As bank fees rise, the thought of opening another checking account to manage your business finances may sound like another burden. However, opening an additional account for your business services does not necessarily carry additional costs.
"Compared to personal accounts, some small-business checking accounts have a more lenient fee structure," Tumber says.
Rather than maintain a monthly minimum balance, Tumber says some banks simply require owners to enroll in online bank statements or use a business credit card for a minimum number of purchases each month.
Just like personal checking accounts, business checking accounts and their accompanying fees and capabilities are always changing.
Tumber recommends that a small-business owner should review his or her bank's business checking account options and features each year to upgrade or downgrade and to meet current needs. As bank fees continue to evolve, that annual review also can include comparing accounts at other banks and credit unions as well.