best bank for business account 2018

PNC checking account is best for a small business that has a high number of business checking account at specific locations [Ends September 14, 2018]. each bank develop procedures to account for all relevant risks including those presented by the and the bank's size, location, and type of business or. Virginia Partners Bank has locations throughout Fredericksburg, VA, La Plata, MD, and Annapolis MD. Explore our personal & business accounts and loans. best bank for business account 2018

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BEST BANK FOR BUSINESS ACCOUNT 2018
Best bank for business account 2018
Best bank for business account 2018

How Capitec Became South Africa’s Biggest Bank

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The consumer banking industry is notoriously difficult to enter, not least because most customers rarely switch banks. In some countries, people change spouses more often than they change banks.

The banking industry in South Africa was no exception; for decades the industry was dominated by “the Big Four” (Standard, FNB, Nedbank, and Absa). However, in 2000 a new player entered the industry, called Capitec, which started establishing branches rapidly. By 2007 it broke through the barrier of 1 million active customers; 10 years later it had more than 10 million clients and about 800 branches. It has now become the largest bank in the country.

Importantly, profits kept pace. After breaking even in 2002, net profits continued to rise, to 3.8 billion rand in 2017 (about $260 million), while the company’s share price appreciated by a whopping 61,800% (from 117 to 72,500 rand). In 2016 The Lafferty Group ranked Capitec as “The Best Bank in the World,” a feat it repeated in 2017. Its customers seem to agree: Surveys indicate that Capitec has had the most-satisfied customers of all banks in the country — for the past five years running.

Capitec gets many things right in terms of its strategy, including its market positioning, internal operations, and organizational culture. Yet three things stand out that enable it to grow and prosper.

Resisting revenue temptations

Founder and chairman Riaan Stassen said to me: “Our strength has always been our focus.” Indeed, Capitec is more focused, in terms of what it does and does not do, than most companies and certainly most banks. It serves individuals only, not companies or trusts. It offers them a single account: Everybody gets a gold card with exactly the same conditions, prices, and services. A customer can do three things with this account: saving, loans, and transactions — and nothing else. The bank serves these customers through a network of highly efficient physical branches. It has always held on to this model and never wavered.

Companies, and certainly new entrants looking for growth, often find it difficult to resist jumping onto various new sources of revenue. That’s best buy capital one credit card login, because if you are looking for growth, any piece of additional revenue seems welcome. Moreover, in advance, you can never be entirely sure that your original market choices will play out and will generate sufficient income by themselves. Hence, when a new potential stream of revenue presents itself, the company’s management feels it cannot afford to just leave it.

The result of this is, however, that a company ends up doing a variety of things that each might make sense on an individual basis but in combination create costly complexity — not adding up to something that is bigger than the sum of the parts. Or, as the late Steve Jobs said, ”Micro-cosmically it might make sense, but macro-cosmically it doesn’t add up.” In order to grow, a company needs a coherent set of choices.

Put differently, a company needs focus. Stanford professor Robert Burgelman called it a “vector strategy”: All the parts of an organization and all the combined efforts of its people need to be working in the same direction. Adding tangentially related sources of revenue gradually wanes strategic focus.

Capitec resisted the temptations of additional sources of revenue that might appear attractive on an individual basis. For many years, it did not offer anything else other than its single account: no insurance, no currency exchange, no small businesses. Recently, however, it has added credit cards to its offering and has begun to offer funeral insurance. This, however, is only after it has become firmly established in the South African market — and that is a point in itself.

Evolving purposefully

Although Capitec has always been remarkably focused, in terms of client segments, its product portfolio, and distribution network, its strategy has changed significantly over the years — as it had planned.

Capitec first entered the industry in rural areas. These areas were underserved by the traditional banks. That is because most people living there are quite poor and the banks figured they could not make much money on them. There were, however, plenty of microlending businesses in those areas, offering unsecured payday loans. Capitec started buying them up and converting them into bank branches. The big banks ignored Capitec: After all, this new entrant focused on the bottom of the market only, something they weren’t interested in anyway.

However, after Capitec had established itself in best bank for business account 2018 rural areas, it started entering the larger cities, such as Cape Town, Durban, and Pretoria. It set up branches near “taxi-ranks”: stations for mini-buses, used by people who generally cannot afford a car. Still, the big banks dismissed Capitec’s travails: These might be customers who already had a bank account, but they still represented the low end of the market, where margins and profits were thin. The big banks happily left them to switch to Capitec.

Yet Capitec’s management was thinking ahead. After it had established itself in the cities, and gained a well-known brand name and reputation, it best bank for business account 2018 setting up branches in high-end shopping malls. The incumbent banks were rattled, but by now it was too late to stop the new kid on the block. Capitec’s foothold was now firm, and it continued growing.

Capitec’s strategy is reminiscent of Harvard Business School professor Clayton Christensen’s model of disruptive innovation: It did not enter the industry taking its competitors head-on, by offering superior products or services. Instead, it focused on the bottom of the market and gradually yet decisively worked itself upward. Now that it is firmly established, it can afford to gradually change its model.

Many entrants into an industry try to offer something new and superior to potential customers, hoping to do even better than the existing players, often targeting the customer segment with the highest margins. But sometimes an entrant’s chances of success are better by focusing its offering on something that is worse than what’s already available in the market, at least on some dimensions.

Yet successful corporate strategists then look ahead and realize that once they have grown, their strategy will likely need to evolve. This does not just mean adding things to their company’s portfolio and value proposition; it also requires ceasing some of the old parts of the original strategy. In Capitec’s case, for example, not a single one of its branches that were converted from microlending shops are still in operation today. Capitec’s management realized the company had moved on and that those branches needed closing. A focused strategy is important, but allowing (or even planning for) that focus to shift in the future is equally relevant.

Breaking outdated habits

Capitec’s founders had learned something, though, from their early forays into the industry, including from the cash loan shops: Companies in the best bank for business account 2018 seemed to share some puzzling practices. For example, in contrast to the loan shops, all banks in South Africa closed at 3:30 PM. As Michiel le Roux, cofounder and former company chairman, said to me: “I think that is a leftover from the days that money was physical; bank employees needed an hour or two at the end of the day to count the money and balance the books.” Even though most money is electronic, and balancing the books happens in the blink of an eye, banks continue to close at 3:30 PM.

Capitec, by contrast, decided to keep open its branches till 6 PM, or even 8 PM, and on Sundays to accommodate the needs of working customers.

Similarly, across the industry, banks charge a fee on transactions that was a percentage of the sum transferred (which was probably a leftover from the days that money was transferred by check, rather than online, to account for the costs of potential loss or theft). Capitec, instead, charged a fixed fee, regardless of the amount being transferred. Customers loved it, but incumbents found it surprisingly difficult to imitate the practice: Their percentage-based fees were interlinked with various other aspects of their model, such as the budget of their departments, managers’ headcounts, and the bonus system of the executives. It enabled Capitec to remain unique in its offering for an unexpectedly long time.

But it wasn’t only particular practices and systems that Capitec organized differently than traditional banks; it was the whole attitude of the company and its employees, particularly toward customers. In traditional banks, customers had to line up; branches and bank employees could be bureaucratic and intimidating; the inner workings of the banks sometimes were smothering and opaque.

