Small Business Banking Tips

By Office Space TorontoIn standard14th November, 2013

win-a-tabletMany small businesses are usually focused on sales and working their business, but forget about equally important aspects like business banking. So we have gathered a few tips for small businesses to help you think about some of the things you should consider when doing your banking.

Tip 1 – Bank deposits can take up to 3 days to be verified. Just because you deposited a cheque today doesn’t mean the funds are in your account. However, as of August 2012, you are entitled to withdraw the first $100 from a banking machine deposit.

Tip 2 – Make sure you have the right loss and theft protection. If you’re using your business debit card for transactions, ask your bank what kind of protection it offers if the card is stolen or lost.

Tip 3 – Get the right business account and fee schedule for the type of banking your business will need. You can also get practically any fee waived or lowered if you ask – especially if you’re a long-time personal banking customer with that institution.

Tip 4 – For many small businesses, the best bank isn’t a bank at all — it’s a credit union. Credit unions will often go further than the big banks in serving the needs of small businesses and entrepreneurs.

Tip 5 – Develop a relationship with your financial institution. The most important feature of small business banking is the relationship you have with your bank or credit union manager, not the cost of your small business bank account.

For more information about business banking read this blog Why office rental Toronto clients are looking at Credit Unions rather than banks

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