Business Bank Account
You have enough to think about with your business. Enjoy the simplicity of a business bank account with the credit union. Money FCU helps your business grow without the traditional business banking’s high fees and service charges.
Choosing the best business account.
Selecting the right business bank account for your company is one of the most important decisions you’ll make for your business. So, why choose Money FCU for your business checking account? With us, you’ll gain premium business features without additional costs commonly seen with traditional business bank accounts.
What is a business bank account?
A business account is a company’s savings account and a business checking account maintained separately from personal accounts. Keeping your business banking separate from private banking is critical. Opening an individual business account keeps bookkeeping clean and accurate and simplifies your tax preparation.
A business savings account keeps funds in a secure and insured location. The National Credit Union Share Insurance Fund (NCUSIF) insures credit unions. The business savings account handles company deposits, withdrawals, and transfers. The small business checking account also provides business check-writing capabilities. The business checking account offers easy access to the business’s daily transaction activities and purchases. These two accounts often go hand in hand for the best financial control of your accounts and funds.
Company accounts today often come with online banking or mobile banking. Online banking gives your business an advantage by helping you stay connected with 24/7 access day or night. For the busy business owner, online access anytime is often a deciding feature.
When is it time to get a business bank account?
There are many signs that it’s time to get a business bank account. One of the first signs is when your business begins accepting credit card payments. You’ll also recognize it’s time for a company business account when the number of transactions going through your personal account becomes too much to track easily. If you have significant business expenses, then you’ll want a separate business checking account for easy access and a clear, uncomplicated way to review business expenses and transactions.
Another typical sign for knowing it’s time to get a business account is when you begin to distinguish your business as a professional company and not a hobby. Lastly, it’s time for a business bank account when you find your tax preparation is increasingly difficult. Trying to split your personal and business transactions becomes quickly overwhelming come tax time. Having a separate account simplifies tax preparation. If you want to learn more about knowing when it’s time to open a business checking account read The Balance’s article: Why Having a Business Bank Account Is Important.
Added advantages of a business bank account.
The credit union can accept international currencies for global clients. With today’s online ordering, this feature may quickly become a concern for businesses with an international market. Learning how to ship and accept overseas payments helps build your business on a new level too. One you previously may not have considered.
More importantly, business checking accounts sometimes are set up to share responsibilities with multiple users. Meaning, more than one person is authorized to write checks, make debit card purchases and business credit card transactions, deposit funds, make transfers, and more. This shared privilege relieves the business owner of some easily assigned tasks.
Finally, with multiple people having access to the same account, keeping up-to-date on the account balance and activity is critical. Online balance alerts keep you informed of account activity. Warnings help avoid overdrafts while account monitoring catches potentially fraudulent activity or misuse of account privileges. Set up alerts in online banking for balances, cleared payments, and more. We even offer the ability to customize alerts via email or text message. We always have the solution to keep your business account running smoothly.
Business Visa Credit Cards – making business purchases simple.
Get greater business purchasing power with a business Visa card. Business accounts have perks like more rewards points, cash back, or an extended introductory rate. To get your business Visa, please click the link to go directly to our business Visa page.
The Credit Union is where I got my start and has always taken good care of me despite moving 10 different times.
You guys are always so friendly when I call, I love calling all of you because you’re always so upbeat and nice!
I started banking with you in 2000, almost 19 years ago. Best bank ever, I moved to CA and you made banking easy when doing electronic banking wasn’t really popular yet.
Everything, anything you guys do with me is done 200%. I KNOW that you’ve got my back. Thank you for this, and for everything you help me with. I truly appreciate it.
I commend your staff; they are always very pleasant and willing to assist my needs. Customer Service is very important to me and the credit union definitely shines in this area.
This is by far the best credit union, you guys are so good, you’re always on top of everything and you make me feel like my account is safe.
I do not say it often enough, but you have great staff! Nothing is ever a problem, they are terrific! Amy just helped me out big time and Debbie is always my #1 at the credit union.
I just wanted you to know that it is so nice to get a real person when I call in instead of an automated machine. I really appreciate it.
I just LOVE all of you there. People ask me why I use a credit union in Syracuse and I tell them you can’t beat the customer service!
Thank you for watching for fraudulent activity so diligently. Not only do you notify me when there is suspicious activity, but you are quick to help recover the money.
I’ve been in Charlotte for 7 seven years and I will not change banks because of this type of customer service.
Thank you MFCU for all the work you do and for really treating your customers like family.
