Identifying Deceptive High Interest Business Checking Account Plans

By Gregory Tick


Bank customers often encounter lots of tempting checking account plans which opens their desire to enjoy the privileges of owning one.

You need to conform first with their expectations of becoming a loyal patron and an on time payer to their bank in order for you to qualify. One very good example would be spontaneously using their online mode of bill payment service in paying your debit card for a month or more.

In a survey published by Bankrate, they have found that there are about 50 banks around the country that offer high interest checking account plans to customers; and on one of these plans, the high interest rate you get for your efforts can be as great as 6%, although on average it is usually half that.

So what happens when you qualify and continue to do so for months - until one month, you don't make enough of those qualifying transactions with the bank. Your bank then traces up your interest rate, cuts it down back to regular rates which falls beyond half its percentage point.

Although you might not notice, but these banks are very much aware that interest rates at a range of 3 - 6% add up to their strategy of tempting customers not to cut short their savings and stock investments into their high interest business checking accounts. Big personal investments aren't settled by banks on accounts like these.

To guard against this, high interest checking account plans usually come with a ceiling on how much money you can hold in them - usually it's something under $30,000. Money invested more than the account's limit usually falls to default interest rates. However, if you'd want to reach peak interest rates, banks commonly put a ceiling of about $1000 per account.

It easy to contact credit unions and banks. However, if locating banks with high interest rates is your aim, it might be quite difficult of you to locate one within your area, you just have to look around and do some searching. The rules concerning the number of business checking account transactions per month sum up most of the complaints from client. If you want to get huge discounts, buying payroll checks, blank checks and softwares, online is a definite answer. Top quality computer checks and even laser check stock is all available for the lowest cost online. Also a great place to order computer checks is at PayrollChecksStore.com

Surpassing the rules that bind business checking accounts is just easy. All you have to do is make use of your debit card in purchasing groceries and buying yourself lunch. When the reward for that is a 6% interest rate, what is to complain about?




About the Author: