Business solutions to empower your success. Read our product guide for more information about Bank Freely Business checking. Cash Deposit First $10,000 at no charge per statement period.
First, well need to confirm which Union Bank branch is convenient for you. Accounts not maintaining a $500 balance will be assessed a monthly service fee of either $5 with eStatements or $7.50 with paper statements. 
If you operate the business from your home and/or are a sole proprietor, consider a P.O. By clicking on the link below, you will leave the Union Bank website and enter a privately owned website created, operated, and maintained by another unaffiliated business. Yes, many business owners find it more convenient to open a business bank account online. She has written about B2B-focused topics such as recruiting and hiring, paid time off, employee benefits and business credit. Union Bank is a registered trademark and brand name of MUFG Union Bank, N.A. The Deposit Administration Fee will be assessed monthly at a rate per $1,000 of average monthly adjusted ledger balance. Documents Required to Open a Business Account, Tax Identification Number (TIN) of the business or equivalent, Identifying information for all owners including beneficial owners, Personal identification information (name, date of birth, physical personal address, Social Security Number), Personal identification documents issued by a government agency (i.e. Member FDIC. Member FDIC. $9 For each Item you deposit or each check cashed that is returned unpaid. Business deposit overdraft protection transfer fee (if you are enrolled), Business Line Overdraft Protection (Subject to credit approval). We will not charge this fee if your account is overdrawn less than $5. When to open a business bank account and why you should do so, Finding the right business bank account: 5 questions to ask. If you provide the business with information, its use of that information will be subject to that business's privacy policy. 
According to theU.S. Small Business Administration, you can and should open a business bank account as soon as your business has anemployee identification number (EIN)from the Internal Revenue Service and/or begins to accept or spend money. 
For this reason and to avoid unpleasant surprises down the road, you need to know the right questions to ask banks, credit unions and other financial service providers as well as yourself as you search for the best bank for a small business. If you have a retail business, youll need a business bank account to accept payments through yourpoint-of-sale system. Your contact information, including your businesss phone number, email address and website. Startup Costs: How Much Cash Will You Need? Julie Ritzer Ross is an award-winning writer and editor with 40 years of experience covering a variety of industries, including retail, hospitality, professional services, payments, healthcare and business travel. 
The information that this private business collects and maintains as a result of your visit to its Web site, and the manner in which it does so, may differ from the information that Union Bank collects and maintains. The amount of the deposit will be subtracted from your balance and you will be charged the Deposited Item Returned Fee.
Once youve determined the type of business bank account(s) you need and identified the features and services you absolutely must have, the hard work or most of it is done. We are not responsible for the information collection practices of the other Web sites that you visit and urge you to review their privacy policies before you provide them with any personally identifiable information. (Refer to the Privacy & Security section for privacy protections Union Bank provides to its Web site visitors). If your business is a sole proprietorship and its name differs from your own, you may need. A cash management account (CMA) is an online account that provides the services of a checking, savings and investment account rolled into one. This simplifies your finances and gives your business a more professional image. Some online banks dont accept cash deposits, so a business bank account at a brick-and-mortar bank may be the way to go if you operate a business that handles many cash transactions. ATM Fees: Non-Union Bank ATM Transactions. Looking for the FinCen Attestation Form? [Read related article:The Small Business Owners Guide to Getting an SBA Loan]. Monthly Maintenance and Statement Delivery, How to minimize the Monthly Maintenance and Statement Delivery Fee, ATM Fees: Non-Union Bank ATM Transactions. For account information details and terms and conditions governing our deposit accounts, see applicableBusiness Product Guide,Business Accounts & Services Disclosure and Agreementand applicableBusiness Deposit Fee Schedule. Personal accounts should always be kept separate from business accounts. 
