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Does Free Business Checking still exist?

Posted by Patty Tiry on January 15, 2012 at 3:11pm in Business of Art Fairs

I just received a letter from my bank, stating that my business checking account will go from free to a fee starting in April.

Has anyone else seeing this with their banks? Is there any bank out there that is still free?

Unfortunately we can't keep our money in our mattresses while running a business but these fees are not good for the small business owner.

Any suggestions would be greatly appreciated.

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Replies

Kevin Williamson January 17, 2012 at 9:29pm

I have free banking for my business through USBank although I think I have to have a certain number of dollars between my personal and business accounts to keep it free.
Jan Raven January 16, 2012 at 1:53pm

TCF Bank small business checking is free, with no requirements. I think they are only in the upper Midwest.
Geoff Coe January 16, 2012 at 11:58am

I use Bank of America, and it's free as long as I use the debit card once a month.

I used to use a local bank here in Ft. Myers FL, but when I started traveling out of the area I needed a bank with a presence in the states I was working in, so I switched. Worth keeping in mind if you travel.
- Patty Tiry > Geoff Coe January 16, 2012 at 4:14pm
  
  That is certainly something to consider as Associated is not in all states.
Alison Thomas January 16, 2012 at 10:19am

I get free business checking from Chase as long as I use my debit card a certain number of times a month.
Dean Russell Thompson January 15, 2012 at 6:29pm

Try a credit union. Mine provides free checking, both for personal and business use.
- Dean Russell Thompson > Dean Russell Thompson January 16, 2012 at 1:04pm
  
  I should mention that for the most part with a credit union debit card you can use any Credit Union ATM in the country without additional fees.
Colin Murray January 15, 2012 at 4:33pm

Hey Patty. I don't know what part of Wisconsin you are from, but Home Savings in Madison is great. Small business accounts are free. I have been with them for 6 years. The are locally owned and operated. The took no gov't bailout money either. Of course these days, most transactions take place by mail or on the web, so location is not as big of an issues, as it was in the past. Stay away from the huge banks. Look for local, community banks or a credit union. Here is the link: https://www.home-savings.com/page/Business/Bchecking/
- Patty Tiry > Colin Murray January 15, 2012 at 4:49pm
  
  Thanks Colin, I'm in the middle of Milwaukee and Madison, near Oconomowoc. The reason I would need to visit a bank is to make a deposit after a show, otherwise I do everything online.
  
  I know some banks will waive fees if some requirements are meet. Like certain daily balance or # of transactions.
  
  I already had to close an account in FDL because of the so called Dormant fees.
Robert Wallis January 15, 2012 at 4:29pm

I've been paying $10/month for years. I never did see free business banking in Indianapolis. OTOH, I sidestepped their exorbitant business check printing fees by printing my own and more than offset the $120/year service fee.