Top Business Checking Accounts in Washington — What IT Cont

Top Business Checking Accounts in Washington — What IT Contractors Should Know

As an IT contractor in Washington, selecting the right business checking account is crucial for managing your finances effectively. Different banks offer various account types with distinct features, fees, and benefits. This article provides a comparative review of some of the top business checking accounts available in Washington, focusing on what IT contractors should consider.

Quick Summary

When choosing a business checking account, IT contractors should evaluate factors like monthly fees, transaction limits, online banking features, and customer service. Here are a few banks that stand out in Washington:

1. Chase Business Complete Banking
- Pros: Extensive branch network, online banking tools, and no monthly fee with certain conditions.
- Cons: Transaction limits apply; fees for exceeding limits can accumulate.

2. Wells Fargo Business Choice Checking
- Pros: Flexible fee structure and access to a wide range of banking services.
- Cons: Higher fees if minimum balance requirements are not met.

3. U.S. Bank Silver Business Checking Package
- Pros: Low monthly fee and no transaction fees for a limited number of transactions.
- Cons: Limited features compared to higher-tier accounts.

4. Bank of America Business Fundamentals Checking
- Pros: Strong online banking platform and robust customer service.
- Cons: Monthly fees can be high if balance requirements are not met.

5. BMO Harris Business Checking
- Pros: Competitive fees and good customer support.
- Cons: Fewer branch locations compared to larger banks.

Eligibility & Requirements

To open a business checking account in Washington, IT contractors typically need to provide:

- Business Documentation: This may include your business license, registration documents, and tax identification number (EIN).
- Personal Identification: A government-issued ID such as a driver's license or passport is usually required.
- Initial Deposit: Some banks require a minimum opening deposit, which can vary based on the account type.

Eligibility criteria may vary by bank, so it’s important to check with each institution for specific requirements.

Step-by-Step Opening Process

Opening a business checking account generally follows these steps:

1. Research: Identify the banks that meet your needs based on fees, services, and features.
2. Gather Documentation: Collect all necessary documents, including business registration and personal identification.
3. Visit a Branch or Apply Online: Depending on the bank, you can either visit a branch or complete the application online.
4. Complete the Application: Fill out the application form with your business details and personal information.
5. Make an Initial Deposit: Deposit the required minimum amount, if applicable.
6. Receive Confirmation: Once your application is approved, you will receive confirmation and account details.

Typical Fees & Timelines

Business checking account fees can vary widely among banks. Here are some common fee structures:

- Monthly Maintenance Fees: Typically range from $0 to $25, depending on account type and balance requirements.
- Transaction Fees: Some accounts may allow a certain number of free transactions per month (e.g., 100 transactions), after which fees can range from $0.30 to $0.50 per transaction.
- ATM Fees: Non-network ATM usage can incur fees ranging from $2.50 to $5.00 per transaction.
- Overdraft Fees: These can typically range from $30 to $35 per occurrence.

Timelines for account opening can vary, but most banks can finalize the process within a few business days, provided all documentation is in order. Always verify specific fees and timelines through official bank sources.

Alternatives & Digital Banks

In addition to traditional banks, IT contractors in Washington may consider alternatives like credit unions or digital banks. Some popular options include:

- BlueVine: Offers a high-interest business checking account with no monthly fees and unlimited transactions.
- Novo: A digital banking platform designed for small businesses with no monthly fees and easy integration with accounting software.
- Lili: Tailored for freelancers and contractors, Lili provides no-fee checking and expense tracking features.

These alternatives may offer more flexible terms and lower fees, but it's important to assess their features to ensure they meet your business needs.

FAQs

1. What is the minimum deposit required to open a business checking account?
- Minimum deposits vary by bank, typically ranging from $0 to $100.

2. Are there any monthly fees for business checking accounts?
- Yes, monthly fees can range from $0 to $25, depending on the account type and balance.

3. Can I open a business checking account online?
- Most banks offer online applications, but some may require in-person visits for verification.

4. What documents do I need to open a business checking account?
- Commonly required documents include business registration, EIN, and personal identification.

5. Are there transaction limits on business checking accounts?
- Yes, many accounts have transaction limits, with fees applied for exceeding those limits.

6. Can I access my business account from my mobile device?
- Most banks provide mobile banking apps for easy access to your account.

7. What should I do if I exceed my transaction limit?
- Monitor your account regularly and consider upgrading to an account with higher limits if necessary.

8. Is it possible to link my personal and business accounts?
- Yes, many banks allow you to link accounts for easier fund transfers, but it's essential to keep business and personal finances separate for legal and tax purposes.

Conclusion

Selecting the right business checking account is essential for IT contractors in Washington. By comparing the offerings of various banks, understanding eligibility requirements, and being aware of typical fees, you can make an informed decision that aligns with your business needs.

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