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It’s Time for Your Business Checking Checkup

May 21, 2019

Every year, we each go to the doctor for an annual checkup. They’re not always fun, but they give us a chance to catch any potential problems early. So, why wouldn’t you do the same for your business’s financial health?

Well, consider this a checkup. And, since no appointment is necessary, let’s head into triage and see if the business checking account you’re currently using is helping or hurting.

Minimum and Average Daily/Monthly Balances

How’s your cash flow? Do you find yourself with higher or lower balances than you’ve experienced in the past? Are you still in the right account for your business needs? If you’re not, or you’re not sure, we can help you find the best fit.

Transaction Limits

Are you getting thousands of checks, performing lots of debit card transactions and making tons of deposits? Or, do you just process a couple of large orders each week? Depending on the number of transactions you initiate, you may want to adjust your account type to better suit the nature of your business.

Cash Deposits

Are you a cash-heavy business? Your account may have a limit that’s too low or too restricting for your growing business. You may want to look into add-on services that can help you manage cash better.

Expenses

When it comes to your current account, do you have to keep an eye on fees? Does your account prevent you from using certain services that would benefit your business, or hit you with unnecessary charges for features you rarely—or never—use? Our business banking specialists can help you cut down on unnecessary expenses by matching you with the right account for your unique needs and business challenges.

Technology

Product features that might have been considered bells and whistles just a few years ago are now the bedrock of business banking. For example, can you easily export your business’ financial reports from QuickBooks? Does your current account offer enhanced security features that truly help keep your money safe? And, since you handle business around the clock, access to the latest user-friendly, mobile technology has become a game-changer—one that’s essential to maintaining an effective relationship with your bank and doing business effectively.

So, how do you feel? If you have a clean bill of health, excellent! But if you felt a few aches and pains reading this article, Renasant can help.

The Prescription for Your Business Banking Needs

Renasant Business Checking provides you with features like no minimum balance and no monthly service charge. 

Our community bankers are ready to help you open your new Business Checking account. Before you visit your local Renasant branch, take a moment to gather the following documents and information. This will help speed up the account opening process, and get you back to doing what’s most important—helping your business succeed:

Employer Identification Number (EIN) or Social Security Number (SSN)

Depending on how your business is structured, you’ll need one of these to verify that you or your organization is a legal tax-paying entity that’s allowed to do business.

Business Formation Documents

This helps us learn how your business is put together and that your company has filed the necessary state documents that allow it to exist.

Ownership Agreements

These documents will show us who has a stake in your business, who can interact with your new account and who will be allowed to conduct business and make decisions concerning it.

Applicable Business Licenses/Permits

These show proof that you’ve been verified to operate and maintain your business, and can come from federal, state, city or county representatives and offices.

No matter what type of business you have or what your financial needs are, we have the solutions you need to run your business efficiently and effectively.

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