How to Open a Business Bank Account will be discussed in this article to give you a guide on how to own a bank account for your business.
Before we proceed in showing you how to open a business bank account, we’ll like to quickly show you things to consider when opening a business bank account.
The fact that having a business bank account is healthy for your business does not mean that you should just open an account with just any bank, you need to consider some of these factors:
1. Bank Charges
You are probably in the business bank to make a profit and as much as you can, you must do everything in your power to maximize profit.
You cannot opt for a bank whose charges are at their extremity. You need to be sure also that the bank does not have some tricky or hidden charges.
2. Bank’s Lending Power
Not all banks can give as many loans as possible. You need to realize this even before you open your bank account with the bank.
Do they give a loan? How often do they give out loans and what are people saying about them in terms of loan giving? How is their interest rate?
A careful answer to these questions should be given before you consider opening an account with any bank for business purposes.
3. Customer Satisfaction
You will need to check out banks that really put their customers first. Some banks have a nonchalant attitude towards their customers, all they are really after is the customers’ money and nothing else.
You don’t have to join the so many queues of neglected and insulted customers if you can diligently consider, ask and answer some of these questions.
Read Also: Essentials of a Successful Business
How to Open a Business Bank Account
Things You Need to Open a Business Account
The requirements for opening a business bank account may vary from business to business but listed below are some very important things you should not forget because you will be required to present them.
- Certificate of Incorporation
- Valid means of Identification
- Depending on your business, you will be required to deposit at least 6,000 Naira into the new account for the account opening fee
- Passport photograph of the owner(s) of the business.
- Bank application (This will be gotten from the bank, filled and returned to the bank)
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It’s not just enough to open a business account, from time to time, it is important to go through your bank statement to be sure if there have been any undue charges and to keep track of your business money.
Apart from your money, visit the bank and establish your presence with your banker. This may help when the time comes to get a loan.