The Ultimate Guide to Business Banking

From a food truck solopreneur to the founder of a bustling business in a downtown highrise, all business owners in Oklahoma’s second-largest city have one thing in common:

They’ve had to research, select, and open a business checking account in Tulsa.

What does this process look like? What are your options? And how do you make the right decision for your business?

Here’s everything you need to know about opening a business checking account in Tulsa: 

1. How many transactions will I have each month?
   
   Your average number of payments received, purchases made, and withdrawals and deposits completed will affect your search for the best business bank account in Oklahoma. Many free small business checking account options will begin to charge fees after a certain amount of items.
   
   To ensure that you’re selecting the right account, estimate your monthly transaction total. Many accounts offer no monthly maintenance fee as long as you stay under the established threshold.
   
   Businesses with a higher number of items monthly might shop for a business checking account in Oklahoma that allows unlimited transactions with a low monthly fee.

2. Will I frequently encounter a low cash balance?
   
   Are you just starting your business? Or anticipating a period of time in which cash will be tight? Look for a business bank account for small businesses that operate with low balances.
   
   These business checking accounts will offer no minimum balance requirement, and a very small initial deposit amount. This will allow you to run your business without having to worry about keeping a certain amount deposited in your bank account.
3. Is investing in my community important to me?
   
   Business owners come across many offers for free online small business bank accounts. What makes a free checking account in Tulsa, Oklahoma different from any other business bank account? The community connection.
   
   When you bank local, your dollars stay in the community you love. As your business gets stronger, so does Tulsa.
4. What is the value of personal service?
   
   Along with contributing to your community, choosing a business bank in Tulsa means you’ll receive personalized service.
   
   Free online banking for small businesses often comes from banks without a physical location. The right bank will have a combination of convenient online service AND brick-and-mortar locations you can visit depending on your needs.
5. Will I need financing in the future?
   
   As you search for free business checking in Oklahoma, keep in mind that you’re not just choosing a place to keep your cash — you’re choosing a partner that will help you develop your business.
   
   Especially for entrepreneurs with bad credit, business accounts can seem daunting. However, over time, your banking relationship could lead to new opportunities, such as a line of credit to purchase more inventory or financing for new equipment.
   
   Choosing a business checking account in Tulsa from a local bank will allow you the best possible opportunity to develop a mutually beneficial banking relationship.

This is one of the most common questions we hear from entrepreneurs and small business owners. The answer is: maybe, but you probably shouldn’t. Here’s why.

A business checking account is required by the IRS

Perhaps the most compelling reason to open a business checking account is that...you have to. Almost every type of business is required to operate using a dedicated bank account. Sole proprietorships are the only exclusion, although it is still recommended that sole proprietors also utilize a separate account.

A business checking account will help keep you organized

Having all of your business earnings and expenses coming to and from the same account makes it easier to maintain a clear picture of your business’s finances. Especially for new businesses and microbusinesses, cash flow is a major concern. Using a business account helps you understand at a glance how much money you have on hand to pay business expenses.

Additionally, a separate business account simplifies your tax filings. Rather than sorting through your personal finances to identify business expenses, you’ll be able to quickly find the information you need by taking a look through your business checking account.

A business checking account will protect your personal assets

One risk of running a business is that you may at some point have legal action taken against your company. If your personal finances are entwined with your business finances, your personal finances are at risk of legal recourse.

Another issue with combining your business and personal finances is that, in the event of an IRS audit, your personal financial activity could come under scrutiny.

The search for the best business checking account in Oklahoma can reveal a dizzying array of options. How can you choose the best fit for your business? Use the following criteria to help you narrow your selection:

Services Offered

Look for services that align with your business needs. Some examples of helpful business bank account services include online and mobile banking, easy online bill pay, and complimentary debit cards that give purchasing power to you and even employees if needed.

Monthly Maintenance Fees

Business owners should be able to find a business bank in Tulsa offering no monthly maintenance fees. However, keep an eye on the fine print. Sometimes, monthly maintenance fees are replaced with transaction fees which can add up quickly.

Balance Minimums and Transaction Limits

As you shop, compare minimum balance requirements and transaction limits. The right fit will depend on your unique business needs.

For example, a budding e-commerce business that is frequently purchasing inventory may not do well with an account that has a high minimum balance requirement. A business with a large volume of withdrawals, deposit items, purchases and other transactions would struggle with an account that only allows 100 items free of charge.

Being able to accurately predict your business’s financial activity will help you pick the most cost-effective account.

After you’ve found the right business bank account for you, you’ll need to gather a few items:

Employer Identification Number (EIN)

This is the same number you use to file taxes for your business. If you don’t have one yet, you can request an EIN here.

Business Formation Documents

Corporations and LLCs will need to provide their Articles of Incorporation from the Oklahoma Secretary of State.

Ownership Agreements

The bank will want to know who owns the business. If you’re involved in a business partnership, you’ll need to provide documentation of that agreement.

Business License

Provide your license from the City of Tulsa (or other area of operation).

Running a business is tough work. Opening a business checking account should be simple. Here’s how it works:

1. Apply Online

Simple online banking tools will help you manage your daily financial transactions. Any bank with easy-to-use mobile banking capabilities should also allow you to apply online for your business checking account.

1. Provide Required Documents

Gather the documents listed above and present them to the appropriate associate. You may be able to send some of these documents digitally.

1. Make Sure Your Questions Are Answered

Start your banking relationship off on the right foot by making sure that you have all the information you need. You should have full confidence in your new banking partner before you sign your name on the dotted line.

At Vast Bank, one of our goals is to offer the most useful variety of business bank accounts in Oklahoma. Here are our three business checking account options, tailored to meet your specific business needs:

Every business account at Vast Bank comes well-equipped with simple-to-use mobile banking, online bill pay services, complimentary debit cards, and unbeatable local support from our Tulsa-based banking professionals.

If you have any questions, please don’t hesitate to reach out.