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Checking for the Perfect Fit!

The right checking account helps you manage the “business side” of your business more efficiently and effectively so you can focus on doing what you do best – serving the needs of your customers.

But how do you know which checking account is right for you?

We’ve put together six questions for you to consider. Answer these questions based on your own business needs to help identify what features are most important. Then select the right checking account for a perfect fit!

If your business is like many other small businesses, you may keep your monthly average balance relatively low. Having a checking account with no minimum balance requirements means you can operate as economically and efficiently as possible.  At the very least, you want to be sure that your balance meets any minimum balance requirements that your checking account might require to avoid a minimum balance fee. 

Perhaps your average balances are a little higher, and you would like to earn something back on those funds. Understanding what your average balance is, along with the balance requirement for a checking account that pays dividends, helps you determine if that kind of account is right for you. 

Perhaps there is seasonality to your cash flow so that your balances may be lower during one part of the year and higher during others.

An account with a no minimum balance feature means you won’t be hit with fees when balances are lower than average but still allow you to enjoy other valuable features.

Understanding the number of transactions* you process in and out of your checking account helps you understand how much traffic it needs to accommodate.

Perhaps your business only processes a few transactions each month. You’ll want to consider an account with enough free transactions to cover your activity with no monthly maintenance fee. If your business processes a lot of transactions, it could make sense to select an account that includes more free transactions each month, but charges a fee to accommodate the additional activity.

* At ESL, transactions include each cash deposit, check deposit, check paid, and ACH payment.

There is no question that it’s far smarter to manage your checking activity in such a way that avoids overdrawing an account.  Keeping a close eye on any and all checking account activity, including the checks you write, deposits you make, and any ACH or debit card transactions will help you avoid overdrawing your account. Despite even the most watchful eye, the unexpected happens and a checking account may go negative.  That makes having an Overdraft Protection service in place a smart business practice.

There are several types of Overdraft Protection products available, each with their own unique features and benefits.  And while there may be a cost for having these services, those fees are often much less than the costs you could incur when you overdraw your account.  Before adding any Overdraft Protection to your business checking account, be sure you completely understand all the terms and conditions so you can intelligently select the right Overdraft Protection option for your business.

Convenience can be defined as “… the state of being able to proceed with something with little effort or difficulty.”

What kind of access makes banking more convenient for you? Is it the availability of conveniently located branches, speaking with a knowledgeable representative on the phone or via chat? Perhaps you prefer managing your accounts online or on your mobile device. Knowing what it takes for you to bank for your business with little effort or difficulty helps you understand what you should expect from your financial institution.

You know how important it is to treat your customers well.  Why shouldn’t you expect the same from where you bank?  As your financial partner, your financial institution should be as committed to seeing your business grow as you are.  Offering the right solutions based on your needs, being responsive to your questions and concerns, and being there when you need them lets you stay focused on keeping your business successful. 

Learn more about small business checking options at ESL.

At ESL, there are two great checking options for small businesses. Both come with the convenience and superior customer service you know you can get from ESL.

With no monthly maintenance or minimum balance fees and 300 free transactions each month, the ESL Business Classic Checking account is a smart, economical checking option for many businesses.  For businesses with higher average monthly balances and/or more transactions, the ESL Business Premier Checking account might be just the ticket.   With this account, you receive 500 free transactions each month and there is no monthly fee for accounts that maintain an average monthly balance of $5,000 or more, plus your funds earn dividends.   ESL also offers several Overdraft Protection options, so you can maintain peace of mind.

Now that you know a little bit more about yourself, take a moment now to see our side by side comparison to see what ESL Checking account fits your business best!  Or speak with one of our representatives in-branch, by phone or online with ESL Live Chat to learn even more.