Capitec’s founders had noticed that the cash loan shops often seemed to treat customers much better. Similarly, they decided that Capitec would treat people as what they were: customers. They would be asked to sit down rather than line up if they had to wait; they would look at the computer screen together with the bank employee serving them, rather than face a window or a desk; and they would be made to feel like visiting a retail shop, rather than a banking office. To facilitate this cultural change, Capitec decided to not recruit people from other banks but hire former retailers.

By focusing its new business on removing the industry’s outdated practices, Capitec brought a new model into the industry. Gerrie Fourie, its current CEO, called it “innovating around frustrations.” Companies in well-established industries are often remarkably alike: They do more or less the same thing, and often have all been doing it like that for many years. Sometimes industry insiders just shrug their shoulders when asked why it has to be done that way, proclaiming, “That’s how we’ve always done it.” Sometimes they might even refer the industry’s “best practices.”

But best practices can turn bad, as a result of changing market conditions, customer demands, or progressing technology. Then, innovating by ceasing them can become a source of growth and competitive advantage — just as Capitec has done.

Will Capitec’s success last forever? Probably not: Few things in life do, and business is certainly no exception. The incumbent banks have (finally) started to catch up; moreover, after 18 years Capitec is now an incumbent too, and new, innovative entrants may one day disrupt its model as well. What’s more, the company still relies heavily on unsecured loans, a business that is notoriously risky and hard to value.

But, so far, Capitec’s growth strategy has revealed some lessons for any company that is trying to grow in a crowded, competitive market. It is a story of focused evolution, based on bravely shedding the outdated practices of the industry’s dominant incumbents.

Источник: https://hbr.org/2018/10/how-capitec-became-south-africas-biggest-bank

Year End Summary

“Chase,” “JPMorgan,” “JPMorgan Chase,” the JPMorgan Chase logo and the Octagon Symbol are trademarks of JPMorgan Chase Bank, N.A.  JPMorgan Chase Bank, N.A. is a wholly-owned subsidiary of JPMorgan Chase & Co.

Investing involves market risk, including possible loss of principal, and there is no guarantee that investment objectives will be achieved.

J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment advisor, member FINRA and SIPC. Annuities are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.

"Chase Private Client" is the brand name for a banking and investment product and service offering, requiring a Chase Private Client Checking account.

Bank deposit accounts, such as checking and savings, may be subject to approval. Deposit products and related services are offered by JPMorgan Chase Bank, N.A. Member FDIC.

© 2021 JPMorgan Chase & Co.

Источник: https://www.chase.com/personal/credit-cards/year-end-summary

Top 5 Best Banks for Small Business

Top 5 Best Banks for Small Business

As a small business, every decision makes an even greater impact on your bottom line. The steps you take and the foundation you establish early on in your company’s lifetime can either set you up for prosperity or plant the seeds that will cause problems later. While every small detail is ultimately key, some of the most vital ones stem from how you approach banking. More specifically, selecting the best bank for your small business account is an essential step for your future financial success.

At first, you might be tempted to simply select the same institution you bank with on your personal account, but this option neglects the key benefits many banks offer to cater to the specific needs of a small business. A bit of research into the best banks for small business could wind up saving you significant money — for instance, nearly half of small business owners reportedly pay unnecessary monthly fees. So consider these options as you determine which bank best suits your small business.

1. Bank of America

One of the largest banks in the nation, Bank of America is not only among the most accessible banks out there but also one of the best for small business. A preferred lender of the Small Business Administration (SBA), Bank of America has a support system in place to assist you every step of the way, with a strong focus on online and mobile capabilities. Moreover, the bank boasts an impressive range of products targeting business owners, including business checking, savings and certificate of deposit accounts.

Because business loans are so often an integral part of any small business, Bank of America also provides a number of options in that department as well. Secured and unsecured loans are available — with the former beginning at $25,000 — as well as loans tied to specific applications, such as commercial real estate, equipment, automobiles and healthcare practices. Bank of America has so much to consider that many incoming small business customers rely on their online recommendation tool, which can help better define the right service for your business. You can also reach out for in-person assistance at any of Bank of America’s thousands of physical locations nationwide.

2. Capital One

Here’s new modern mobile homes for sale bank that clearly has small business owners in mind. Their popular Spark Business Basic Checking and Spark Business Unlimited Checking have many attractive features, with free unlimited transactions chief among them. As a small business, you may or may not have a high volume best bank for business account 2018 transactions going through your credit and/or debit accounts, but it’s always better to have the flexibility that Capital One provides. If you’re looking to streamline your finances and avoid fees, this is a great way to do that, especially considering that unlimited accounts even provide five free domestic wire transfers every month.

As far as loans, Capital One has you covered there as well. The bank is an SBA-preferred lender and can expedite the loan process within SBA guidelines, ensuring that your business gets the service and amount you need to propel your business forward.

The best bank for your small business is always the one that is most accessible for you. So if Capital One has a presence in your area, this bank could be an easy choice to handle all your financial matters under one roof. If not, perhaps its services aren’t quite right for your small business — you best bank for business account 2018 aim to keep your company’s affairs within the same financial institution.

3. Chase

Some banks place such an emphasis on merchant services that we can’t leave them out of any conversation on small business banking — and Chase is one. Chase understands the fast pace at which small business owners move, so they present copious opportunities for payment processing (including mobile and online payments). In addition, Chase has one of the most impressive customer service teams in the industry. Support is available 24/7, as is an intuitive reporting tool to help small business customers stay on top of their finances.

Loan-wise, Chase runs the gamut from business loans starting at $5,000 all the way up to real estate financing beginning at $50,000. Credit lines range from $10,000 to $500,000, truly providing small businesses of all kinds the chance to acquire the funds they need. Of course, if all you need are more basic small business products like business credit and debit cards or checking and savings accounts, Chase includes those in its package too. Look into the Chase Total Checking option, which is one of the most popular for their small business customers.

4. PNC Bank

PNC may not offer unlimited transactions, but its extraordinarily high limits on free transactions and cash deposits mean you likely won’t even notice. The bank as a whole makes it easy to avoid monthly maintenance fees, even giving new customers three months of fee-free service upfront. But among the bank’s three types of business checking, PNC Business Checking Preferred easily stands as the most beneficial for small businesses. These accounts allow for a high volume of transactions and deposits — $50,000 on free cash deposits and 1,500 free debit or credit transactions monthly — and include a variety of tools to manage your cash flow as well.

In addition to the built-in advantages of PNC’s checking accounts, you can qualify for fee waivers simply by using a combination of other business products. The bank’s business customers have countless services at their disposal, including loans, credit lines and payment processing. However, checking is undoubtedly its strongest point, and if your business is focusing largely on its checking accounts, PNC may easily be the best bank for your small business since it minimizes the expense tied to such activities.

5. Wells Fargo

If your small business banking needs extend far beyond simply loans and checking accounts, you might want to consider Wells Fargo. This bank offers a comprehensive suite of options for business owners — including full-service payroll and tax solutions — in a powerful effort to provide small businesses with a one-stop destination for their banking needs. Wells Fargo provides in-depth services like an employee time-keeping system and a variety of retirement plan options. Yet, it doesn’t forget to fulfill more basic needs like direct deposit and sophisticated payment processing for businesses that only require the bare essentials.

