Small Business Checking Accounts: Which Should Your Business Be Using?

At FNB Fox Valley, we’re dedicated to helping our local businesses grow and succeed. However, we understand there can be some growing pains caused by the confusion and stress involved in managing your business’ finances. With every business being unique its own way, FNB knows that a “one size fits all” approach simply doesn’t work. That’s why, to help better meet the needs of your business, FNB offers 4 different types of small business deposit accounts! Want to find out which is the best fit for your business? Here’s our breakdown of each account:


Business First Checking/Savings


Description: Business First Checking is our most basic small business checking account.


-     Easy to use

-     Low $100.00 minimum balance

-     Basic online/mobile banking & online bill pay

-     Debit Card

-     If over 350 items, and the average cost is $0.35 each, no ACH ability

-     Low monthly maintenance fee of $3.00 is waived with daily minimum balance of $100.00 (Business First Savings)

Who Should Use It: This non-analyzed deposit account is best for businesses with activity levels up to 350 items deposited and clearing per month, and simple online banking needs like viewing accounts and internal transfer activity. Perfect for sole proprietors!


Standard Business Checking


Description: Standard Business Checking offers the same basic features as our Business First Checking, as well as more online banking products designed to manage a corporate business with ACH and wire needs.


-     Cost of cash management products

-     Secure online banking services which allows your business to assign account access as needed

-     Treasury management services:

.      -     ACH Origination

     -     Wire Transfer Service

     -     Remote Deposit

     -     Positive Pay

-     All monthly service fees and activity fees are accrued throughout the month and charged against the account at the end of the monthly statement cycle

-     Monthly service fees and activity charges may be offset by earnings credit received for balances maintained

Who Should Use It: This business account is designed for a higher transaction usage than the basic Business First Checking, perfect for corporate accounts and large nonprofits!


Nonprofit Business Checking


Description: This business checking account option is specifically designed to meet the needs of nonprofit organizations.


-     Low Cost

-     Doesn’t have ACH or Wire Transfer capability

Who Should Use It: Nonprofit Business Checking is perfect for small nonprofits with fewer than 10 employees who do not require complex Treasury Management Products. However, service fees may be applicable if treasury management needs are complex.


Business Money Market Account Options


Description: This money marketing account is designed to meet the needs of business customers who want to maximize their return on idle balances while keeping deposits liquid.


-     Flexibility (funds are available on a daily basis)

-     Tiered interest rate that provides returns based on account balance maintained

-     Monthly fee applies if $1,000 daily minimum is not maintained

Who Should Use It: If you are looking for deposit insurance coverage over the FDIC limit, Certificate of Deposit Account Registry (CDARS) / Insured Cash Sweep (ISC®) may be a great option for your business needs. CDARS and ICS is perfect for businesses and nonprofits who want liquidity, because you earn a competitive return while maintaining full FDIC Insurance coverage on funds above the FDIC limits.


In Conclusion…

If you have questions about any of FNB Fox Valley’s business deposit or Money Market accounts, visit your local FNB branch, or Contact us today!