Business Checking Services

Business Checking Services

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. And 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 business checking account. But, a business checking account can do much more for business owners that will ultimately pave the way to achieving more milestones, more quickly.

Advantages of a 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 you're personal receipts and transactions are commingled 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 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.

Basic Checking Services: Designed for businesses that need just the basics, these accounts require smaller minimum deposits and smaller account balances. Service fees are waived if you open multiple accounts or your combined business account balances exceed a minimum amount on a monthly basis. Free check writing is available up to a certain number of checks per month. Overdraft protection is available when the account is linked to a savings account option. Free business debit cards are available.

Premium Checking Services: Designed for growing businesses, includes the same package of services available in the basic checking plan. Additional services include increased free check writing, free checking account sweeping with any savings option, online bill paying, and premier phone banking. Minimum deposit and balance requirements are higher as is the minimum balance requirement for waived service fees.

Business Sweep Checking: For businesses that maintain one of our savings account options along with their business checking account, business sweep checking will ensure that your cash does not sit idle at the end of the day. Based on a pre-determined target balance amount, funds are swept daily from your checking account into your money market account. Then, as transactions are posted, funds are swept from your money market account back into your checking account when the balance falls below the target balance amount. All of your sweep activity can be viewed online and is summarized in your monthly account statement.