Sterling Bank of Asia business bank accounts for march 2023

A Sterling Bank of Asia business bank account is a bank account that is used exclusively for business purposes and not personal finances. It can be opened in the business's name so that payments can be made and received in the business name. Business bank accounts are very close to personal bank accounts because they operate similarly.

Types of Sterling Bank business bank accounts

Sterling Bank business checking account

A Sterling Bank business checking account is the most flexible of all business bank account types. It has the least restrictions on what you can do with your own money. It allows you to withdraw funds in multiple ways, including electronic transfers, wire transfers, checks, and ATM and debit card transactions, so it's a fantastic place to stash the funds you need to cover your business expenses. For topping up your checking account, you have several options, including electronic transfers, mobile check deposits, wire transfers, and branch or ATM deposits if your bank allows them.

Sterling Bank business savings account

Sterling Bank business savings accounts are a better choice for operating profits you don't intend to use shortly. They allow you to earn a good interest rate on your savings but with limited access. Federal law limits you to six free cash withdrawals per month, and most business savings accounts do not allow using checks or ATM cards to withdraw cash.

How to apply?

Sterling Bank makes opening a business bank account straightforward. To start the process, open an account online or at a local branch. The following documents are required when opening a business bank account with the bank:

• Employer Identification Number (EIN) (or a social security number for sole proprietors)
• Your business's documents
• Business license from SEC

Requirements to apply for a Sterling Bank business loan

• Articles of incorporation of the business
• Certificate of registration with the Securities and Exchange Commission (SEC)
• Corporate by-laws.
• The board resolution that is fully notarized and incorporates the authority to open a bank account.

Pros and cons

Here are some pros and cons related to its business account services.

Pros

• The business financial statements are separate from personal accounts, making tax preparation much more accessible and preventing any financial issues related to the business from being absorbed by the owner's cash.
• These accounts come with many extra features that help the business run more smoothly, such as payroll, online banking, and assistance obtaining business-related loans.
• Employees have access to the business checking account, which can range from authorizing employees to make only deposits to allowing them to pay their expenses directly through the checking account.

Cons

• Many fees apply to business accounts. A well-established business, for example, is usually expected to maintain a high minimum balance and may be charged for failing.