Of course, Wells Fargo also provides several business credit card options, offering credit lines as high as $300,000. These accounts provide much-needed assistance for key business expenses, and they include rewards points and cash back programs to incentivize your own investment in your business. Business loans reach up to $5 million. While you might not need quite so high an amount for own your business, the fact that Wells Fargo puts so much trust in its small business customers counts for a lot.

Do you have any experience working with these banks for your small business? If so, how did it go? Let us know on Twitter @Revenued_com.

We're working on some pretty cool new pieces of content, including tools that will give you insight into your business finances.

Want to be the first to know when they launch?

Источник: https://www.revenued.com/articles/business-banking/top-5-best-banks-for-small-business/

TD Small Business Checking

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TD Business Premier CheckingSM

The business checking account that rewards your TD Bank relationship

With the most perks of any TD small business checking account — discounts on services, free unlimited money orders and official checks, and more

No monthly fee for up to 3 additional accounts including TD Small Business Money Market Plus and up to 2 TD Business Simple Checking accounts 1

No TD fees at non-TD ATMs2.


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TD Business Convenience Checking Plus

All the essential account features you need to run your business

Waive the monthly fee with a $1,500 minimum daily balance between this account and a TD personal checking account3,4

Send money where it needs to go with ACH, Bill Pay5 and Wire Transfers

Pay with confidence with the TD Visa Business Debit Card and continuous fraud monitoring


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TD Business Simple CheckingSM

A business checking account with built-in, professional invoicing

Send free professional invoices that customers can pay online6

Accept online credit card and ACH payments for a low per-transaction fee6

Low $10 monthly fee—no minimum daily balance required


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What you get with a TD Small Business Checking account

  • Longer store hours
    Enjoy the convenience of over 1,100 TD Bank locations with longer hours, including weekends7
  • Online Banking with access to accounts and payments
    Online Banking and Mobile Banking with Mobile Deposit8 plus payment options including ACH, Bill Pay5 and Wire Transfers. Set up sub-users and permissions to tailor your account to your business needs
  • Local personalized support
    Connect with a Small Business specialist to help customize services and solutions for your business
  • Instant issue debit card
    Lost or worn card? Stop by a TD Bank near you and get a new business debit card on the spot
  • 24/7 Live Customer Service
    Call 1-888-751-90001-888-751-9000 and press 0 to talk to a real person 24/7. Get account info, answers to questions about our products and services, open an account and more
  • Merchant Solutions
    Get your funds faster with next-business-day funding to a TD Checking account. And, waive the monthly fee for TD Business Premier Checking accounts.9 Accept any type of payment, even contactless from anywhere. Track sales, identify trends, report on customer segments, spending patterns and more
  • TD Online Accounting6
    Your banking and accounting all in one place. Send online invoices, accept credit card payments and access reporting from within TD Online Banking

Interest on Lawyers Trust Accounts (IOLTA/IOLA)

Law firms can use IOLTA accounts to place client funds into a pooled account that earns interest used to benefit public service programs approved by the state bar.

Still deciding on an account?

Our account selector can help you choose the right account.

More TD small business solutions

Merchant Solutions

Easily accept payments and receive your funds faster with next-business-day funding to a TD Business Checking account2

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Get more best bank for business account 2018 your checking account

Explore the benefits of your checking account along with other services to help grow your business

Find out more

TD Online Accounting

Send online invoices, accept credit cards, streamline accounting and track everything all in one place

Get details

Get ready to open your business account

Be prepared with the info and documents you'll need to open a deposit account or apply for a loan or line of credit

Find out more

View account guide for more details: TD Business Simple Checking, TD Business Convenience Checking Plus, TD Business Premier Checking and TD Business Interest Checking Plus.

1Refer to the Business Deposit Account Agreement for details.

2For non-TD Bank, N.A. ATM transactions, the institution that owns the terminal (or the network) may assess a surcharge at the time of your transaction, including balance inquiries.

3Non-profit customers are eligible for waiver of the monthly maintenance fee.

4TD Business Convenience Checking Plus combined balances includes balances from the TD Business Convenience Checking Plus account and one TD personal checking product. The following personal checking best bank for business account 2018 are excluded: Health Savings Accounts and TD Simply Free Checking. Please see your Business Deposit Account Agreement for more details.

5Bill Pay payments are free with up to a 3-day turnaround time. A rush same-day payment feature is available for a fee. Please consult your Business Account Agreement for details.

6TD Online Accounting is powered by Autobooks. Neither TD Bank, N.A., nor any of its subsidiaries or affiliates, is affiliated with Autobooks, Inc (Autobooks). The accounting services referenced herein are provided exclusively by Autobooks and are subject to customer’s agreement to Autobooks’ terms of use. Certain restrictions and fees apply. TD Bank may be entitled to receive fees from Autobooks for customer’s use of accounting services. Use of accounting services from any provider, including Autobooks, is solely at the customer’s election. Autobooks may have a different Privacy and Security policy than TD Bank, N.A. You should review the Privacy and Security policies of the Autobooks website before you provide personal or confidential information. Restrictions may apply for 1-2 day funding availability service. TD Business Simple Checking customers enrolling in Invoicing only, will pay no monthly service fee. Customers with multiple business checking accounts are only eligible for the Invoicing only monthly service fee waiver if all checking accounts are TD Business Simple Checking products. All other business checking product types will pay a $10 monthly service fee for TD Online Accounting.

7Data as of March 2018. Comparison of longest average store hours in the regions (MSAs) in which TD Bank operates compared to major banks. Major banks include our top 20 national competitors by MSA, our top five competitors in store share by MSA and any bank with greater or equal store share than TD Bank in the MSA. Major banks do not include banks that operate in retail stores such as grocery stores, or banks that do not fall in an MSA.

8The TD Bank Mobile App is free to download, however, standard wireless carrier message and data rates may apply. Text "Stop" to quit or "Help" for more information. TD Bank Mobile Deposit is available to business customers with an active checking, savings or money market account. Available for most iPhone® and Android™ devices. Other restrictions may apply. Please refer to the Mobile Deposit Addendum.

9Fees may apply for optional services. For merchants with a TD Bank settlement account and TD Bank’s standard payment processing setup, funds will be available in the settlement account by 2 PM ET on the next business day. Availability may vary based on merchant-selected payment processing gateway and other chosen services, including but not limited to, the use of non-TD Bank settlement account. Additional restrictions apply. Please consult your Business Account Agreement for details. See the TD Bank, N.A. Best bank for business account 2018 Merchant Agreement for Applicable Merchant Processing Fees and Assessments. Subject to credit approval. Visit https://www.tdbank.com/merchantsolutionsoffer/ for promotion details.

View account guide for more details: TD Business Simple Checking, TD Business Convenience Checking Plus, TD Business Premier Checking and TD Business Interest Checking Plus.

1Refer to the Business Deposit Account Agreement for details.

2For non-TD Bank, N.A. ATM transactions, the institution that owns the terminal (or the network) may assess a surcharge at the time of your transaction, including balance inquiries.

3TD Business Convenience Checking Plus combined balances includes balances from the TD Business Convenience Checking Plus account and one TD personal checking product. The following personal checking products are excluded: Health Savings Accounts and TD Simply Free Checking. Please see your Business Deposit Account Agreement for more details.

4Non-profit customers are eligible for waiver of the monthly maintenance fee.

