A person should be very careful when deciding on the subject of where or whom to trust with his hard-earned money for safekeeping, investment, or financial management. The most common and the most stable financial and investment partners are banks. Banks allow for debit transactions like cash withdrawals and checks; credit transactions; cash processing; direct banking such as deposits and savings account; account transfers and bills payments; and the most recent, internet banking.
These ordinary functions of banks are imbued with public interest owing to the fact that that they hold the people’s money. Banks need to maintain sufficient amount of reserve funds to ensure payment to the people of their money. Banks do this by charging interests rates, charges, costs, and fees for the respective banking transactions. On the other hand, there are equally reliable and efficient free business banking services that people can avail.
The most common avenue for free business banking is through the internet. One could see that the major service providers in internet business banking are still the large banks currently dominating the industry all over the world. To avail, one only has to apply through the bank’s official website, or via a telephone call. As soon as the application is granted, a person can already enjoy easy, fast, convenient, and reliable banking transactions with online free business banking.
Here are essential benefits to availing free business banking. A free small business banking generally does not charge ordinary banking services, but they ask minimal amounts to pay additional services like cash processing. This is a great option especially for small and start-up businesses, which are still setting up accounts and earning profits.
A free business banking follows strict guidelines and measures to ensure privacy and security of banking transactions, particularly those on the matter of the member’s personal and account details.
A free business banking provides convenient and reliable 24-hour technical support. It also offers a wide selection of free software guides and products such as those relating to business financial planning and accounting.
Simply put, a free business banking helps manage and organize a person’s personal finances as well as his business finances. It assists in tracking the business proprietor’s cash flow, i.e. profits and disbursements. It is very helpful for budgetary and financial planning purposes.
One must be warned though that while the banking transaction is denominated as free business banking, everything is not absolutely free, and can only be availed of up to a certain period of time. It is advised that before signing up for an account, one must first compare the extent of the free period offered by various banks.
To illustrate this, HSBC, Lloyds, and the Cooperative banks offer an 18-month free business banking period, while Barclays, the Royal Bank of Scotland, and Natwest offer 24 months. It is said that Santander Group, which took over the Abbey and Alliance and Leicester banks, offers unlimited daily free business banking, under certain conditions. Also, it is important than a person asks what happens after the free banking period ends.
Lastly, it is likewise suggested that one apprises himself of what particular transactions are covered by free business banking, and which ones are not included. Put in another way, a person must clarify with the bank regarding the transactions they freely provide, and which ones require payment of interests, costs and charges, and how much.