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Resource Center

Business Deposits

Business Checking:

  • $100.00 initial deposit
  • No service charge with $500 minimum daily balance
  • Unlimited Transactions
  • FREE ATM/Debit Card
  • FREE Online Banking, Bill Pay and Mobile Banking with enrollment
  • Free check images with monthly statement for easy record keeping
  • 1st Capture Services available to qualifying customers (remote deposits of checks into business accounts)
  • Direct Deposit Payroll Processing via ACH originations available to qualifying customers

 

Interest Bearing Commercial Checking (IBCC):

  • Interest Bearing Account, Compounds Monthly
  • $2,500 initial deposit
  • No Service Charge with $2,500 minimum daily balance
  • Unlimited Transactions
  • FREE ATM/Debit Card
  • FREE Online Banking, Bill Pay and Mobile Banking with enrollment
  • Free check images with monthly statement for easy record keeping
  • 1st Capture Services available to qualifying customers (remote deposits of checks into business accounts)
  • Direct Deposit Payroll Processing via ACH originations available to qualifying customers

 

Business Money Market:

  • Interest Bearing Account
  • $2,500 Initial Deposit
  • No Service Charge with $2,500 Minimum Daily Balance
  • 6 withdrawals allowed each statement cycle
  • FREE ATM/Debit Card
  • FREE Online Banking, Bill Pay and Mobile Banking with enrollment
  • Unlimited deposits
  • Free check images with monthly statement for easy record keeping

Beneficial Ownership - What you need to know

Beginning on May 11, 2018, all banks will be subject to a new rule under the Bank Secrecy Act when opening an account on behalf of a business or covered “legal entity.” Learn more about it here.intended to assist the government and law enforcement in the ongoing fight against money laundering and the financing of terrorism. When an account is opened on behalf of a business, or covered “legal entity,” we will be required to ask you for certain identifying information of the “beneficial owners” of the business.

The rule defines a beneficial owner as:

  • Each individual that has 25 percent or more of the equity interest in the business (ownership prong); and
  • One individual that has the authority to exercise control of the legal entity (such as a CEO, executive officer or treasurer) otherwise known as “control prong"

Each time a new account is opened, you will be required to provide the following information for each Beneficial Owner:

  • Name
  • Address
  • Date of Birth
  • Social Security number or Passport number and country of issuance, or other similar identification
  • In addition, you will need to provide a legible copy of each Beneficial Owners identification and signed certification form attesting to the accuracy of the information provided. This information must be collected whether or not the individuals are bank clients.

If your business will frequently need to open new accounts or loans with us, please keep this information current and on file for future use.

If you have any questions, please don’t hesitate to contact us at any of our locations.  We greatly appreciate your business and look forward to helping grow your business together.