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Customer PrivacySetting up a checking account for your business is the first step toward financial success. Link it to a debit card, savings account, credit card processing, or even our Cash Management and Remote Deposit Capture services, and you’re ready for a convenient and seamless banking experience.
| Nonprofit | Business | Business Rewards | Money Market | |
|---|---|---|---|---|
Description | Nonprofit An interest-bearing account for nonprofits, organizations, and associations. | Business Our classic account for any business size. | Business Rewards A high-interest business checking account. | Money Market A higher-yield, higher-minimum savings with tiered interest rates. |
Transaction limit | Nonprofit none | Business none | Business Rewards none | Money Market 6 per cycle* |
Interest | Nonprofit Tiered interest rates Tier 1: $0-$24,999.99 Tier 2: $25,000- $99,999.99 Tier 3: $100,000- $249,999.99 Tier 4: $250,000+ Calculated on average daily balance. Inquire for current rate. | Business Non-Interest bearing business account. | Business Rewards Tiered interest rates Tier 1: $0-$4,999.99 Tier 2: $5,000-$24,999.99 Tier 3: $25,000-$99,999.99 Tier 4: $100,000-$249,999.99 Tier 5: $250,000+ Calculated on average daily balance. Inquire for current rate. | Money Market Tiered interest rates Tier 1: $0-$999.99* Tier 2: $1,000-$24,999.99 Tier 3: $25,000+ Calculated on average daily balance; compounded & paid monthly. Inquire for current rate. |
Minimum Average Daily Balance to Obtain APY | Nonprofit $0 | Business N/A | Business Rewards $25,000 | Money Market $0 |
Monthly Fees | Nonprofit none | Business none | Business Rewards none | Money Market none |
Checks | Nonprofit Price varies | Business Price varies | Business Rewards Price varies | Money Market Free basic checks |
Statements | Nonprofit yes | Business yes | Business Rewards yes | Money Market yes |
Digital Banking + Bill Pay | Nonprofit yes | Business yes | Business Rewards yes | Money Market yes |
Minimum Opening Deposit | Nonprofit $100 | Business $100 | Business Rewards $25,000 | Money Market $1,000 |
Business Debit Card + Fraud Monitoring | Nonprofit yes | Business yes | Business Rewards yes | Money Market n/a |
*Transactions that qualify towards the 6 transaction limit: Pre-authorized transfers, automatic transfers, telephone transfers, internet banking transfers, check, draft, or debit card transfers.
All Business Checking Accounts Include
- Debit card (access cash via thousands of fee-free ATMs and add your card to your mobile wallet for convenience and security)
- Digital banking (includes services such as bill payment, mobile deposit, P2P, e-statements, and more!)
- Learn more about all of our business services
Required Business Documents
In order to open your new business account, please bring the following documents:
- Certificate of Assumed Name filed with the state of Minnesota
- 1 page Articles of Incorporation/Organization
- Official Federal Tax ID number confirmation
- Certificate of Beneficial Ownership (read more below)
- Authorized signers for the account should plan to stop by the bank with their valid US driver’s license (or other form of ID) within 3 days of account opening, if possible.
Important Information About Opening a Legal Entity Account
Effective May 11, 2018, new rules under the Bank Secrecy Act will aid the government in the fight against crimes to evade financial measures designed to combat terrorism and other national security threats.
Each time an account is opened for a covered Legal Entity, we are required to ask you for identifying information (name, address, date of birth, social security number, as well as identification documents) for each individual that has beneficial ownership (25% or more) and one individual that has significant managerial control of the Legal Entity.
If you are opening an account on behalf of a Legal Entity, you will be required to provide the appropriate documentation and to certify that this information is true and accurate to the best of your knowledge.
Learn more about beneficial ownership
Coffee with a Banker Video Series
Business Resource: Small Business Development Center
Sandy, since 2000
Perham
218-346-9784