Visit our resource center to find information around branch protocols, financial support programs like the Paycheck Protection Program(PPP), tools and FAQs. Additional business checking account information. Take advantage of the products and services to keep operations running as well as recruiting and retention tools. By clicking on the link below, you will leave the Union Bank website and enter a privately owned website created, operated, and maintained by another unaffiliated business. Union Bank is a registered trademark and brand name of MUFG Union Bank, N.A. Additionally, while you are in the early stages of launching a business, youll probably want to open abusiness credit cardaccount for business purchases and, possibly, cash advances. $0 When using a Union Bank ATM to complete deposits, withdrawals, and transfers between linked Union Bank accounts. Union Bank was there. $15 Per Item, if the stop payment order is placed through Online Banking or Telephone Banking Direct Service at 877-671-6877. Union Bank works to empower women, minority, and veteran owned businesses to grow and thrive. We recommend you review their information collection policy, or terms and conditions to fully understand what that business collects. Certain banks cater to new and small businesses with a free small business checking account offering. We recommend you review their information collection policy, or terms and conditions to fully understand what that business collects. Additionally, many of these organizations offer training and events to help you grow your business. As a business owner, you have different needs and priorities than other business owners. Advertising Disclosure. Download Commercial Checking Accounts Comparison Chart. Union Bank is a registered trademark and brand name of MUFG Union Bank, N.A. Customer Care Team 802.888.6600 Toll-free: 800.753.4343 MondayThursday 8AM5PM Friday 8AM6PM. In some cases, you can get a break on these requirements if you also have a personal account (or accounts) at the bank in question. 
$33 For each Debit/Item received for payment when you do not have enough money in your account or through an Overdraft Protection service. Client usage of UCF is charged the Union Bank Reference Rate plus 4.0% per annum, computed on the average daily usage of uncollected funds for the month in question. Example: You deposit a check from someone who didn't have enough money in their account. With some accounts, transaction fees apply if you exceed a certain allotment of transactions each month, and early termination fees may be charged if you close your account. Documents typically required to open your Union Bank business account are listed in the tables below by business ownership type and by state. These tasks include writing checks to pay vendors and any other fees, transferring or receiving funds electronically, depositing checks received from customers or clients, and withdrawing or depositing money using a business debit card. The information that this private business collects and maintains as a result of your visit to its Web site, and the manner in which it does so, may differ from the information that Union Bank collects and maintains. The amount of the deposit will be subtracted from your balance and you will be charged the Deposited Item Returned Fee. As an example, many companies keep money in a savings account to earn interest while building funds to pay off expenses like federal taxes. However, opening and maintaining at least one business bank account that is separate from your personal finances is more prudent, as it makes it easier to track business expenses, present a more professional image for your business, plus youre able to take advantage of tax deductions and credits available to small business owners while avoiding other tax problems. The IRS requires that any incorporated business have a business bank account. Finding the right bank isnt difficult if you know what to look for and which questions to ask. You can use these apps to monitor your balance, transfer funds between accounts, pay bills (individually or via an autopay function) and check on your cash flow from anywhere with a mobile device like a smartphone or tablet. Union Bank is a registered trademark and brand name of MUFG Union Bank, N.A. A business account allows for easier expense tracking and tax filing. Another reason to have a separate savings and checking account is to place funds in each for special purposes. By already having a business bank account, your loan request wont be delayed or rejected. The minimum daily charge and accrued interest are then added to the overdraft balance. As an example, the federal government will only insure money in each account up to $250,000. TheFederal Deposit Insurance Corporation(FDIC) provides financial institutions with insurance for all types of deposits received there, including but not limited to checking and savings account deposits. If you have a checking and savings account, each one can safely hold up to $250,000. What documentation and information do you need to open a business bank account? All rights reserved. The information that this private business collects and maintains as a result of your visit to its Web site, and the manner in which it does so, may differ from the information that Union Bank collects and maintains. 2022 MUFG Union Bank, N.A. Looking for the FinCen Attestation Form? The savings account allows for the business to access liquid funds if needed, but especially in cases of emergency. If you've ever thought 15 Great Small Business Ideas to Start in 2022, The Best Small Business Government Grants in 2022. Third-party processors offer this service (and usually have lower rates), but it may be more convenient and efficient to use a bank that does so as well. Member FDIC. 
Free business checking doesnt involve the waiving of other fees. $1 When using a Union Bank ATM to obtain a mini statement. 
Use the branch locator. For account information details and terms and conditions governing our deposit accounts, see applicable Business Accounts & Services Disclosure and Agreement and applicable Business Deposit Fee Schedule. These organizations specialize in alternative financing solutions when a business may not qualify for traditional bank financing. Just head to a local branch of the bank youve selected or log on to its website. 
However, some banks waive some or all of these if you satisfy other requirements for example, your business checking account was opened at that institution, and the balance you keep in that checking account remains at or exceeds a set threshold. $7 Daily fee is charged for up to 5 Business Days beginning the 7th calendar day the account has been continuously overdrawn. Union Bank is a registered trademark and brand name of MUFG Union Bank, N.A. [Read related article:What Is a Tax Audit? All rights reserved. According to North Shore Bank, in addition to a checking account, businesses must have a savings account too. By linking to the website of this private business, Union Bank is not endorsing its products, services, or privacy or security policies. 2022 MUFG Union Bank, N.A.
