With many businesses, a business checking account could represent their entire business activity in a typical month. Statements provide a record of all transactions – including income and expenses – running through the account. For those with business accountsĪs important as they are for personal accounts, they’re even more so for business accounts.īusiness checking accounts are major controlling accounts for any enterprise. The most obvious is to provide you with a written record of the activity in your account.īut it also gives the ability to reconcile your account, both to make sure there are no discrepancies and to update your own checkbook. With either a personal or business account, you’ll receive 12 statements per year.īank statements have several purposes. With business accounts, however, monthly statements are usually timed for the actual calendar month. With personal account statements, they’ll run in monthly increments on odd days of the month.įor example, your “month” may end on the 21st, rather than at the actual end of the month. Paper statements are a well-established tradition in the financial industry, particularly with banks. They don't have to pay for paper and postage to send monthly statements to you.ĭo you still want paper statements mailed to your house? Enter paper statement fees. You see, as convenient as online banking is for consumers, it’s a big expense reduction strategy by the banks. This is a fee that many banks charge as online and mobile banking have become prevalent. One of the most annoying is the paper statement fee. There are wire fees, bounced check fees, ATM fees, and even fees based on the number of deposits, checks, or ATM transactions in your account. Banks not only routinely charge basic monthly fees for checking accounts, but a growing list of other fees. Like a lot of things in the past few years, free checking is fast becoming a thing of the past. If you’re over 40 (or is it 50?), you might remember the term “free checking”. Comprehensive Coverage Options Ways to Lock in Lower Homeowners Insurance Premiums How to Choose the Right Life Insurance Policy Compare the Different Types of Health Insurance Plans Popular Reviews Progressive GEICO State Farm AIG Allstate Banking Best Products Best Savings Accounts Best Checking Accounts Best CD Rates Best Money Market Accounts Best Business Checking Accounts Best Student Checking Accounts Calculate Checking Accounts 101 Emergency Savings Calculator Compare CD Rates Checking Accounts Personal Loans Best Products Best Personal Loans Best Debt Consolidation Loans Best Home Improvement Loans Best Medical Expenses Loans Calculators & Guides Personal Loans Calculator Guide to Personal Loans Guide to Refinancing Student Loans How to Consolidate Credit Card Debt Popular Reviews Upstart Payoff Sofi Lending Club Investing Best Products Where to Invest Money Best Brokerages Best Robo Advisors Read & Learn Investing 101 How to Buy First Stock How to Invest in Mutual Funds How to Pick a Financial Advisor How Much to Save for Retirement Popular Reviews Betterment Merill Edge Wealthfront Insurance Best Products Best Auto Insurance Best Home Insurance Best Life Insurance Best Health Insurance Read & Learn Figure Out How Much Auto Coverage You Need Collision vs.
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