To open a checking account at a bank, a person should determine whether a business or checking account is appropriate and then visit a local branch or set up the account online. It is important to evaluate all offers at related financial institutions, as noted by Chron Small Business. Common financial institutions that offer checking accounts include Chase and Citi.
The primary difference between a business and personal checking account relates to the requirement of a business license, as noted by Chron Small Business. A user looking to open a business checking account should be sure to provide any business licenses or related documentation to show legitimacy when opening a checking account. Moreover, a user should designate a business name for the checking account that is different from his own name.
A person should also consider personal expenses when opening a checking account, as noted by Chron Small Business. Certain banks allow for restrictions that limit the amount of money that can be spent or withdrawn from the account. A person should also consider how initial deposits are made to open the account. Balance transfers or cashier's checks from another financial institution are usually sufficient. Finally, it is important to compare account features when opening a checking account. For instance, online access, bill pay, and interest rates are among the more-notable features.