If you are searching for a business checking account in Louisiana, there is a wide range of options available. The dozens of banks in Louisiana provide both online and traditional brick-and-mortar options. The challenge is to find the right one for your needs.
When choosing an account, the first place to consider is the services provided. These include online and mobile banking access, payment services, check-writing capabilities, ease of access to customer service and support, among others. Each business has unique needs. Look out for an account with basic services that meet your needs.
The next thing to consider is the account fees. If you are just starting, aim to limit the fees and keep them as low as possible. For example, consider accounts with no monthly maintenance fees, free deposits, or those accounts with fees that can be waived if you meet certain requirements. Consider also the minimum requirements and transactional limits, if any, as this may attract extra fees.
Look out for other account extras, including access to credit cards, introductory offers and benefits, and free access to other business tools and resources. For example, some banks may offer flexible debit cards allowing you to set cash advance and purchase limits. Others offer seamless integration of the account with existing third-party software.
To make the process of finding the right account less of a hassle, we reviewed some of the available options. Use our top picks for the best business checking accounts in Louisiana to find a match for you today.
Relay offers a simple two-tier pricing plan. You can get started with no monthly fees and no account minimums. When you upgrade to the Pro plan, you’ll benefit from additional features such as free domestic and international wire transfers, or the ability to auto-import bills from QuickBooks and Xero.
Bluevine business checking comes with no monthly fees. Plus, the account provides an impressive list of benefits such as integration with online business tools, sub-accounts to help you manage your finances, and two free checkbooks.
Chase Business Complete Checking comes with Chase QuickAccept which allows card payments to be processed on your mobile device, so you receive deposits the same day to help manage cash flow within your business.
What we like
In person customer support (except Alaska & Hawaii)
Axos Bank business interest checking account earns a competitive rate for cash held within the account, and you'll get your $10 monthly fee waived by holding a minimum balance of $5,000. If you keep a decent amount of cash in your account, this could be an ideal account.
Lili’s business checking account comes with features that help users keep their banking costs low, optimize their taxes, and manage their business’s finances.
Novo allows easy integration with third-party accounting software, including Quickbooks and Xero. You can also link your Novo debit card to your Google Pay or Apple Pay Wallet. Novo also syncs with your Stripe processing account and easily integrates with Slack to get automated updates on your bank account.
If you are looking for a business checking account that is easy to use and with almost no fees, you might want to consider Novo. The bank account is also accessible in the app store for both iOS and Android devices.
What we like
Free ACH transfers, mailed checks, and incoming wires
NorthOne helps you manage your finances with its invoicing app, budgeting tool by creating an unlimited number of sub-accounts with the envelope functionality, and integrating with a suite of business tools and software.
What we like
Budgeting tool to help manage your finances
Smart integrations with business tools
Send invoices from the app
Low minimum deposit
No hidden fees
Unlimited transactions with no fee
What we don't
$10 monthly fee
No in persona customer support
Why do you need a business checking account?
Here are some of the benefits of having a business checking account through your financial institution:
A professional image: A business account will give your company a professional image among its customers and other people. It will also help you in documenting your business transactions which will be helpful while filing tax returns at the end of the year and making changes in your bookkeeping records.
Protection from fraud: Businesses are less likely to be victims of fraud as compared to individuals who have personal accounts because businesses tend to have better security systems and advanced technology to protect against identity theft and other fraudulent activities.
Tax deduction: Many people don’t realize that by having a business checking account, they are able to deduct the costs of utilities and various other expenses from their taxes. Although this might not seem like much, it can make quite a bit of difference over time when all is said and done.
Budgeting tools: Having access to tools that allow you to track how much money is going into and out of your business can help you make better financial decisions. For example, if you get alerts about unusual purchases or withdrawals, you’ll know to investigate where the money is going so you can see if any fraud is being committed.
Business credit card: If you’re approved for a business credit card through your financial institution, the bank will likely offer perks or incentives that make it worth having one. You might also be able to use the card for purchases and then pay them later.
What do you need to open a business checking account in Louisiana?
To open a business checking account in Louisiana, you need to:
Provide the company’s federal employer identification number (EIN) to the bank. The EIN is issued by the Internal Revenue Service. It’s unique to your company, and you must include it on all tax returns that you file. It should also be used for all correspondence with the IRS.
Provide proof of identification. Bring a passport, driver’s license, or state-issued identification card.
If your company is set up as an LLC, you’ll also have to provide articles of incorporation showing you’re a member of a single-owner LLC or have filed with your secretary of state as a foreign LLC taxable in Louisiana.
Proof of your company’s identity
Verification of your company’s address
The names of the people authorized to access the account on behalf of your company, known as signatories
Common business checking account fees in Louisiana
Minimum balance fee: If you don’t meet the minimum balance requirement each month, your bank may charge you a fee to use its services. Some banks charge a flat fee while others impose a percentage of your balance. In some cases, if your balance drops below the minimum required level, you may be charged an inactivity fee.
Monthly maintenance fee: Many banks require you to pay a monthly maintenance fee for using their services. This is typically $15 or more per month for personal business checking accounts, although some banks waive this as long as you maintain a minimum balance or set up direct deposit with your employer or government agency.
Overdraft protection fee: Your bank may offer overdraft protection, where it pays your bills if there isn’t enough money in your account to cover them. Most banks charge a monthly or per-transaction fee for this service, which gets added to your bank fees total each month.
Paper statement fee: A monthly paper statement may be convenient, but it can also be costly. A lot of banks will charge between $5 and $10 per month just for the privilege of receiving a paper statement in the mail.
ATM fee: When using an out-of-network ATM, many banks will charge a fee for each transaction.
Service Charges: Depending on the type of bank that you choose, they may require additional charges for specific services such as checks, cashier’s checks, and wire transfers. These charges are typically disclosed in the bank’s terms and conditions but it’s always good to know what they are before signing up for a business checking account.
How to choose the best business checking account in Louisiana
Here are some things for you to think about if you’re thinking about opening a business checking account:
Set-up Fees: It’s important to choose an account that doesn’t have any setup fees. If you’re like most small businesses, you don’t have a lot of extra money lying around for fees. The last thing you want is to pay for something you don’t need.
Minimum balance: If you’re going to bother having a business checking account, you’ll want to make sure it has enough room to handle your cash flow needs. You should also look for an account that doesn’t charge fees if you don’t have the minimum balance required. Be sure that any fees are spelled out in the fine print of your contract so there are no surprises later on.
Fees: Fees are almost always a fact of life with bank accounts, but they can be sneaky and hard to find on many businesses ’ checking accounts. One type of fee that’s common with business checking is an insufficient funds fee, which is charged when money isn’t available in the account to cover a transaction. Try and find a bank that has fewer fees.
Interest Rates: Although we wouldn’t recommend keeping a large amount of cash in your business checking account, some interest rate is better than none at all.
Type of account: The type of account you choose will depend on your business’ needs. Some businesses prefer the flexibility and ease of writing checks, while others prefer the convenience of electronic payments and direct deposits. If you have multiple locations, you may also want to consider an online bank so that employees can access their funds from any computer with internet access.
