Business Classic Checking Account

When you have a high volume of deposits and withdrawals each month, Business Classic Checking is the best choice for your everyday business banking needs.

• No minimum balance requirement
• Dividends on balances of $2,500 or more
• Low transaction fees¹

Plus:

• Night drop services at all branch locations
• Deposits are federally insured to at least $250,000 by the National Credit Union Administration

If you’re running a small business it can be tempting to keep your finances mixed, but there’s some key differences between a business checking account and a personal checking account. Two factors to consider are:

• Transaction caps
• Additional fees

When you’re operating a business, you may have more deposits and withdrawals than would be typical for a personal checking account. This could incur additional charges if you aren’t using a business checking account.

When you first look at it, a business checking account may not seem too different from a personal checking account, they both let you: Make deposits and withdrawals

• Draft checks
• Make ACH payments

However, a business checking account also allows you to collect and make regular payments with low transaction fees. Because of the volume of transactions a business account has versus a personal account, you need a bank that fits your needs.

As mentioned above, a personal account may not be ideal for a business. Additionally, you need to choose a bank that can support your business. Be cognizant of transaction fees, cash deposit limits and other charges that may be on a personal account and not a business account.

There is no clear answer on this, it will vary depending on the size of your business and your financial needs. However, one checking account that meets all your needs, including no minimum balance requirements and low transaction fees may be easier to manage than multiple accounts all with different fees and structures.

Each bank is different but generally, you’ll need:

1. EIN or social security number
2. Business formation documents
3. Ownership agreements
4. Business license

To open an account, please click here to receive more information and an application.

The answer is maybe. At Arizona Central sole proprietorships can open a business bank account without an EIN. But there are some reasons you may want to get an EIN anyway:

• Security. If you don’t have an EIN you will be using your social security number
• Convenience. When taxes roll around and EIN can make things easier