I have to say it again – our credit union is absolutely the best! Hands down, no one else even comes close to the exceptional customer service and knowledge that you receive at Money FCU.
I told the car dealer I am sure that I want use Money for financing. The difference is only $7.00 per month. You have the very best customer service of any financial institution that I have worked with. Your customer service is worth every penny of the $7 per month and then some!
Each representative takes a special interest in any request made, with coordinating efforts by everyone. At a time when I was in transition, MFCU gave attention to what I needed to continue with them, now over 40 years.
I have been a member since 1987 and would NEVER, NEVER, EVER leave Money FCU under ANY circumstances!!
I wanted to let you know how much I love having Money instead of Chase! You guys have all been amazing since I have opened my account and I am so happy that I switched!!
I just love Debbie. She’s my hero!
As we are wrapping details around our third vehicle loan inside of a year or so, I just want to say thank you again. Your customer service is off the charts, and you are a pleasure to deal with.
Thank you to all of you! You girls are so wonderful! I love my credit union.
I thought I would take this opportunity to share with you what phenomenal employees you have. We couldn’t be happier to be blessed enough to have found MONEY FCU, and all that this bank encompasses.
I moved everything out of M & T Bank to you because of the service I receive. I just love you guys!
MONEY Federal Credit Union is people – a great group of people – who leave no doubt that while they are helping me, I am the most important thing going on that day.
I am not sure who is working their magic, but without it my wife and I wouldn’t be able to purchase this house we fell in love with in a neighborhood we fell in love with. I truly appreciate everything Money Federal Credit Union does for my family!
I have been a member since around 1992 or so and, even though I no longer work at Mutual of New York I have had nothing but excellent service from EVERYONE and I will never stray.
When you walk in the door you are always welcomed with a smile and happy greetings. Nothing is ever hard to do. When I need a loan it’s done and ready for me and I don’t even have to do anything! Just come in and sign!
You guys are the greatest. So professional and up to date with technology!
I have been banking with MFCU since I was 17 years old. I left NY and banked with other companies but I came back to MFCU. I am so happy that I did!! Your staff has always been so helpful. I just figured you would want to know that your staff is great and they deserve an extra day off :)
You guys haven’t changed a bit since I opened my account in 1987! You are all still so nice to deal with and I’m glad the changing times hasn’t hardened you into being unappreciative of your members. I now live in NJ and you are the best Credit Union I have ever had the pleasure of doing business with!
I remember when I joined the CU in 1980 and you were located in a closet upstairs, and you would write the number of members and the percentage rate on a chalk board on the wall.
I just wanted to let you know that your staff has been so helpful since the move out of the building. The staff is always quick and kind. You said that a Credit Union is much like a Bank…I would say that the Credit Union is much better than a bank. I appreciate you guys!!
I just wanted to let you know how awesome you are! I tell anyone who’ll listen about the GREAT customer service I get from the MONEY FCU. With commercial banks becoming less and less friendly and helpful and more and more costly, you guys are the best thing around!
I just went through one of the most painless processes getting a home improvement loan. I couldn’t believe how quick and smoothly everything went. I was quite impressed at the level of service. A special thank you also goes out to Debbie for her efficiency and for being so easy to work with!
I love you guys, one call and it’s done. Love, love, love you all.
I just went through the process of taking out a car loan. If it weren’t for Melissa, I wouldn’t have been able to get things done. I wasn’t sure about what to do for so many things, but Melissa did! She was always there for me, quick, soooooo much help. Lucky for me I was smart enough to join your credit union years ago.
I am so grateful to have such kind and helpful people to work with on my banking needs.
When our office moved I decided to keep my account with you because I don’t mind the 10 minute drive downtown to deal with you guys because you’re always so helpful and friendly.
What do I need to open a business bank account?
To qualify for a Money Federal Credit Union’s business bank account, you’ll need to prove residency and business ownership in Onondaga, Oswego, Cayuga, or Madison county. The minimum deposit to open a business bank account is $5.
We will ask you to provide the following:
- W-9 with either the TIN of the company or the SSN of the business owner
- Completed business account application (Fill it out with the business’s Taxpayer Identification Number (TIN) or Employer Identification Number (EIN), address, etc. List the business’s information under “Primary Member” and the business owner and those with authorization to open accounts and make financial transactions for the company listed individually under the “Joint Owner” sections)
- Business paperwork or Articles of Incorporation (DBA, LLC, business license)
- Paperwork showing all persons with authorization to make financial transactions on behalf of the business if there are multiple owners