Commercial Banking Questions

Before opening an account, assess your business needs, such as your expected average account balance and the number of transactions you’ll process each month then align those needs with an account. On a basic level, look for accounts offering:

• Features that make your operations easier, such as mobile banking access, Remote Deposit Capture and online banking with variable user settings
• Ease of integration with your payroll and bookkeeping services
• Reasonable service fees
• Branch and ATM access
• Generous transaction limits and earnings credit rates

Any business is eligible for a commercial checking or savings account with the required documentation. Required materials may include:

• Employer Identification Number (EIN), or Social Security number if you’re a sole proprietorship
• Personal identification documents
• Business formation documents
• Ownership agreements
• Business license
• DBA (Doing Business As) documentation

A commercial checking account is one of the most essential tools for running your business. Aside from everyday transactions and deposits, commercial checking accounts can help you with the following:

• Maintain organized bookkeeping and financial transactions
• Show proof or validity of your business for tax purposes
• Display legitimacy to potential clients and customers
• Streamline financial transactions and employee account access

Connect with a Commercial Banker for expert guidance on how a commercial checking account can help your business succeed.

A commercial checking account is one of the most essential tools for running your business. Aside from everyday transactions and deposits, commercial checking accounts can help you with the following:

• Maintain organized bookkeeping and financial transactions
• Show proof or validity of your business for tax purposes
• Display legitimacy to potential clients and customers
• Streamline financial transactions and employee account access

Connect with a Commercial Banker for expert guidance on how a commercial checking account can help your business succeed.

Many business owners open business CD accounts specifically for longer-term savings goals. By selecting a set term period for accessing your funds, banks and credit unions typically offer a higher interest rate on account balances. Benefits of commercial CD account include:

• A fixed interest rate that is typically higher than a regular savings account
• Flexible terms aligning with multiple savings goals
• More predictable returns on investment because of the fixed interest rate
• FDIC-insurance up to allowable limits

Money market accounts are an attractive option for businesses looking to earn typically higher interest on deposits, while having easy access to funds. Money market accounts offer check-writing and debit card privileges, a tiered interest rate structure and FDIC insurance up to the allowable limits.

A commercial savings account typically provides greater funds access (liquidity) than a CD but less liquidity than a conventional commercial checking account. You cannot write checks from a savings account, but you can make regular withdrawals via online banking transfers and ATMs. Remember that some savings accounts may have a monthly withdrawal limitation, and you may incur a fee if you exceed the limit.

Yes. From case studies and blogs to downloadable guides and customer success stories, our Business Insights section has free resources designed to help your company reach success.

Yes. Most banks and credit unions offer online and mobile banking for commercial banking accounts, which means your financial account information is accessible 24/7.