What you need to know about business checking accounts
Consumers business services
Do you have business checking or other banking questions? Contact our knowledgeable business development managers. We’re here to help grow your business!Learn more
A checking account is the primary financial tool for most businesses; here’s what you need to know in order to get the best one for your business.
What’s the one financial account no business, even sole proprietorships, can do without? A business checking account. It’s the primary tool for making deposits and paying bills. It’s important because getting the right account can directly benefit your bottom line. Here’s what you need to know make a smart choice for business checking.
Why you want a business checking account
Even if you’re a business of one, a business checking account is imperative. By keeping your business and personal transactions separate, you’ll:
- save time on bookkeeping
- make tax preparation simpler and more accurate
- be able to easily calculate profit
In addition, by opening a business checking account, you’ll build a business banking relationship. When the time comes for getting a business loan, you’ll be glad to have an established connection with a credit union or bank.
Get the convenience of a business debit card
When your business checking account provides a debit card, purchases are more convenient. A business debit card will likely come with extra perks, too. For example, the Consumers business Mastercard® available through Consumers protects you if someone makes unauthorized purchases with your card.
- global emergency services, including connections to global healthcare networks and legal referrals
- discounts on TurboTax and QuickBooks
Above a certain amount, many business checking accounts pay interest. With a Consumers business checking account, you start earning interest on daily balances over $10,000. Check out current interest rates for our business checking accounts.
Research the fees
For any business checking account you’re considering, read the fine print and compare account services and requirements with your business operations. An introductory offer might sound good until you delve into the details. For example, “free” business checking might turn into “fee” checking if you don’t maintain a minimum balance or exceed certain transaction limits.
With a Consumers business checking account, you get:
- free unlimited incoming ACH credits and debits
- a free business debit card with dual name lines
- 150 free deposit checks per month
- $1,500 in free daily cash deposits
- ability to remotely scan checks, giving ability to originate ACH*
- mobile deposits with flexible limits
- access to your account online 24/7
For more information, please review our fee schedule here.
Consider a local Consumers business checking account
One reason Consumers has so many loyal business members is because they value personalized service. The kind of service that’s just not possible with an online-only or large national bank. For example, when you open a Consumers business checking account, your debit card is instantly issued—no need to put your business on hold while waiting for a card in the mail.
If you have any questions, you can talk directly with one of our office or business development managers who get to know you personally. In addition to helping you with business checking, they can help you with a business savings account and credit card, as well as financing for the projects that will help your business grow.
Do you have business checking or other banking questions? Contact our knowledgeable business development managers or call 800-991-2221. We’re here to help grow your business!
*Additional costs and approval would apply. Federally insured by NCUA