfers and being able to you know transfer maybe from your personal to your personal check checking account and deposit that as a capital deposit into your business business checking account and so there are times where unfortunately you may have to take from your personal monies or you know income or a job or whatever and fund something for the business or initially to begin with this typically what you're doing so you want to make sure that when you need to that money is there you want to make sure that they can get on that fast so that you're only looking at maybe 24 hours at the longest so make sure to go over all the mobile accessibility is on point so number two when it comes to picking a business checking account is make sure that the fees make sure you go over the fees make sure that the fees are clearly listed you know exactly what you're getting into what you're going to have to pay and what you're not going to have to pay and there are different types of fees some things going in early on that you may not be familiar with so also look at again so even though you know maybe a service based business don't just go only go off of that really think like if for example you develop your own shampoo formula or something like that and vice versa for anybody you know if it's a product-based business consider one day you may offer services or something like that so just know you want to have a good playground for both of those things so a couple different things when it comes to the fees so let's get to that ATM fees man everybody will tell you that yeah you can always come to our ATM and it'll be great okay do you travel for your business you're going to travel at some point how you know well known is this Bank in other cities how many ATMs do they have in your current city make sure that they are some of everywhere and then some things that you know some of these different banks and financial institutions will talk about is making sure that you have a shared network or something like that so that you can go to another banks ATM or something and they don't have any fees so when it comes to that and dealing with ATM fees make sure that even though they say oh yeah we're pretty well known to look at the actual map go to their website which typically you should be able to find this or get this from customer service look at the actual map for your city for where all of the ATMs are and if they have that in addition to you know a shared network branch system then see where all those other ATMs are as well because if you wouldn't go to a recent trip like I just did in Las Vegas you want to make sure that if you do have you know something that's maybe centrally located or it's only within a certain region of the United States primarily for those bank locations that they have a shared network so that when were out of town and you need to handle business you have another location that's a part of their network that you can still go to so pets into the ATM fees don't just take their word for it do your own research so that one is huge merchant account and associated fees that come with you know depositing balances and stuff like that so if you're not familiar with what a merchant account is so I do small business coaching and consulting so when somebody hires me as their mentor coach what that means is that they're paying me directly and we're doing one-on-one coaching sessions when I'm receiving payment for somebody I'm not just saying hey go to PayPal here's an invoice or something like that I've seen people that do that I don't particularly recommend that you want to have your own merchant account so that when you are having somebody pay you directly for services that's something that you can set up and it's just automated so you're not having to physically type those numbers in and it's a lot of stuff that goes into handling people's personal credit credit card information and that information being super sensitive and I can foresee some things really starting to come down the pipeline you know as far as like Facebook run into issues with their business a lot of credit stuff so I think we can expect some changes in the near future when it comes to how we're able to manage that but there are rules when you're taking people's credit card it's not just go to PayPal it's not just take a square or something like that when you are doing something like where you're receiving payments you have people's credit cards on file or an agreement that lets you collect that payment you want to make sure you have a merchant account set up and they'll go over you know like any details with you and stuff like that but when it comes to your bank making sure that if you're receiving large deposits or you're getting multiple deposits are they familiar with that kind of stuff so that when you get those deposits in varying amounts multiple times per day maybe you had a bang out day you know what's the cap when it comes to that and are there any fees for when somebody's paying online or through some kind of you know company or something like that or is it okay now it would seem silly to be charged a fee for a deposit but it happens and if they're not familiar with that particular merchant service account or that's that brand or that system or whatever then make sure and figure out what kinds of companies do they work with which ones are they familiar with and you hopefully want to talk to somebody that understands online banking the systems and the functions of online banking and all of those different things so I've been working in the financial services industry for nearly a decade and so when somebody brings up certain conversations you know you know some co-workers have no clue and it may be an older person in the building so if you get somebody that has no idea what your what you're talking about when you mentioned this get an older person typically every bank has some older woman some senior representative someplace that know stuff that somebody that's fairly new even within five years that hasn't just ever come across that kind of stuff or it's not been on the radar it's even pay attention to it so it's not something that happens all the time most banks don't have something where they charge it but the merchant service may so that's something to consider who are you going to be using for collecting payments and collecting and receiving payments and