How to choose a new bank for your business

Here’s an outline of my initial questions for choosing a new bank for my business. If you’re curious, I created this with MindMeister.


Find a new bank for my business



Research and Development (R&D) plays a crucial part in many companies. This mindmap can be used as a list of all R&D projects across departments, working groups,…




1         Goals

1.1          Find a bank for a small business

1.2          Want it to be free!

1.3          Want to do mobile deposits

2         Research

2.1          Generic Bank Info Questions

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2.1.1                       Does it matter where the banks is located?

2.1.2                       What are some Credit Unions?

2.1.3                       What banks do I use now?

2.1.4                       What are some local banks?

2.1.5                       Does it matter what state I live in?

2.1.6                       Does it matter where the business is incorporated?

2.1.7                       Are there some major banks I could use?

2.1.8                       Are there any online banks that would work?

2.2          What questions do I need to ask?

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2.2.1                       What are the fees?                  Is there a fee to set up the account?                  Is there a monthly service fee?            Checking?       No
  • List of banks with free business checking
    • Virginia       Yes            Saving?                  Cash dollar amount deposits per month fee?                  Check deposits per month fee?                  The number of change order requests per month and charges?                  Debit transactions per month fee?                  Are there any other fees?

2.2.2                       What is the opening balance requirement?

2.2.3                       Is there a minimum amount of money that must be in the account?                  Yes            What is the minimum?            Is there a penalty for going below the minimum amount?                  No

2.2.4                       Debit card available?

2.2.5                       Do they offer credit cards?                  What are the rates?                  Is there a yearly fee for the card?                  What would be the balance?

2.2.6                       Do they provide business loans?                  Yes            Do they offer SBA loans?       What are the rates?            Regular loans       What are the rates?

2.2.7                       What Tools do they have to help me?                  Can I do mobile deposits?                  Automatic Download to QuickBooks?

2.2.8                       What other services do they offer?                  Do they offer merchant accounts?                  Payroll Services?                  Invoicing?                  Enhanced Security on Retail Services?                  Treasury Services?                  Online Tax Payments?

2.2.9                       How long does it take to set it up?

2.3         What questions will they ask?

2.3.1                       What paperwork do I need to set up the account?                  Articles of Incorporation?                  Fictitious name affidavit                  Partnership agreement                  Articles of organization                  IRS Non-Profit Verification                  Trade Name Registration (Georgia)                  Bylaws, Charter, Board Meeting Minutes                  License to Operate

2.3.2                       How many deposits will I make each month?

2.3.3                       How many checks will I write?


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