5Business Convenience Checking in-store cash deposits up to $5,000 per statement cycle and $0.25 per $100 deposited thereafter.

6Business Simple Checking in-store cash deposits up to $5,000 per statement cycle and $0.25 per $100 deposited thereafter.

7Data as of March 2018. Comparison of longest average store hours in the regions (MSAs) in which TD Bank operates compared to major banks. Major banks include our top 20 national competitors by MSA, our top five competitors in store share by MSA and any bank with greater or equal store share than TD Bank in the MSA. Major banks do not include banks that operate in retail stores such as grocery stores, or banks that do not fall in an MSA.

8The TD Bank Mobile App is free to download, however, standard wireless carrier message and data rates may apply. Text "Stop" to quit or "Help" for more information. TD Bank Mobile Deposit is available to business customers with an active checking, savings or money market account. Available for most iPhone® and Android™ devices. Other restrictions may apply. Please refer to the Mobile Deposit Addendum.

9Fees may apply for optional services. For merchants with a TD Bank settlement account and TD Bank’s standard payment processing setup, funds will be available in the settlement account by 2 PM ET on the next business day. Availability may vary based on merchant-selected payment processing gateway and other chosen services, including but not limited to, the use of non-TD Bank settlement account. Additional restrictions apply. Please consult your Business Account Agreement for details. See the TD Bank, N.A. Member Merchant Agreement for Applicable Merchant Processing Fees and Assessments. Subject to credit approval. Visit https://www.tdbank.com/merchantsolutionsoffer/ for promotion details.

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Источник: https://www.td.com/us/en/small-business/checking-accounts/

Financial Inclusion

The World Bank Group plays a critical role in advancing financial inclusion in the world since it can leverage its financial sector expertise, country engagement and dialogue, financing and risk-sharing instruments, unique datasets and research capacity, and influence with standard-setting bodies and the G20.

Our work on financial inclusion also underpins the institution’s efforts in other development areas, including shifting social transfer payments from cash to digital, support to SMEs and agriculture, and the World Bank Group’s Identity for Development (ID4D) initiative.

It is also interwoven into other institutional initiatives, including:

  • The Women Entrepreneurs Finance Initiative (We-Fi) which focuses on removing financial and non-financial constraints for women small-business owners.
  • The Digital Economy for Africa (DE4A) Initiative to support Africa’s efforts toward building inclusive and sustainable digital economies.
  • Work in IDA countries as part of the IDA18 framework on women’s financial inclusion.

To be successful in achieving financial inclusion, it’s essential for a country to have a strong political best bank for business account 2018 and coordination across relevant public and private stakeholders, and be able to create an enabling environment and wide-reaching policies that promote responsible financial access, financial capability, innovative products and delivery mechanisms, and high quality data to inform policy-making.

We have two institution-wide specific initiatives to promote financial access and inclusion:

Universal Financial Access (UFA) by 2020: In 2013, the World Bank Group committed to extending access to financial services to 1 billion adults through the Universal Financial Access 2020 initiative, which envisions that adults worldwide will be able to have access to a transaction account to store money, send or receive payments. While the UFA2020 initiative focuses on 25 countries where almost 70% of all financially excluded people live, we are working with more than 100 countries to advance financial access and inclusion. As of December 2017, we estimate that our advisory, technical assistance, and financing operations will help reach 738 million new accountholders by 2020 (toward a 1 billion goal). Track progress toward UFA.

Financial Sector Assessment Programs (FSAPs): As governments and standard-setting bodies started prioritizing financial access, financial inclusion topics have become prevalent in FSAPs, which are assessments the World Bank and the IMF developed to help strengthen countries’ overall financial systems and cover a range financial sector issues.

We have developed an integrated and unified approach in our work to help countries achieve financial access and responsible financial inclusion, which focuses on 9 intertwined areas:  

1.   National financial inclusion strategies (NFIS): offer governments technical assistance to design and implement national or subnational roadmaps and action plans to achieve their financial inclusion objectives.

2.   Modernize retail payment systems and government payments: help countries design strategies to promote the use of electronic payments, instead of cash and paper-based instruments. Many countries are successfully digitizing government payments by shifting best bank for business account 2018 government-to-person payments into accounts, which typically lowers costs and increases financial access. It also leads to significant cost savings in the administration of payment schemes, as well as to reduced leakages related to corruption and fraud.

3.   Reform national payments systems (NPS), including remittance markets: conduct a comprehensive diagnostics of countries’ payments and settlement systems, including remittance markets, and make recommendations to improve NPS.

4.   Diversify financial services for individuals: support legal, regulatory and policy reforms, capacity building for supervisors, design of government programs to open up access to a range of financial services, including savings, insurance and credit, so that transaction accounts provide a pathway to full financial inclusion.

5.   Leverage technology for financial inclusion: work with national authorities to create an enabling environment to take advantage of “fintech” opportunities and new technology, level the playing field, and expand financial access. We also support G20-led work-streams relevant for “fintech.”

6.   Strengthen competition and expand access points: support regulatory and supervisory reforms to open up access and ensure level playing field for banks and non-bank (or non-traditional service providers), such as telecoms companies, “fintech” firms, post offices, cooperatives and agent networks.

7.   Financial consumer protection: work on building legal and regulatory framework for financial consumer protection, disclosure and transparency, including advising on institutional arrangements and redress mechanisms, and building capacity.  

8.   Financial capability: work with governments to design national financial education strategies (NFES), collect data and create surveys to measure the level of financial literacy, capability and awareness, and design and evaluate financial capability programs.  

9.   Financial inclusion data: Our global and country-level surveys provide data and insights on financial inclusion. Our global surveys include the Global Findex, surveying more than 150,000 people in some 140 countries; the Global Payment Systems Survey (GPSS), surveying regulators in some 120 countries on financial infrastructure related to payments and mobile money; and the Global Financial Inclusion and Consumer Protection (FICP) Survey, surveying regulators in some 140 countries to assess the enabling environment for financial inclusion and consumer protection. We also conduct country-level diagnostics and surveys on financial capability and consumer protection, and finance for small and medium enterprises (SMEs). Finally, our Remittance Prices Worldwide (RPW) database provides data on the cost of sending and receiving remittances in 365 country corridors.  

We also work through several global trust fund programs on financial inclusion:

Financial Inclusion Global Initiative (FIGI), started in 2017, advances global program to advance research in digital finance and accelerate digital financial inclusion. This program focuses on three pilot countries, China, Egypt, Mexico, and is supported by the International Telecommunication Union (ITU), the Committee on Payments and Market Infrastructures (CPMI), and the Bill & Melinda Gates Foundation. 

Financial Inclusion Support Framework (FISF) program, started in 2013, supports reforms and other country-led actions to achieve national financial inclusion goals and targets. FISF scales up and leverages the World Bank Group’s policy dialogue, analytical work and financing for financial inclusion. The program currently covers eight countries and is supported by the Ministry of Foreign Affairs of the Netherlands and the Bill & Melinda Gates Foundation.

Harnessing Innovation for Financial Inclusion (HiFi) program gives technical assistance to financial service providers to help them develop technology-driven business models to deliver financial services to the underserved. It also provides expertise to help developing countries modernize government, retail and remittance payment systems. It’s supported by the UK Government Department for International Development (DFID) and implemented by the World Bank Group.  