stuff like that so there's something I wanted to throw out there it's not something you see a lot but it is something to be aware of okay overdraft fees this is huge it's not nothing we don't all know about everybody's had it where you know something's coming through you don't have the money it's that charge once you go through or is it going to be denied most banks give you the option to say yes go ahead and pay this for me I'll pay you back and you know you charge the fee for it and then you have the option to say if I don't have it don't charge me anything let it reject or whatever when it comes to running your business it's stuff like having a website that you just have you cannot afford for that to be down and also when it comes to your personal branding your image take the hit that's really kind of like it's it sucks it's kind of I feel like it's sucky advice I would encourage you to take the hit because the day that somebody decides that they want to hire you for some kind of services they're going to go and fill out a contact form on your website they're going to get your information or something like that the day they decide to contact you and your website is down because you couldn't afford it it's super embarrassing thankfully it's never happened to me but I have been with organizations where it's like it's time to renew the site and it's like and you know starting those calls start coming in like we can't do this and we can't do that and trying to rush and help somebody get that stuff taken care of because the site is down it's super embarrassing and it's just not something that you want to deal with so if it's something serious and that's one thing but if you wanted to you know $5 hamburger then you know make arrangements to have five bucks in your pocket but overdraft fees is super important figure out what fee schedule is do not let them play you when it comes to these fees because you need to know what the exact seller some I'll just say oh well you know you can just call it will talk to you about it no no no I need to know if is it at different amounts like if it's a hundred bucks it costs more for a fee or is it a flat fee no matter how much it costs it could be a twenty five dollar fee so if it's a three hundred dollar products y'all pay it's a three hundred dollars and then I get charged a twenty five dollar overdraft charge or is it you know like fifty dollars for one hundred bucks and over or you know and maybe five dollars for anything below that really figure out and understand what those fees are so overdraft fees are huge because it happens to everybody convenience fees convenience fees are not convenient for you they're convenient for them figure out if you were to bank with them what kind of convenience fees are included so if you need to pay that overdraft or you want to you know transfer funds from this account to that account you know or whatever what convenience fees exist dealing with this account this is a question that they will not expect for you to ask but you need to ask because when it comes to if you are able to like some credit unions for example may give you a small short-term loan and it's not nearly as horrible as you know like a payday loan so when it comes to you know maybe paying that off if it's like 100 bucks or something like that figure out what's the convenience fees for paying online or anything like that so just specifically using the wording convenience fees with dealing with that particular business checking account will help you figure out what those fees are so that should help cover the basis when it comes to any fees and you look looks and crannies where they can try to get you okay so the next thing next thing is just really more of a warning and that's don't fall for the bait when it comes to somebody that is trying to get a commission for an account being open or something like that sometimes whether it's for personal or for business they will have you know well hey if you sign up for a new free business checking account or whatever we'll give you a $50 credit that'll be on your account within the first 30 days of your whatever read the fine print and the prynt for that and don't just be tempted to bank with that bank because they offer that a lot of times there are different factors that come into play something to the effect of you need to have at least hold a balance of $500 or more to be able to be eligible for the account and so that if your account falls below that you have X Y Z days to bring it back up to the minimal amount or your account may be closed or whatever the case is and then you'll have to pay that money back or your account has to be open for X Y Z amount of time and if the bank is not going to work for you if they aren't meeting those parameters really this isn't really free money it's money that you're going to get for a little out and you may have to pay back if you do not continue to meet the requirements of what they're asking or something like that so really figure out the fine details it's fine if the bank is a great bank they're hitting on all of you know all cylinders for what you want and what you need and you get the credit take the money but if they don't for opening an account but it meets all of your requirements and by all means do not get some type of paid account there are a lot of different options out there for small business entrepreneurs in home-based businesses so many different options out there there is no point even if it's not like twenty nine dollars which you know sometimes they kind of are around that range you this is an unnecessary amount especially when you're just starting out give your time give yourself some time to really figure out what kind of consistent income they're going to have over at least a two-year period so that you can average what kind of monies you're able to hold month by month so the last tip that I want to share with you all is a couple of things that they are not going to tell you again I've worked in the financial services industry and different types of banking whether it's going been for mortgage to auto lending to credit cards and online banking pretty much covered the bases there and there are a lot of things that goes on behind the scenes for banking that most consumers do not see now because I still work within the financial services industry I cannot share with you all of those