I’m currently working on finding a business checking account, and the basic principal is the same as for personal checking – The bank keeps track of your money, and they let you access it occasionally. You get the conveniences of checking and online banking, but you get almost zero interest, and they charge you their particular blend of random fees that they didn’t point out in the fine print when you signed up. These fees can add up if you’re not careful, or if you’re not set up for the right type of account.
This is even more true with business checking accounts. Besides the minimum balances, overdraft fees and atm fees that you deal with for a personal account, they also have maximum transaction fees, maximum dollar amounts per month, and a set monthly fee. This makes it really important to try to figure out what sort of volume you’ll be doing with your account before you set it up.
There’s a great site called nerdwallet.com I’ve been using a lot lately for these kind of things, and here is a nice infographic they put together showing some common fee types and amounts for three hypothetical business cases. This is exactly what I needed to find before I signed up for my business checking account, so if you’re in a similar situation, hopefully it will help you too.