These ineligible fees and charges will be directly charged to your Account on Analysis. Thank you for contacting Union Bank. Learn about the features and tools of the industry's Best Accounting Software for Small Business in 2022. (Transaction fees after the first 250 no-fee items are not waived based on balance). Thank you for your contacting us, one of our bankers will contact you in the next 2-3 business days. Like personal bank accounts, business bank accounts fall into several categories. Leverage our guidance as you organize your business finances, Get started with a Union Bank Business checking account, Simplify financial management with our business solutions, Accept and manage payments anywhere you do business, Ensure growth and expansion with the right financing at the right time, Business lending solutions to fit your needs, Were Union Bank and we believe in unlocking The Exceptional WithinTM. Similarly, savings accounts have a minimum deposit or minimum balance requirements. 
The 1st calendar day is the day the overdraft occurred. 
At the same time, your businesss credit score wont be negatively impacted if you suffer a personal financial crisis or setback. Credit unions typically offer better rates and lower fees. If you accept third-party goods or services advertised at our website, the third party may be able to identify that you have a relationship with us (for example, if the offer was made only through our site). Monthly, Activity, ATM, Cash Services, Deposit Administration, Late, and Uncollected Funds (UCF) Fees, $20 Monthly Maintenance and Delivery Fee with Paper Statements or $15 Monthly Maintenance and Delivery Fee with Online Statements. $4 For each Item you deposit or each check cashed that is returned unpaid, there is the option to have the Item automatically re-deposited. Overdraft balances and related fees are charged the Union Bank Reference Rate plus 4.0% per annum, computed daily, with a minimum daily charge of $10, assessed from the time such overdraft balances are created and related fees are incurred. $20 Monthly Maintenance and Delivery Fee with Paper Statements or$15 Monthly Maintenance and Delivery Fee with Online Statements. 
Zelle is now a part of your Union Bank Mobile Banking app,making it convenient to send and receive money with people you trust. Home Commercial Commercial Checking Accounts Business Checking, Business Checking offers great banking options for business owners with fewer transactions per month. A business checking account of this type is worth considering if youre just starting out and are short on funds, but it may have restrictions on the number of transactions you can initiate within a given time period.
Membership is typically required to become part of a credit union. If you accept third-party goods or services advertised at our website, the third party may be able to identify that you have a relationship with us (for example, if the offer was made only through our site).
A business bank account comes with multiple perks and protections for businesses, including the ability to take advantage of tax deductions and credits and protecting your personal assets by separating your personal and business transactions. Phone -discuss your unique business needs with a Deluxe Business Product Expert at 1-888-239-0558. Deficit and late assessment amounts are subject to direct debit to the account. box. To find your nearest branch, enter your zip code below. Earnings deficits which remain unpaid by the date specified on the Account Analysis statement will be assessed a late fee (compounded monthly). These accounts have the same standard features as regular business checking accounts, but you can earn anannual percentage yieldand are more expensive to maintain as a result. Union Bank is a registered trademark and brand name of MUFG Union Bank, N.A. A business savings account complements a business checking account. For unincorporated businesses, the ability to get a business loan and accept payments by credit card further add to the need of having a business bank account. Starting their life together meant buying their own home. 
To find your nearest branch, enter your zip code below.
NOTE: If check images are requested with your Paper Statement, an additional $3 monthly fee will apply for front image of checks and $10 for both front and back image of checks. Make purchases wherever Apple Pay, Google Payor Samsung Pay are accepted. (Refer to the Privacy & Security section for privacy protections Union Bank provides to its Web site visitors). Doing so will likely be easier if these options are available from the bank where you have a business checking account. Also, certain free checking accounts come with stringent minimum deposit requirements. We recommend you review their information collection policy, or terms and conditions to fully understand what that business collects. Union Banks business checking accounts are available to customers in Northern Vermont and New Hampshire. Fees for additional business banking services. If you provide the business with information, its use of that information will be subject to that business's privacy policy. $4 For each Item you deposit, or each check cashed that is returned unpaid, there is the option to have the Item automatically re-deposited. One example of other services to look for are the mobile apps that many banks now offer. All rights reserved.
