1st Source Small Business Checking Account

1st Source Small Business Checking Account

All small business owners reach a critical phase of their development when they realize the importance of managing their cash flow in sustaining their growth. They also reach a point when they know they need to elevate the legitimacy of their business in the eyes of their customers, employees, and business prospects. These are both momentous milestones in the growth of a business and also the two key indicators that the business is ready for a small business checking account. But, a business checking account can do much more for business owners in paving the way to achieving more milestones, more quickly.

Advantages of a 1st Source Small Business Checking Account

Separate business and personal finances: There are a number of reasons why it’s important to maintain separate records for business and personal transactions. Perhaps the most important is that it will legitimatize your business in the eyes of the IRS. If your personal receipts and transactions are comingled with your business transactions, the IRS may question the legitimacy of your business and disallow deductions. From a practical standpoint, a separate checking account for your business will simplify your life and increase your efficiency in tracking and managing your business cash flow.

Make your life less taxing: Having a business checking account will reduce many of the costs associated with tax preparation and filing, including your actual tax bill. By having all of your business transactions and cash flow reporting available in a separate account, you will significantly reduce the amount of time spent in tax preparation saving accounting fees or freeing your time for running your business. Secondly, you’ll be less likely to miss out on any important deductions which could cost your business hundreds of dollars in additional taxes.

Elevate your business: A small business owner can only get so far using cash or a personal checking account for day-to-day transactions. Customers, vendors and employees will eventually begin to wonder if they are dealing with a legitimate business. Your business checks are a part of your brand and help form the professional image you want to convey.

Which 1st Source Small Business Checking Account is Right for Your Business?

Your business is unique which is why it is important to work with a bank that offers a range of account options that can meet your specific needs as your business grows. The size of your business and its cash flow requirements are key determinants in choosing a business checking account. We offer several options that are designed to help you optimize your cash flow management with consideration for your business’ need for flexibility, liquidity, and cost control.

1st Source Business Value Checking

Designed for businesses that have between 100 and 200 transactions per month, the 1st Source Business Value Checking account requires no minimum deposits and no monthly minimum account balance; and no monthly fees are assessed. The Business Value Checking account includes 150 free combined deposits/checks with just a 40 cent charge on deposit transactions over 150. All checks are digitally scanned to appear on your monthly statement to reduce the security risks associated with the return of canceled checks.

1st Source Business Checking

Designed for growing businesses that have between 200 and 300 monthly transactions, the 1st Source Business Checking account charges no monthly fee when a minimum monthly balance of $20,000 is maintained. Business Checking customers are allowed up to 250 combined deposit/checking transactions after which a 35 cent fee is charged per transaction. Digital images of canceled checks are included on monthly account statements.

1st Source Business Checking with Interest

Businesses with higher monthly balances have the opportunity to keep their cash working for them with the 1st Source Business Checking with Interest account. Qualifying businesses can earn interest on their available checking balance after charges are deducted. An earnings credit is awarded for the average available balance which offsets per-item fees for deposit and check transactions. The monthly maintenance fee of $14 can also be offset by the earnings credit.

1st Source Business Analysis Checking

For businesses with high transaction volume and high average balances, the 1st Source Business Analysis Checking account offers the flexibility of maintaining a monthly balance or investing excess funds. Based on the earnings credit rate, businesses can target the monthly balance needed to offset transaction fees, keeping their banking costs to a minimum.

1st Source Community Checking NFP

Non-profit organizations have special banking needs, which is why 1st Source offers them the ease, convenience and value of the Community Checking NFP account. There are no minimum account balance requirements, no monthly fees and no deposit/check fees up to 150 transactions.

1st Source Business Banking Online

At the core of all of our banking services is our enhanced online solution which provides your business with one integrated point of access to support all of your business banking needs, 24/7. In addition to viewing your business’ cash position and account activity in real time, it enables you to execute transactions such as one-time or recurring transfers. There is also an option to Business Bill Pay for an additional fee. The system will notify you with email alerts when certain checks clear and balance notifications. Your business account information can be downloaded into popular programs such as Excel, or into CSV or BAI2 formats.

Business can choose from three service packages – Business Banking Online Basic, Business Banking Online Plus which includes IntuitQuickBooks export feature, and Business Banking Online Premium which allows businesses to initiate wire transfers with dual approval.

1st Source Business Resource Plus® Card

Make your business purchases the easy and secure way with a 1st Source Business Resource Plus® card. You can use it like a credit card, but the money you spend is deducted directly from your business checking account. You can also use your Business Resource Plus® card at ATMs to access the cash in your business account. Best of all, because it's MasterCard®, it's secure to use online or around town.

1st Source Business Resource® Card

The 1st Source Business Resource® card can be used at any 1st Source Resource® Center (ATM) to view your account balances, deposit funds, or transfer funds between accounts. Business Resource® card users can also access their accounts through a 24-hour telephone banking service to check balances, move money between 1st Source business accounts and verify automatic payments and deductions.

For detailed information on our any of our business checking services contact a 1st Source business specialist by phone (800- 513 - 2360) or by visiting one of our banking centers.

We are members of FDIC so all deposits are insured up to $250,000 per depositor, per ownership category. To learn more about our FDIC membership, go to www.fdic.gov and search for our name under Bank Find.

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