Your small business may need a variety of deposit services or products. As a small business owner, you may be juggling the expenses of running the day-to-day operations of your business, the costs of expanding your business, and the responsibilities to protect your employees and your customers with your financial choices. Knowing you have all of that on your mind, here is some helpful information and some things to consider about banking for your business.

💳💰 Payments from your customers:

In general, you will want to comparison shop for a mobile app or debit and credit card processing service, since costs and other terms and conditions will vary.

Deciding on whether to separate your consumer and business deposit accounts 📈:

Keeping your business accounts separate from your personal accounts has some benefits. Also, the need for separate accounts generally increases as a business grows or becomes complex.

For more information about what types of accounts are insured by the FDIC, please visit: Are My Deposits Accounts Insured by the FDIC?

🔒 Protections may vary for consumer versus commercial accounts:

The bottom line: Notify your bank immediately of any problems because state laws, industry standards and your deposit agreements may provide protections.

Watch out for scams targeting your business⚠️🌀 : 

Scammers are out there and will do what they can to exploit your business perhaps by stealing information about customers or unauthorized withdrawals so here are a few scams to watch out for, so you can protect your business and your money:

• Ransomware is a type of malware created to lock or encrypt files on an electronic device like a smart phone or computer.
• Phishing is a term for scams commonly used when a criminal uses email to ask you to provide personal financial information or financial information of the small business. The sender pretends to be from a bank, a retail store, or government agency and makes the email appear legitimate.
• Smishing is similar to phishing, but instead of using email, the criminal uses text messaging to reach you.

• Vishing, similar to phishing and smishing, is when scammers use phone services such as a live phone call, a “robocall,” or a voicemail to try to trick you into providing personal or business information by sounding like a legitimate business or government official.

   

👉👉👉  To read the full FDIC article, click here.

✨ Additional resources ✨

FDIC Consumer News: Need a Loan for Your New Small Business?

FDIC: Money Smart for Small Business

FDIC: Understanding Deposit Insurance

Small Business Administration (SBA): Open a business bank account

SBA: Strengthen your cybersecurity

Cybersecurity & Infrastructure Security Agency: StopRansomeware.gov

For more consumer resources, visit FDIC.gov, or go to the FDIC Knowledge Center. You can also call the FDIC toll-free at 1-877-ASK-FDIC (1-877-275-3342). Please send your story ideas or comments to [email protected]. You can subscribe to this and other free FDIC publications to keep informed!