The convenience of online-only business checking accounts is that you can skip a trip to the bank when you need to deposit a check, move money, or pay a bill. Online banking helps business owners save time with innovative digital solutions and tools that offer 24/7 access to your account, as well as easy integrations with popular financial and accounting software.
However, many businesses also need a convenient way to withdraw cash from their account. In this article, we’ll explore multiple ways you can withdraw cash from your online bank account—while still avoiding waiting in line at a bank location.
Benefits of online bank accounts
Aside from the convenience of internet banking, online-only accounts also help you save money on everyday transactions and banking activities, while some even give you the opportunity to earn interest on your operating balances.
Higher interest rates
Online business checking accounts tend to offer better interest rates, empowering you to earn high-yield interest on your business checking account.
Lower/fewer fees
Because online banks have lower operational costs without maintaining brick-and-mortar locations, they usually charge fewer and lower fees than traditional banks.
No balance requirements
Your online business checking account might be more accommodating and easier to set up than a traditional bank account. Most don’t have minimum deposit or balance requirements, so you’re able to manage your account worry-free and move money around as you please.
Better technology
While nearly all business bank accounts should offer a mobile app or online dashboard, online-only banks are typically ahead of the game when it comes to innovation and software integrations, which should give you a more intuitive banking experience.
Ways to withdraw cash from your online bank account
While online-only checking accounts might not always be the best fit for businesses that deal solely in cash, plenty of accounts offer convenient ways to deposit and withdraw cash. Here are some common options for withdrawing cash from your online bank account.
Withdraw money using your debit card
Many online-only banks have strategic partnerships with large retail merchants that have locations across the country. The participating retail locations provide online bank account holders with cash-access points using their store ATMs. It’s important to keep in mind that this option may involve fees and cash withdrawal limits.
Get cash from an ATM
Although internet banks don’t have physical branches or their own ATMs, they usually have a bank partner with a nationwide ATM network. Taking money out of these ATMs allows your business to withdraw money the same way you would from a traditional bank, and without incurring fees. But if you use an ATM outside your account’s partner bank network, you’ll probably need to pay a transaction fee.
Write yourself a check
You can write yourself a check for the amount you need, and cash it so you have the cash on hand. Check-cashing services can come with a cost, so try to find a place with the lowest fee. If your online bank hasn’t issued you paper checks, you should be able to order a checkbook from your online dashboard.
Transfer money to another account
If you still have a traditional bank account, another easy way to access cash is to make a transfer from your online bank. Once the transferred funds arrive, you can withdraw the money from an ATM or your local bank branch. If you need cash faster, a wire transfer can ensure your funds are available more quickly. This option does come with an extra step to the process and it’s also important to keep in mind that each bank has its own ACH and wire transfer fees.
Finding the right online business checking account for you
While online business checking accounts do offer convenience and savings, it’s important to find an online financial partner that fits your business banking needs. Before selecting the best online checking account for your company, consider not only your needs but also evaluate the fee structures for different financial transactions to ensure they align with your budget.
By understanding your online bank’s ATM network and cash-access options, you’ll know exactly what to do when your business needs cash on hand.
High-yield business checking with easy cash deposits and withdrawals.
