2016-12-30 00:00:00 Expenses English Review strategies for avoiding bank fees on business chequing accounts. Read about how to avoid fees through comparison shopping and other... https://d1bkf7psx818ah.cloudfront.net/wp-content/uploads/2017/03/08214512/woman-waits-in-bank-lobby-to-discuss-business-account.jpg How to Reduce Fees on Your Business Bank Account

How to Reduce Fees on Your Business Bank Account

0 min read

Banking fees can add up over time. Don’t let bank fees consume your revenue; follow these tips to avoid or reduce the fees that your bank charges to your business.

  • Compare multiple financial institutions to find the lowest fees.

  • Read account agreements closely, and understand which fees your bank assesses.

  • Keep a reserve of cash in your account to prevent overdraft fees.

  • Open an overdraft line of credit if you have trouble keeping reserve funds in your account.

  • Track cheques and automatic payments carefully so you don’t forget outstanding payments.

  • Reconcile bank statements with your records to note outstanding payments and discrepancies.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

Related Articles

What Are FX Fees?

Picture this: you check your credit card statement after an international business…

Read more

Understanding the International Fuel Tax Agreement

As an accountant, clients depend on you to keep up-to-date with the…

Read more

Can Your Company Benefit From Covering Your CPA Certification Costs?

Obtaining your designation as a Chartered Professional Accountant (CPA) is an important…

Read more