When you are starting up a business it is important that you have a banking account for your finances, however you need to be keen on the deal that you are getting into. You should be aware of the free business banking term for it is applied differently in various banking institutions.
A typical bank will offer a period of freebies such as free accounting advice and software, no transaction charges, business planning software, business books, guides and seminars in the name of helping your business of the ground but only as a way to encourage you to open a bank account with the bank.
Once the business account has been in the bank for a given amount of time, which in most cases range between 12 to 18 months, the free banking freebies are often taken away and you are then left to operate on standard banking terms. So when you are looking for a free business banking service you should find out all what is covered by the term free. By asking questions such as if the free period covers all the transactions or a given number or form of transactions, you should also inquire if they will be charged if they make large number of transactions on monthly basis.
It is important also to be informed of what happens after the free business banking period is over. You should ask question such as whether one will benefit from other bank offers or if you will be switched automatically to the standard banking terms or there is another given option. You should also be given a contact, from the first day, with who one can easily manage their account. The contact should be able to answer all questions that you might have concerning their account, as well as meet the client’s needs.