These requirements vary depending on how your business is structured. $33 For each Debit/Item received for payment when you do not have enough money in your account or through an Overdraft Protection service. Its common, too, for banks to charge a flat fee if you withdraw funds from other institutions ATMs. Not finding the right branch? All rights reserved. Save time by scheduling an appointment with one of our bankers before visiting a branch. Banks are for-profit institutions, while credit unions are categorized as nonprofits. The final step opening the account itself isnt difficult. 
For instance,if your business is set up as an LLC, your personal assets wont be in jeopardy if your business cant pay its debts. You can open a business checking account at any one of our branch locations in Berlin, Fairfax, Hardwick, Jeffersonville, Jericho, Johnson, Lyndonville, Morrisville, St. Albans, St. Johnsbury, Stowe, Williston, Groveton, Lincoln and Littleton. Not all fees and charges are eligible for offset through your Earnings Allowance. The fee is charged when the Debit is paid (Overdraft Item Paid). The Deposit Administration Fee may include FDIC assessment charges, financing corporation (FICO) charges, and other charges provided by law, and may also include administrative expenses incurred by the Bank in providing depository services. Privacy Policy and Website Privacy Statement, Build/Construction Loans and Land Financing, St. Johnsbury, Railroad Street Operations and Loan Center, October is National Cybersecurity Awareness Month. Some banks charge deposit fees if you exceed a set limit on the amount of money or number of deposits you can complete each day, week, or month. The rule applies whether the business is structured as an incorporated sole partnership, a partnership between multiple individuals, or a corporation. Member FDIC. How to Get a Bank Loan for Your Small Business, How to Conduct a Market Analysis for Your Business, Guide to Developing a Training Program for New Employees. As your trusted financial partner, we focus on you and your business as you grow to provide the right financial solutions and tools at the right time, Receive earnings credits based on your account balance and use those credits to reduce your service charges, link multiple accounts increase your earnings, Receive one combined monthly statement for cashmanagement services, checks written, items deposited, and other banking services in one detailed statement of activity, Access the cash management solutions you need to efficiently handle receivables, payables and fraud prevention. 
Digital-only banks offer online accounts, though theyre not for everyone. $15 Per Item, if the stop payment order is placed through Online Banking or Telephone Banking Direct Service at 800-238-4486 . 
The benefits of opening an online business bank account include faster processing. Ensure that the bank you choose is FDIC-insured. Separating your business expenses from your personal expenses is a must to take full advantage of business tax deductions without triggering an audit. As your trusted financial partner, Union Bank focuses on the details of your business as you grow and provides the right financial solutions and tools at the right time. Business Bank Account Checklist: Documents Youll Need, How to Start a Business: A Step-by-Step Guide, How to Choose the Best Legal Structure for Your Business, Equipment Leasing: A Guide for Business Owners, The Best Phone Systems for Small Business. Ask a banker about the Business Line Overdraft Protection service including rates, other fees, terms and conditions. With overdraft protection, a Debit Business Card, online banking and bill pay, and access to your account via our mobile banking app, Union Bank offers an unbeatable banking experience. Ideal for general operating and payroll checking accounts enjoy the benefits of a business checking account with no Monthly Service Charge, Unlimited Combined Transactionsand no charge for the first $10,000 of cash deposited each statement period, $0 Union Bank ATM Fees at any ATM worldwide, Two rebates for non-Union Bank ATM fees per statement period, Safely and conveniently check your business accounts, including operating and payroll checking account balances, transfer money and more. Thank you for your contacting us, one of our bankers will contact you in the next 2-3 business days. Chase Bank, for example, requires the account holder to maintain a balance of $2,000 for a free business account. Key takeaway: Types of business bank accounts include checking, savings and cash management. Phone - discuss your unique business needs with a Deluxe Business Product Expert at 1-888-239-0558.
Outgoing international wires - Foreign currency, Online financial center wires monthly maintenance (to enroll in and use service), Business Accounts & Services Disclosure and Agreement. Please see the Business Accounts & Services Disclosure and Agreement for details. Terms subject to change. 2022 MUFG Union Bank, N.A. 
The food truck business can be rewarding. Access to your account is always convenient with 18 branch locations and a secure & feature-filled mobile app. Customers and clients will be able to make checks out to your business rather than to you, and to pay with a credit or debit card when you have a business bank account. One such trade-off is the absence of a physical branch, which can be a detriment if you prefer to have in-person contact with banks customer service personnel and/or youre uncomfortable depositing funds online.
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