Why do you need a business checking account?
Here are some of the common benefits of a business checking account:
- Ease of use: With a business checking account, it is easy to track expenses, payments, and other transactions to ensure that everything is accounted for properly and that bills get paid on time.
- Security: Your money is safer in a business account because it’s protected by Federal Deposit Insurance Corporation (FDIC) (if the account is FDIC insured).
- Flexibility: You can use checks or a debit card to make payments without worrying about carrying cash or writing bad checks.
- Convenience: Most banks offer a full array of services in their branch offices and ATMs.
- Tax reporting: If you’re running a small business, then chances are good that you’ll start taking tax deductions. Deductible expenses from the business can include everything from advertising costs to the cost of your office supplies. There are fewer headaches during tax time because of keeping expenses separate.
- Online and mobile banking: If you’re not able to make it into the branch, online and mobile banking are offered so that you can handle all of your transactions remotely. This can be especially useful when running multiple businesses or managing several accounts at once.
What do you need to open a business checking account in Wyoming?
Here are some of the documents needed to open a business checking account:
- Business name statement: This is an official document that verifies the name under which you are doing business. It is also called “doing business as” (DBA).
- Articles of incorporation or organization: This document shows that your business is incorporated or organized under state law. A copy of this document will be required by all banks.
- Certificate of good standing: This document shows that your business is authorized to do business in its state of incorporation or organization.
- TIN (Taxpayer Identification Number) – The Employer Identification Number (EIN) for your business is also your TIN.
- Proof of address: Any one of these documents will be accepted as proof of address: utility bill, tax receipt from a state or local taxing authority, mortgage statement, or lease agreement.
Common business checking account fees in Wyoming
Here are some common fees you can expect to pay for your business checking account:
- Minimum balance fee: You’ll often need to maintain a minimum balance in your account to avoid an additional monthly fee. This is usually around $500 or $2,500. If you don’t maintain this amount in your account, you’ll be charged each month until the balance reaches that level again.
- Monthly service fee: Some accounts charge a monthly maintenance fee. This fee can vary and usually costs $10 per month depending on the bank or credit union and the type of account you have.
- Overdraft fees: Overdraft fees are charged when you write a check or make an electronic transaction that is significantly larger than what’s available in your checking account. These fees can range from $10 to $30 per incident.
- Statement copy fees: These fees cover the cost of printing and mailing bank statements to customers. Typically, businesses can avoid these charges by going paperless and receiving statements through e-mail instead.
- Stop payment fees: If a business needs to stop payment on a check it has written, this fee covers the cost of reissuing a new check.
- ATM fees: Find out whether your bank levies fees for using ATMs owned by other institutions and whether it charges for withdrawals made at foreign ATMs (most banks usually do).
How to choose the best business checking account in Wyoming
Here are some of the most important factors to consider when deciding on a business checking account for your company:
- Fees: Online business checking accounts will come with minimal fees for basic services, but some accounts also offer extra perks like check printing and mobile deposit that may come with additional charges.
- Accessibility: How easy is it to access your money? Deposit and withdrawal limits vary from bank to bank, so take time to find an institution that offers features like 24-hour availability or unlimited access. You’ll need this kind of flexibility in order to manage your funds effectively.
- Online Banking Features: Your bank should offer online banking services to enable you to quickly and easily access your account information and transfer money between accounts.
- Minimum balance requirements: You should consider an account that doesn’t require a large minimum balance, so you don’t get charged unnecessary fees.
Review your options carefully and try to get as many of these services without paying extra by asking about them before opening an account.