Top Business Checking Accounts in Washington — What Amazon

Top Business Checking Accounts in Washington — What Amazon Sellers Should Know

As an Amazon seller in Washington, choosing the right business checking account is crucial for managing your finances effectively. With various banks offering different features, fees, and services, this article will provide a comparative review of the top business checking accounts available in the state.

Quick Summary

Washington offers a range of business checking accounts tailored to meet the needs of Amazon sellers. Key considerations include monthly fees, transaction limits, online banking capabilities, and customer service. The following banks are notable contenders:

1. Chase Bank
2. Wells Fargo
3. Bank of America
4. U.S. Bank
5. KeyBank

Each offers unique features that may appeal to Amazon sellers, depending on their specific business needs.

Eligibility & Requirements

When opening a business checking account, banks typically require the following documentation and information:

- Business License: Proof of your registered business entity.
- Employer Identification Number (EIN): Required for tax purposes unless you are a sole proprietor.
- Operating Agreement: If applicable, to outline the structure and management of your business.
- Personal Identification: Government-issued ID of the business owner(s).

Eligibility criteria can vary between banks, so it’s essential to check with the specific institution for their requirements.

Step-by-Step Opening Process

Opening a business checking account generally follows these steps:

1. Choose Your Bank: Research and compare the features and fees of different banks.
2. Gather Documentation: Collect the necessary documents listed above.
3. Visit the Bank or Apply Online: Many banks offer online applications; however, some may require an in-person visit.
4. Complete Application: Fill out the application form with accurate details about your business.
5. Initial Deposit: Make any required initial deposit to activate the account.
6. Receive Account Information: After approval, you will receive your account number and any relevant banking materials.

Typical Fees & Timelines

Fees associated with business checking accounts can vary significantly. Here are the typical ranges for various banks:

- Chase Bank: Monthly fees range from $15 to $30, but these can be waived with minimum balance requirements or qualifying transactions.
- Wells Fargo: Expect monthly fees from $10 to $25, with waivers possible based on account activity.
- Bank of America: Monthly maintenance fees range from $15 to $29.95, with waivers for eligible balances.
- U.S. Bank: Fees typically range from $6 to $20; waivers are available based on monthly transactions.
- KeyBank: Monthly fees are generally between $10 and $25, with conditions for waiving them.

Timelines for account opening can vary, but most banks will provide immediate account access if all documentation is in order. Online applications can often be processed within a few business days.

Alternatives & Digital Banks

In addition to traditional banks, Amazon sellers may consider digital banks that cater specifically to business needs. Some notable options include:

- Novo: Offers no monthly fees and unlimited transactions, making it appealing for small businesses.
- Brex: Designed for startups, they provide a cash management account with no monthly fees and rewards on spending.
- Lili: Aimed at freelancers and entrepreneurs, Lili offers no monthly fees and integrates expense tracking.

While these digital banks can offer competitive features, it’s essential to evaluate their suitability based on your business needs, particularly regarding customer service and access to cash.

FAQs

1. What is the minimum deposit required to open a business checking account?The minimum deposit varies by bank, often ranging from $0 to $100. Verify with each bank for specific requirements.

2. Can I open a business checking account online?Most banks allow online applications, but some may require you to visit a branch in person, especially for LLCs or corporations.

3. Are there limits on the number of transactions I can make?Transaction limits depend on the account type and bank. Many banks offer accounts with unlimited transactions, while others may impose limits.

4. What fees should I expect with a business checking account?Typical fees include monthly maintenance fees, transaction fees, and ATM fees. These can vary widely, so check with your chosen bank.

5. Can I link my business checking account to my Amazon seller account?Yes, you can typically link your business checking account to your Amazon seller account for deposits and withdrawals.

6. What happens if I go below the minimum balance?If you fall below the minimum balance, you may incur a monthly maintenance fee. Each bank has different policies, so check their terms.

7. Is online banking available for business accounts?Most banks offer online banking for business accounts, providing features like fund transfers, transaction monitoring, and bill payments.

8. Can I get a business credit card linked to my checking account?Yes, many banks offer business credit cards that can be linked to your checking account, allowing for easier management of finances.

In conclusion, selecting the right business checking account is an important step for Amazon sellers in Washington. Each bank has its strengths and weaknesses, so it’s essential to evaluate your specific needs before making a decision.

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Disclaimer: For informational purposes only; not financial/tax/legal advice.

About the Author

Marks Toms – Editor-in-Chief
Marks oversees editorial policy, compliance, and fact-checking at bankaccountsopen. Read more articles