Consumer Protection and Financial Literacy (CPFL) Trust Fund: provide technical assistance through existing financial consumer protection and literacy programs to improve laws and regulations that strengthen consumer disclosure, prohibit abusive business practices, and establish effective out-of-court mechanisms to address consumer disputes as well as to enhance consumer knowledge and awareness of financial services, especially for the poor and vulnerable. It’s supported by the Swiss State Secretariat for Economic Affairs (SECO).  

Globally, we engage with standard-setting bodies, help shape standard-setting initiatives and convene forums.

G20 Global Partnership for Financial Inclusion (GPFI):  The World Bank Group is an implementing partner of the GPFI, an inclusive platform for all G20 countries, interested non-G20 countries and relevant stakeholders to work on financial inclusion. Under the China G20 Presidency leadership, the World Bank Group helped develop the G20 High Level Principles (HLPs) for Digital Financial Inclusion, and provided technical input to the New G20 Indicators for the Digital Financial Inclusion. The eight High Level Principles encourage governments to promote a digital approach to financial inclusion, and are being used as a reference tool by many countries.  The principles catalyze cross-government actions to drive financial inclusion through digital technologies, and also help ensure that consumer interests are at the forefront of policy concerns, emphasizing consumer protection and financial literacy.

Payment Aspects of Financial Inclusion (PAFI) report outlines seven guiding principles and suggests actions countries can take to advance access to transaction accounts. It was prepared by a financial regulator task-force chaired by the Committee on Payments and Market Infrastructures (CPMI) and the World Bank Group.

Last Updated: Oct 02, 2018

Источник: https://www.worldbank.org/en/topic/financialinclusion/overview

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Best Bank Accounts For Small Businesses \u0026 New Business Side Hustles In 2021

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Top 5 Best Banks for Small Business

Top 5 Best Banks for Small Business

As a small business, every decision makes an even greater impact on your bottom line. The steps you take and the foundation you establish early on in your company’s lifetime can either set you up for prosperity or plant the seeds that will cause problems later. While every small detail is ultimately key, some of the most vital ones stem from how you approach banking. More specifically, selecting the best bank for your small business account is an essential step for your future financial success.

At first, you might be tempted to simply select the same institution you bank with on your personal account, but this option neglects the key benefits many banks offer to cater to the specific needs of a small business. A bit of research into the best banks for small business could wind up saving you significant money — for instance, nearly half of small business owners reportedly pay unnecessary monthly fees. So consider these options as you determine which bank best suits your small business.

1. Bank of America

One of the largest banks in the nation, Bank of America is not only among the most accessible banks out there but also one of the best for small business. A preferred lender of the Small Business Administration (SBA), Bank of America has a support system in place to assist you every step of the way, with a strong focus on online and mobile capabilities. Moreover, the bank boasts an impressive range of products targeting business owners, including business checking, savings and certificate of deposit accounts.

Because business loans are so often an integral part of any small business, Bank of America also provides a number of options in that department as well. Secured and unsecured loans are available — with the former beginning at $25,000 — as well as loans tied to specific applications, such as commercial real estate, equipment, automobiles and healthcare practices. Bank of America has so much to consider that many incoming small business customers rely on their online recommendation tool, which can help better define the right service for your business. You can also reach out for in-person assistance at any of Bank of America’s thousands of physical locations nationwide.

2. Capital One

Here’s another bank that clearly has small business owners in mind. Their popular Spark Business Basic Checking and Spark Business Unlimited Checking have many attractive features, with free unlimited transactions chief among them. As a small business, you may or may not have a high volume of transactions going through your credit and/or debit accounts, but it’s always better to have the flexibility that Capital One provides. If you’re looking to streamline your finances and avoid fees, this is a great way to do that, especially considering that unlimited accounts even provide five free domestic wire transfers every month.

As far as loans, Capital One has you covered there as well. The bank is an SBA-preferred lender and can expedite the loan process within SBA guidelines, ensuring that your business gets the service and amount you need to propel your business forward.

The best bank for your small business is always the one that is most accessible for you. So if Capital One has a presence in your area, this bank could be an easy choice to handle all your financial matters under one roof. If not, perhaps its services aren’t quite right for your small business — you should aim to keep your company’s affairs within the same financial institution.

3. Chase

Some banks place such an emphasis on merchant services that we can’t leave them out of any conversation on small business banking — and Chase is one. Chase understands the fast pace at which small business owners move, so they present copious opportunities for payment processing (including mobile and online payments). In addition, Chase has one of the most impressive customer service teams in the industry. Support is available 24/7, as is an intuitive reporting tool to help small business customers stay on top of their finances.

Loan-wise, Chase runs the gamut from business loans starting at $5,000 all the way up to real estate financing beginning at $50,000. Credit lines range from $10,000 to $500,000, truly providing small businesses of all kinds the chance to acquire the funds they need. Of course, if all you need are more basic small business products like business credit and debit cards or checking and savings accounts, Chase includes those in its package too. Look into the Chase Total Checking option, which is one of the most popular for their small business customers.

4. PNC Bank

PNC may not offer unlimited transactions, but its extraordinarily high limits on free transactions and cash deposits mean you likely won’t even notice. The bank as a whole makes it easy to avoid monthly maintenance fees, even giving new customers three months of fee-free service upfront. But among the bank’s three types of business checking, PNC Business Checking Preferred easily stands as the most beneficial for small businesses. These accounts allow for a high volume of transactions and deposits — $50,000 on free cash deposits and 1,500 free debit or credit transactions monthly — and include a variety of tools to manage your cash flow as well.

In addition to the built-in advantages of PNC’s checking accounts, you can qualify for fee waivers simply by using a combination of other business products. The bank’s business customers have countless services at their disposal, including loans, credit lines and payment processing. However, checking is undoubtedly its strongest point, and if your business is focusing largely on its checking accounts, PNC may easily be the best bank for your small business since it minimizes the expense tied to such activities.

5. Wells Fargo

If your small business banking needs extend far beyond simply loans and checking accounts, you might want to consider Wells Fargo. This bank offers a comprehensive suite of options for business owners — including full-service payroll and tax solutions — in a powerful effort to provide small businesses with a one-stop destination for their banking needs. Wells Fargo provides in-depth services like an employee time-keeping system and a variety of retirement plan options. Yet, it doesn’t forget to fulfill more basic needs like direct deposit and sophisticated payment processing for businesses that only require the bare essentials.

Of course, Wells Fargo also provides several business credit card options, offering credit lines as high as $300,000. These accounts provide much-needed assistance for key business expenses, and they include rewards points and cash back programs to incentivize your own investment in your business. Business loans reach up to $5 million. While you might not need quite so high an amount for own your business, the fact that Wells Fargo puts so much trust in its small business customers counts for a lot.

Do you have any experience working with these banks for your small business? If so, how did it go? Let us know on Twitter @Revenued_com.

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Источник: https://www.revenued.com/articles/business-banking/top-5-best-banks-for-small-business/

Best Business Checking Accounts

As a small business owner, choosing the right bank and finding the best business checking accounts to choose from, can feel like an overwhelming experience.

Account fees are just one of many factors to consider. For example, maybe you need free cash deposits, unlimited transactions, or invoicing tools. It all depends on you and how your business runs.

The good news is that whether you’re a freelancer, sole proprietor, or limited liability company, there are many high-quality business bank accounts ready to serve you.

