(If you haven’t already, you may want to read our blog titled: Stop! Before You Open a Checking Account).
Don’t let a bank verbally quote you their fee schedule. Instead, require all banks to provide you with a fee schedule. The schedule needs to be one page long. If the schedule is more than one page and/or is too complex, then consider walking away.
Banks charge fees for the following:
- Hosting an Account
- Internet Banking Portal (maybe)
- Wiring Funds
- Credit (Deposit) Transactions
- Debit (Payment) Transactions
- Credit Card Merchant Processing
- Check Imaging (maybe)
- Remote Deposit Capture
…..and there are more.
Again, the key for you is to get all of the services and fees on paper. At MinistryCFO, we know the acceptable fee ranges for all of these bank services.
MinistryCFO finds ways to save you money. Let the MinistryCFO team help you negotiate and confirm your bank fees.