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.