In this post, you’ll learn about the best business checking accounts, including traditional banks, online-only options, and more.

9 Best Business Checking Accounts For 2021

  1. Novo Business Banking: Best to Avoid Fees
  2. Axos Bank Basic Business Checking: Best For Online Businesses
  3. Chase Business Complete Banking: Best Sign-Up Bonus
  4. LendingClub Bank Tailored Checking: Best Cash Back Rewards
  5. Wells Fargo: Best For Physical Branches
  6. BlueVine Business Checking: Best APY
  7. U.S. Bank Silver Business Checking: Best For New Businesses
  8. Capital One Spark Business Unlimited Checking: Best For Cash Deposits
  9. Bank of America Business Advantage Relationship Banking: Best For Multiple Accounts

1. Novo Business Banking

Best For Fee Avoidance

This business banking fintech aims to provide simple, data-driven solutions for modern businesses and is a top choice for freelancers, entrepreneurs, and small business owners.

Novo Business Banking Account

They offer only a single product: the all-in-one Business Banking account.

It’s 99% fee-free and entirely digital, so you won’t be able to stop into a local branch if you need help. This is mitigated by Novo’s easy-to-use tools and seamless integration with external software.

For example, you can easily send out invoices, receive payments, and take care of any bills — all from the Novo app. You’ll also get discounts on business services like QuickBooks, Stripe, HubSpot, and Salesforce.

The only downsides are that there is no interest rate, and there are several transaction limits that would be deal-breakers for established businesses. For example, you cannot write checks or send ACH payments over $5,000.

Novo Business Banking Top Features

  • No monthly maintenance fees
  • No minimum balance requirements
  • 100% of ATM fees are reimbursed (even international ones)
  • ACH transfers, mobile check deposits, mailed checks, and incoming wire transfers are all free
  • Minimum opening deposit requirement: $50
  • Overdraft Fee: $27 (this is the only fee you’ll find).

You can apply for a Novo account online or in the mobile app in as little as 10 minutes.

Learn More at BankNovo.com

2. Axos Bank Basic Business Checking

Best For Online Businesses

Axos is one of the most popular online-only banks.

For businesses, it has two offerings: Basic Business Checking, and Business Interest Checking.

Both accounts are Quickbooks compatible, accept ACH transfers, and come with dedicated Axos relationship managers.

You can even set your employees up for success with low-fee Workplace Banking accounts.

Axos Basic Business Checking Top Features

  • Visa business debit card
  • Online and mobile banking
  • First 50 checks are free
  • No monthly service fee
  • No minimum balance requirement

You’ll also get free online bill pay and up to 200 free items (debits, credits, or deposits) per month (it’s $0.30 per item after that). Axos also reimburses for all domestic ATM fees.

If you are looking to earn a top APY on your business checking deposits, it’s hard to find a better option than Business Interest Checking.

Axos Business Interest Checking Top Features

  • 0.81% APY on balances up to $49,999
  • $100 minimum opening deposit
  • $10 monthly fee (avoidable with $5,000 monthly balance)

Axos Bank Sign-up Bonus

If your business was incorporated after June 1, 2021, you’re currently in line for a $100 bonus when you open a new account. Just use the promo code NEWBIZ100 when you apply.

If you are just starting and cannot meet the $5,000 requirement to avoid Business Interest Checking’s monthly fee, go with Business Banking and work your way up.

Learn More at AxosBank.com

3. Chase Business Complete Banking

Best Sign-Up Bonus

Chase is one of the biggest banks in the U.S., and it comes with a full suite of business banking products and services.

From deposit accounts to business loans, all your bases are covered with Chase.

Chase Business Complete Banking

Chase’s most popular business checking account is called Business Complete Banking. The account is intended for up and coming businesses and comes with all of the following essentials:

  • Free same-day deposits
  • Mobile and online banking
  • QuickAccept for accepting customer payments through the app
  • Online Bill Pay
  • QuickDeposit

Unfortunately, there’s a $15 monthly fee, but here is how you can avoid it:

  • Maintain a minimum daily balance of $2,000 or more
  • Make $2,000 or more in purchases with your Chase Ink Business credit card
  • Receive $2,000 or more through Chase QuickAccept or other qualifying Chase merchant services
  • Link to a Chase Private Client Checking account

Chase Business Complete Signup Bonus

New Chase customers can claim an impressive $300 sign-up bonus by signing up between now and October 21, 2021.

Enter your email address request your unique promo code. Once you’re in, complete the following actions to get your bonus:

  • Deposit $2,000 or more in new money within 30 days after enrollment.
  • Maintain a balance of at least $2,000 for 60 days after coupon enrollment.
  • Complete at least five transactions within 90 days after coupon enrollment. Qualifying transactions include debit card purchases, QuickAccept deposits, Chase QuickDeposit, ACH credits, and wire transfers.

Once you’ve met all the requirements, the bonus will hit your account within 15 days.

When it comes to traditional brick and mortar banks, it's hard to beat Chase for business — but only if you can avoid their fees.

Learn More at Chase.com

4. LendingClub Bank Tailored Checking

Best Cash Back Rewards

LendingClub established itself as a chartered online bank after acquiring Radius Bank in 2020.

Tailored Checking (formerly known as Radius Tailored Checking) is its interest-bearing small business checking account. The biggest draw here is the ability to earn cashback rewards.

When you use your LendingClub business debit card, you’ll get an unlimited 1.00% cashback on purchases.

Watch out for fees, though. There’s a $10 monthly fee on balances under $5,000 or more.

LendingClub Bank Tailored Checking Top Features

  • $100 minimum opening deposit requirement (but no minimum balance requirement after that)
  • 0.10% APY earning on balances over $5,000
  • Unlimited transactions
  • Free ATMs worldwide with unlimited atm fee reimbursements

Learn More at GoBank.LendingClub.com

5. Wells Fargo

Best For Physical Branches

Wells Fargo is one of the largest financial institutions in the world and boasts the most physical branches of any American bank, with more than 7,000 brick-and-mortar locations.

If you want to have access to a branch no matter where you are, Wells Fargo is unmatched.

Wells Fargo offers three account options for small business owners: Initiate, Navigate, and Optimize.

All accounts come with online banking, customizable debit cards and checks, mobile check deposits, and free cash withdrawals within the bank’s ATM network.

However, since each account is designed for a different type of small business, we’ll provide a quick overview of each option:

Initiate Business Checking

Initiate Business Checking is intended for newer business owners looking to build a stable foundation.

The account is minimalistic and serves the most basic business banking needs. It also has the lowest monthly service fee at $10 per month, which you can avoid by maintaining an account balance of at least $500 or an average ledger balance of $1,000 or more.

The account also comes with free cash deposits of up to $5,000 per statement cycle. After that, it’ll cost $0.30 per $100 deposit.

There’s no fee for your first 100 monthly transactions, but each one on top of that is $0.50.

Navigate Business Checking

Navigate is targeted toward business owners who are growing and need to evolve with the changes that come along with that growth.

The account expands on Initiate’s transaction limits and also adds some premium features. For the added perks, the monthly fee goes up to $25 per month, and you’ll need a $10,000 minimum daily balance or $15,000 in average combined business deposit balances to get around it.

There’s no fee for cash deposits of up to $20,000 per month, and you’ll get 250 free transactions. If you go over either limit, the same transaction fees associated with Initiate will apply.