things but I will give you a few things that you should be wary first thing being pending deposit times so especially like on weekends yeah I wrote it down is that important so you know so when it comes to the pending deposit times make sure that you know if I deposit my money by this date and time what's the cutoff period and how long before it rolls over whether it's from something like square PayPal you know your merchant account or something like that if a deposit is being made what is the time frame especially on the weekends is it still gonna be deposited or how does that work so make sure you ask that specific question second thing is app deposit hold times so if you do have a bank that has a great mobile app and they have where you can make deposits via the app again this is where it is helpful to have a larger Bank that has you know around-the-clock customer service because you can say you know then they may have a better app deposit time but it's like okay I deposit this Saturday at 1 o'clock is it going to be available later on today or is it going to be something like Monday morning I can deposit money and just about it any time at my bank and within a few hours that money is available and it's been cleared I got an email about it and confirmation and it's good to go so that's something to know that if the app has that ability how long are we talking about here because if you need that money now or if you just want access to that money now then you need to know if you're waiting two business days or however many days or whatever third thing is chat service and customer service availability kind of touched on that a little bit but just making sure that if you are going with a smaller Bank what kind of customer service hours do they have is it just the strictly Monday through Friday 8:00 or 9:00 a.m. to 5:00 p.m. or something like that or what are we looking at here and if they have chat services awesome what's the hours or is it 24/7 so that's helpful fourth thing holding on to deposits especially large accounts large deposits for no reason again just needing to know what's the policy on that how does that work what are the rules tell me all the nitty ditty ditty ditty ditty ditty order nitty gritty and so fifth thing and then it's one more and then we're done accurate account balance so this one is huge so there are different balances on your account for any bank account there are some that you will not see as a consumer and there are some that the bankers will see in that you know cannot be shared with you and stuff like that as things are happening on your account you have different charges you have different deposits and stuff like that there are some things that just are not available to you but some banks will give you like maybe there's the pending balance here's the available balance and then here's the you know projected balance by XYZ day that's all great but do I have an accurate figure for these numbers is something not pending that should be pending what's the issue with that you know weekend charges are huge now I'm starting to see a lot of a lot more financial institutions make changes around that and so you just want to know if I make a swipe on Saturday at 8:00 p.m. that swipe is actually going to show up so that if I check my mobile app and I want to see what my balance is that I know that I'm getting an accurate number at one of those three numbers or something that's an accurate reflection of what's in there right now last thing is a account closure fees and the process to close the account and withdraw the fees and that's why I was suggesting do not just fall for you know the $50 hundred dollar account credit because they say you need to have your account open for at least 18 months and you decide that this bank is not working for you they said they have these different features and it's just not working out the customer service sucks and this matter whatever and you're ready to bounce you need to know what is it going to cost me to leave because sometimes banks may charge a fee for you to close the account prior to your contractual agreement based on that $50 that you took so know what things exist and if I did want to pull my money and go someplace else how difficult is that get exact answers for when you're when these people aren't answering questions for you because it shouldn't might oh no it's it's just easy you know you just come tell us and you know we worked it out and we'll talk about it or what I know I need to know the process if I want to completely drain my account I want you know in it a cashier's deposit and I want to be able to take this to my next bank or whatever what is the process for me actually closing down this account are there any holding periods or how does that work so get specific details anytime you're asking any of these questions so I hope that was helpful for you as Shelley as well as everyone else here in archway woman TV community there's a lot of things that I unpacked in today's episode but the thing to realize is that when you're talking about your money you are talking about the lifeblood of your organization and care for some nonprofit I don't care if it's a for-profit any business that you have you need to be able to get stuff at a moment's notice and if something happens and if something goes down and you need to replace it and it's vital to your business and that payment that you just got from a client is not going through because of some crazy crap you need to know you don't want to have to deal with that if you're able to ask the right questions before you actually get this this account so it is a little bit more research but you can just ask get in touch with the chat services ask all the questions that you need to know all all down just ask them so thanks for checking out today's video definitely consider subscribing to I trade one TV if you love content like this to check out the video where I talked about you know the difference between Pay Pal here or between square cart reader if you're looking to just maybe sell a few products and get some money in start flowing some stuff or you can sell a couple things that you have make sure you click or tap screen right here and if you want to check out another video by entre woman TV make sure you click or tap the screen right there as always my friends live with cash and I'll see you guys on the next video