And most institutions now provide direct-deposit payroll services, which benefit employer, employees and the bank. Call various banks and determine which offer the most convenient services for the lowest cost. Often, a bank is chosen because of a business's proximity to a branch. If daily deposits are required, or other services are needed each day, such as change for a retail establishment, a bank nearby may be a good idea. But you don't have to deal with only one bank.
Some businesses use different banks to separate accounts.
Consider direct and indirect costs. Direct costs include fees the bank charges. Select a bank that can provide for your company as it grows and expands. If you are doing work overseas, you'll need a bank that provides international service, and only a certain number of banks are good at handling international transactions. Don't assume that you have to deal with a large bank to get international services.