The account is interest-bearing, though don’t expect more than ground-floor rates. You won’t pay any fees for stop payments, cashier’s checks, or money orders, and you’ll get two non-Wells Fargo ATM fee reimbursements per month.

In addition, incoming wire transfers are always free, and your first two outgoing wires are covered in each statement period.

Optimize Business Checking

Optimize is Well’s Fargo’s premium business checking account for well-established businesses. The monthly fee is $75, and unfortunately, there’s no option to get around it.

Instead, Wells Fargo allows you to offset the cost of fees through credit accrual based on your investable balances.

Optimize has the same limit of 250 free transactions as Navigate, but for cash deposits, you’ll simply pay $0.0025 per $1 deposited.

There’s no fee for stop payments, cashier’s checks, money orders, or incoming transfers, and you’ll get two ATM fee reimbursements each month.

Overall, Optimize stands out with its more advanced features. For example, you can have up to five linked Optimize accounts for one monthly fee, and you’ll get access to Commercial Electronic Office (CEO), which provides more control over payments, more robust account management and security, and higher transaction limits.

Learn More at WellsFargo.com

6. BlueVine Business Checking

Best APY

BlueVine is a fintech company that offers business bank accounts, loans, and lines of credit.

The Business Checking account is the company’s flagship business banking product. The account is fee-free and lets you handle your everyday banking needs online from any device.

By far, the most attractive feature is that you can earn 1.00% APY on balances up to $100,000. As such, BlueVine offers one of the highest-earning business accounts available.

BlueVine Business Checking Top Features

  • 1.00% APY on deposits up to $100,000
  • No monthly fees
  • No overdraft fees
  • Unlimited transactions
  • No minimum deposit requirement
  • Free access to more than 38,000 MoneyPass ATMs
  • Cash deposits at Green Dot locations, though each one will come with a fee

I am not seeing any other business checking options out there that can match or beat BlueVine's APY. So, if APY earning is your primary goal, BlueVine Business Checking is probably your best choice.

Learn More at BlueVine.com

7. U.S. Bank Silver Business Checking

Best For New Businesses

The Silver Business Checking Package from U.S. Bank is a free checking account intended for newer businesses with limited transaction activity.

The account comes with 125 free transactions and 25 free cash deposits (of $100) per statement cycle. You’ll also get a half-off discount on your first check order of up to $50, plus 50% off the monthly fee on a personal checking account.

Silver Business Checking comes with online and mobile bill pay, plus card payment processing, mobile check deposit, and overdraft protection through a Business Reserve Credit Line.

To apply for an account, here’s what you’ll need:

  • Employer Identification Number or Tax ID Number (sole proprietors can use a Social Security Number)
  • Articles of Incorporation, Articles of Organization, or a charter (not required for sole proprietors)
  • Photo ID and Social Security Number

Note: Most of the other banks on this list require the same credentials to open an account.

If you are looking for a free account backed by a national institution, U.S. Bank Silver Business Checking is a good place to start.

Learn More at US Bank

8. Capital One Spark Business Unlimited Checking

Best For Cash Deposits

Capital One’s Spark Business Unlimited Checking account is designed for high-volume businesses that don’t want to worry about transaction limits or fees.

You’ll get truly unlimited business transactions each month, plus quick access to deposits with availability the following day.

There’s no fee or limit on cash deposits and incoming wires are fee-free. Plus, you get five free outgoing domestic wires every month. You can also opt to link your account with another Capital One deposit account for overdraft protection.

The downside is the monthly fee, which is $35 per month. To get around it, you’ll need an average 39 or 90-day balance of $25,000 or more.

Capital One is a hybrid that mostly operates as a digital bank but also houses physical branches that are mainly located on the East Coast.

The mobile app is one of the best in the business and allows for easy deposits and account maintenance wherever you are.

Do you run a cash-heavy business like a bar, restaurant, or food truck? If so, you'll be in good hands with Spark Business Unlimited Checking — especially if you can avoid the monthly fee.

Learn More at CapitalOne.com

9. Bank of America Business Advantage Relationship Banking

Best For Multiple Accounts

Business Advantage Relationship Banking is BoA’s premium business account.

There are some fees, but it’s a decent option if your business makes a lot of transactions and needs in-person support.

Business Advantage Relationship Banking Top Features

  • Free business savings account
  • Built-in cash flow monitor
  • Free Zelle transfers
  • 500 free teller transactions and checks written per month
  • Free incoming wires
  • $29.95 monthly fee (avoidable with a monthly balance of $15,000 or more)

BoA also offers Preferred Rewards to business customers who maintain a balance of $20,000 or more.

The program eliminates monthly maintenance fees and comes with additional rewards on business credit cards and discounts on credit lines and loans.

If the monthly fee seems steep, consider BoA’s lower-tier business account: Business Advantage Basic Banking.

There’s a $16 monthly fee, however, the premium option gets the nod here because Basic does not come with a free business savings account.

Learn More at BankOfAmerica.com

FAQs

What is the best bank for small businesses?

It depends on your situation. Every small business is different, so the best bank for one might be a poor fit for another.

With that in mind, the best small business bank is the one that meets your unique business needs, and that doesn’t charge any fees.

That might seem like a non-answer, but it’s the truth. Find the bank with the business tools will help you achieve your goals. It’s that simple.

Which bank has the best business checking account?

Again, it depends. If your business needs modern, digital tools, you might be the best fit for an online option like Axos or Novo.

On the other hand, if you prefer in-person support, you’re likely better off with an account from a big bank like Chase or Wells Fargo.

There’s no clear-cut “best” account, which is why we’ve provided a set of diverse options that suit different needs. If you are still unsure, stick to the options in this post, and you’ll be just fine.

Which bank is best for LLC?

It really depends on how your LLC operates. But, if I had to pick one best overall, I would go with Chase Bank due to the wide array of account options.

However, Chase might not be available in your area, in which case you’d be just fine going with Wells Fargo, Bank of America, or U.S. Bank.

With that said, most small businesses and entrepreneurs no longer need to visit a physical bank. In that light, BlueVine, Novo, and Axos could be the best fit for you, depending on the unique needs of your LLC

Rather than thinking about finding the best bank for an LLC, consider the best bank for your particular business.

Learn More:

What banks offer free business checking accounts?

Our top picks for free business checking accounts are Axos, BlueVine, Mercury, and Novo Bank.

Generally speaking, most online accounts are free, whereas traditional brick-and-mortar banks tend to come with fees.

Which Business Checking Account is Best for You?

As you grind day and night to grow your business, the last thing you want to deal with is a bank account that isn’t getting it done.

Take a good hard look at your business, your cash flow, and your expectations for customer support. Do you handle cash, or are your services entirely digital?

Do you want the flexibility of an online bank or the peace of mind of a traditional one? How much are you comfortable paying in fees?

Once you can answer those questions, the decision will be much easier.

Here’s to finding the best business checking account for you and your business.

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Источник: https://www.carefulcents.com/best-business-checking-account/

Financial Inclusion

The World Bank Group plays a critical role in advancing financial inclusion in the world since it can leverage its financial sector expertise, country engagement and dialogue, financing and risk-sharing instruments, unique datasets and research capacity, and influence with standard-setting bodies and the G20.

