How to Reduce Fees on Your Business Bank Account

by Greg DePersio

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

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