Guide to Setting Up a Small Business Bank Account

October 18, 2021

As you establish your small business, it’s time to think about the best way to manage your money. Once money starts coming in, you need a safe and secure place to keep it. Small businesses need a bank that other business owners back, so you know you can trust it to meet each one of your needs. Other features are important, including having flexible fees, online bill payment services, and more. As you consider who to work with, take a closer look at some key features that matter when choosing the best small business bank accounts for your company.

Why Should You Open a Small Business Bank Account?

New Valley Bank provides the type of financial services you can trust in a package that’s easy to use. We are a local community bank – we know your name, get to know your business, and offer a supportive hand when you need it. No matter your specific situation right now, it is important that all businesses have separate business checking and savings accounts. This should keep funds separate from your personal accounts, which can help to alleviate common tax problems down the road.

It’s also essential to consider the best banks in MA that offer features that make doing business easy. For example, opening these accounts allows you to accept credit card transactions. That is going to give your customers more buying power and the convenience they’re looking for. Having a business bank account also helps you to maintain a professional reputation. And we promise, that goes a long way!

How to Open a Small Business Bank Account with New Valley Bank

“What do I need to open a business bank account?” This is a common question many people have. They expect the process to be much more complex than it really needs to be. At New Valley Bank, we try to make the entire process as easy as possible.

Once you are ready to open a banking account with the best business bank in MA, you’ll need to provide some basic information to us. Our team is here to help you if you have any questions – just reach out to ask!

  • Employee Identification Number (EIN) or Social Security Number
  • Personal Identification
  • Business Formation Documents
  • Ownership Agreements
  • Business License
  • Certificate of the Assumed Name

If you do not have any of this information, reach out to our team. We can help you find it, find out how to get it, or potentially move ahead without it. The key is not to let this step slow you down from giving us a call to get your accounts set up and in place.

Decide Which Accounts You Need

It can be somewhat difficult to navigate this process (we know there are so many names out there for types of accounts and it can get confusing). Our goal is to make that simple for you. When you contact the business banking experts in our offices, we’ll provide you with specific insight into the available accounts and which ones may work for your business needs. Let’s keep costs down while enhancing your banking experiences.

Gather Required Documents

Gather your business license and other documentation provided above. With this information, we can then help to open your account. It is fast and easy to do this when everything is in hand (you can get an account open within an hour or less in most cases).

Apply for the Account

We’ll gather all of the information that you have and then process it. There may be some questions to ask about your business, but this is a straightforward process in most cases. Our team wants to verify that you have the best options available to you. As one of the best banks for small businesses in MA, we know you need your accounts in place fast. We’ll make sure of that.

Deposit Funds and Begin Using Your Account

When you learn how to set up a bank account, the rest of the process is easy to manage! Our team will provide you with the necessary banking cards and create checks for you. You can then set up the necessary identifications for users on the account and start using it. It’s that fast and simple to get started.

We also recommend talking to us about any other financial services you may need, such as business loans in MA. Our team is ready to help you with any questions you have.

Person-to-Person Banking for Small Business

New Valley Bank is on a mission to make business banking personal and intimate while providing every modern feature you want and need. New Valley Bank in Western Mass is here to support your needs, with transparency and authenticity. We support small businesses like yours. Reach out to us today to set up your small business bank account in no time.

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Guide to Setting Up a Small Business Bank Account