Our work on financial inclusion also underpins the institution’s efforts in other development areas, including shifting social transfer payments from cash to digital, support to SMEs and agriculture, and the World Bank Group’s Identity for Development (ID4D) initiative.

It is also interwoven into other institutional initiatives, including:

  • The Women Entrepreneurs Finance Initiative (We-Fi) which focuses on removing financial and non-financial constraints for women small-business owners.
  • The Digital Economy for Africa (DE4A) Initiative to support Africa’s efforts toward building inclusive and sustainable digital economies.
  • Work in IDA countries as part of the IDA18 framework on women’s financial inclusion.

To be successful in achieving financial inclusion, it’s essential for a country to have a strong political commitment and coordination across relevant public and private stakeholders, and be able to create an enabling environment and wide-reaching policies that promote responsible financial access, financial capability, innovative products and delivery mechanisms, and high quality data to inform policy-making.

We have two institution-wide specific initiatives to promote financial access and inclusion:

Universal Financial Access (UFA) by 2020: In 2013, the World Bank Group committed to extending access to financial services to 1 billion adults through the Universal Financial Access 2020 initiative, which envisions that adults worldwide will be able to have access to a transaction account to store money, send or receive payments. While the UFA2020 initiative focuses on 25 countries where almost 70% of all financially excluded people live, we are working with more than 100 countries to advance financial access and inclusion. As of December 2017, we estimate that our advisory, technical assistance, and financing operations will help reach 738 million new accountholders by 2020 (toward a 1 billion goal). Track progress toward UFA.

Financial Sector Assessment Programs (FSAPs): As governments and standard-setting bodies started prioritizing financial access, financial inclusion topics have become prevalent in FSAPs, which are assessments the World Bank and the IMF developed to help strengthen countries’ overall financial systems and cover a range financial sector issues.

We have developed an integrated and unified approach in our work to help countries achieve financial access and responsible financial inclusion, which focuses on 9 intertwined areas:  

1.   National financial inclusion strategies (NFIS): offer governments technical assistance to design and implement national or subnational roadmaps and action plans to achieve their financial inclusion objectives.

2.   Modernize retail payment systems and government payments: help countries design strategies to promote the use of electronic payments, instead of cash and paper-based instruments. Many countries are successfully digitizing government payments by shifting all government-to-person payments into accounts, which typically lowers costs and increases financial access. It also leads to significant cost savings in the administration of payment schemes, as well as to reduced leakages related to corruption and fraud.

3.   Reform national payments systems (NPS), including remittance markets: conduct a comprehensive diagnostics of countries’ payments and settlement systems, including remittance markets, and make recommendations to improve NPS.

4.   Diversify financial services for individuals: support legal, regulatory and policy reforms, capacity building for supervisors, design of government programs to open up access to a range of financial services, including savings, insurance and credit, so that transaction accounts provide a pathway to full financial inclusion.

5.   Leverage technology for financial inclusion: work with national authorities to create an enabling environment to take advantage of “fintech” opportunities and new technology, level the playing field, and expand financial access. We also support G20-led work-streams relevant for “fintech.”

6.   Strengthen competition and expand access points: support regulatory and supervisory reforms to open up access and ensure level playing field for banks and non-bank (or non-traditional service providers), such as telecoms companies, “fintech” firms, post offices, cooperatives and agent networks.

7.   Financial consumer protection: work on building legal and regulatory framework for financial consumer protection, disclosure and transparency, including advising on institutional arrangements and redress mechanisms, and building capacity.  

8.   Financial capability: work with governments to design national financial education strategies (NFES), collect data and create surveys to measure the level of financial literacy, capability and awareness, and design and evaluate financial capability programs.  

9.   Financial inclusion data: Our global and country-level surveys provide data and insights on financial inclusion. Our global surveys include the Global Findex, surveying more than 150,000 people in some 140 countries; the Global Payment Systems Survey (GPSS), surveying regulators in some 120 countries on financial infrastructure related to payments and mobile money; and the Global Financial Inclusion and Consumer Protection (FICP) Survey, surveying regulators in some 140 countries to assess the enabling environment for financial inclusion and consumer protection. We also conduct country-level diagnostics and surveys on financial capability and consumer protection, and finance for small and medium enterprises (SMEs). Finally, our Remittance Prices Worldwide (RPW) database provides data on the cost of sending and receiving remittances in 365 country corridors.  

We also work through several global trust fund programs on financial inclusion:

Financial Inclusion Global Initiative (FIGI), started in 2017, advances global program to advance research in digital finance and accelerate digital financial inclusion. This program focuses on three pilot countries, China, Egypt, Mexico, and is supported by the International Telecommunication Union (ITU), the Committee on Payments and Market Infrastructures (CPMI), and the Bill & Melinda Gates Foundation. 

Financial Inclusion Support Framework (FISF) program, started in 2013, supports reforms and other country-led actions to achieve national financial inclusion goals and targets. FISF scales up and leverages the World Bank Group’s policy dialogue, analytical work and financing for financial inclusion. The program currently covers eight countries and is supported by the Ministry of Foreign Affairs of the Netherlands and the Bill & Melinda Gates Foundation.

Harnessing Innovation for Financial Inclusion (HiFi) program gives technical assistance to financial service providers to help them develop technology-driven business models to deliver financial services to the underserved. It also provides expertise to help developing countries modernize government, retail and remittance payment systems. It’s supported by the UK Government Department for International Development (DFID) and implemented by the World Bank Group.  

Consumer Protection and Financial Literacy (CPFL) Trust Fund: provide technical assistance through existing financial consumer protection and literacy programs to improve laws and regulations that strengthen consumer disclosure, prohibit abusive business practices, and establish effective out-of-court mechanisms to address consumer disputes as well as to enhance consumer knowledge and awareness of financial services, especially for the poor and vulnerable. It’s supported by the Swiss State Secretariat for Economic Affairs (SECO).  

Globally, we engage with standard-setting bodies, help shape standard-setting initiatives and convene forums.

G20 Global Partnership for Financial Inclusion (GPFI):  The World Bank Group is an implementing partner of the GPFI, an inclusive platform for all G20 countries, interested non-G20 countries and relevant stakeholders to work on financial inclusion. Under the China G20 Presidency leadership, the World Bank Group helped develop the G20 High Level Principles (HLPs) for Digital Financial Inclusion, and provided technical input to the New G20 Indicators for the Digital Financial Inclusion. The eight High Level Principles encourage governments to promote a digital approach to financial inclusion, and are being used as a reference tool by many countries.  The principles catalyze cross-government actions to drive financial inclusion through digital technologies, and also help ensure that consumer interests are at the forefront of policy concerns, emphasizing consumer protection and financial literacy.

Payment Aspects of Financial Inclusion (PAFI) report outlines seven guiding principles and suggests actions countries can take to advance access to transaction accounts. It was prepared by a financial regulator task-force chaired by the Committee on Payments and Market Infrastructures (CPMI) and the World Bank Group.

Last Updated: Oct 02, 2018

Источник: https://www.worldbank.org/en/topic/financialinclusion/overview

Year End Summary

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Источник: https://www.chase.com/personal/credit-cards/year-end-summary

4 Replies to “Best bank for business account 2018”

  1. Hi there! My application now states "Registration received by the Government". Does that mean my application to receive the 10K has been approved?

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