If you’re a small business owner, you probably already know that business checking accounts are different than checking accounts for individuals. So whether you’re looking at opening your first checking account as you get your business started or considering a switch, here are a few things to consider.
What kind of features are included with the account? Online and mobile banking with the ability to pay bills, deposit checks, and view e-Statements? What about debit cards?
Fees and Limitations
You’ll also want to think about fees and monthly limits since many financial institutions have fees or limits on the number of items processed per month and the amount of cash deposited each month. Others may have minimum average daily balance requirements to avoid a fee or to earn interest.
Avadian’s Business Choice Checking and Choice Checking With Interest Accounts
With Avadian’s Business Choice Checking and Choice Checking With Interest Accounts, you get an account loaded with standard features as well as the ability to make two1 choices of optional features. (That’s where the “choice” comes in.)
|Minimum average daily balance required to avoid monthly service fee||Standard||
Business Choice Checking
|Minimum average daily balance required to avoid $15 monthly service fee||Business Choice Checking With Interest||$2,500 (or combined $15,000 in deposit and loan balances)|
|Minimum average daily balance required to earn dividends||Standard||Business Choice Checking With Interest||$2,500|
|Business Visa Debit Card||Standard||Both||Free|
|Online and Mobile Banking, including mobile deposit (upon approval)||Standard||Both||Free|
|e-Statement||Standard||Both||Free; simply sign up within online banking|
|Courtesy Pay||Standard||Both||$30 per use|
|Access to Avadian ATMs + 30,000 more in the CO-OP Shared Branch Network||Standard||Both||Free|
|Refunds for non-Avadian/CO-OP Shared Branch ATMs nationwide||Choice||Both||Up to $10 per month (receipts must be submitted within 90 days)|
|Wire transfers||Standard||Both||$45 for outgoing international transfers|
|Standard||Both||$15 each for incoming and outgoing domestic transfers|
|Choice||Both||Two free incoming/outgoing domestic transfers per month|
|First 250 items deposited free per month||Standard||Both||A $0.29 per item fee will be charged for more than 250 per month.|
|Choice||Both||Additional 250 (for a total of 500 free; a $0.29 per item fee will be charged for more than 500 per month)|
|$7,000 in cash deposited free per month||Standard||Both||A $0.20 per $100 fee is charged if you deposit more than $7,000 cash per month.|
|Choice||Both||Additional $3,000 (for a total of $10,000; a $0.20 per $100 fee will be charged for more than $10,000 per month)|
||Choice||Both||Free ($5.95 per month if choice not selected)|
|Bonus rate on Business CDs||Choice||Both||+0.10 on the APY (i.e. from 0.50% to 0.60% APY; cannot be applied to CD Specials or combined with other offers)|
|Three free cashier’s checks per month||Choice||Both||$3 each if choice not selected|
Ready to get started today? Just follow this link to fill out a form and a Business Services Representative will be in touch with you soon.Consider how you use (or think you will use) your account. Are you likely to rack up fees for cash deposits? Or the number of items processed per month? Is not needing to maintain a minimum average daily balance a huge plus for you?
This credit union is federally insured by the National Credit Union Administration.
Additional insurance of up to $250,000 on your savings accounts is provided by Excess Share Insurance Corporation, a licensed insurance company.
1Changing your options after initial selection will result in a $10 fee.