Opening a business checking account is one of the most important steps you'll take as a business owner. It helps you manage your finances professionally while keeping personal and business expenses separate. This comprehensive guide walks you through opening a business checking account with Everwise Credit Union.
What documents do you need for a business checking account?
The documents required depend on your business structure. Here's what you need for each type:
Sole Proprietorships
- Business name registration: Assumed Business Name Certificate (DBA) if operating under a different name
- Tax Identification Number: Social Security Number or EIN if you have employees
- Government-issued photo ID: Valid driver's license or passport
Partnerships
- Partnership agreement: Legal document outlining partner roles and profit distribution
- Business name registration: Filed DBA certificate, if applicable
- Employer Identification Number: Required for all partnerships
- Government-issued photo ID: For all authorized signers
Limited Liability Companies (LLCs)
- Articles of Organization: Document establishing your LLC
- Operating agreement: Ownership structure and operational guidelines
- Employer Identification Number: Business tax ID number
- Government-issued photo ID: For authorized members or managers
Corporations (S-Corp or C-Corp)
- Articles of Incorporation: Document creating the corporation
- Corporate bylaws: Management rules for the corporation
- Employer Identification Number: Corporate tax ID
- Government-issued photo ID: For officers with signing authority
Having these documents ready speeds up the account opening process.
Choosing the right business checking account
Everwise offers multiple business checking accounts to fit different needs. Consider these factors when choosing:
- Monthly transaction volume: Count your expected deposits, withdrawals, and transfers
- Account balance requirements: Some accounts waive fees with minimum balances
- Digital banking features: Mobile deposit, online bill pay, and accounting software integration
- Cash handling needs: Frequency and volume of cash deposits
Explore our business account options online or speak with a business advisor for personalized recommendations.
How to apply for your business checking account
Everwise makes the application process simple with our flexible approach:
- Connect with an advisor: Our Business Services team is here to help you get started on your application
- Complete in-person: Finish the process with personalized guidance at a nearby branch or via a virtual meeting
This approach combines digital convenience with face-to-face service from someone in your community.
Funding your new business checking account
You can fund your account through several methods:
- Transfer from Everwise account: If you're already a member
- Check from another bank: From your existing business or personal account
- Cash deposit: At any Everwise branch location
- Electronic transfer: From another financial institution
Your business advisor will explain the minimum opening deposit and help with the funding process. Once funded, you'll receive your debit card, checks (if ordered), and access to online banking tools.
Why Choose Everwise for Business Banking?
Selecting the right financial institution matters for your business success. Here's what makes Everwise different:
- Personalized approach: You're not just an account number. Our advisors understand your business and provide tailored support.
- Local community focus: We live and work in Indiana and Michigan, just like you, and we're invested in our community's success.
- Better rates and lower Fees: As a not-for-profit credit union, we offer competitive rates and reduced fees to help your business save money.
- Digital banking solutions: Access your accounts anytime with our mobile app and online banking platform.
Frequently asked questions about business checking accounts
What's the minimum deposit to open an account?
Minimum deposits vary by account type. Your business advisor will explain the requirements for your chosen account.
How long does it take to open a business checking account?
With proper documentation, most accounts open the same day you visit a branch.
Can I manage my account online?
Yes, all business checking accounts include online and mobile banking access.
Are there monthly fees?
Some accounts have monthly fees that can be waived by maintaining minimum balances or meeting transaction requirements.
Ready to open your business checking account?
Opening a business checking account with Everwise is a smart step toward financial success. Our team is here to guide you through every step of the process.
Connect with business services
Connect with an Everwise Business Services Relationship Manager to get started with the solutions that fit your business best.
The information provided is accurate as of the publication date and is for educational purposes only and doesn’t constitute financial, tax, legal, or accounting advice. It is to be considered as general information, not recommendations. Please consult with an attorney, financial, or tax professional for guidance.
Subject to membership eligibility requirements. Loans subject to credit approval. Borrower must be a resident of Indiana or Michigan, and for home loans property must be in Indiana or Michigan. All credit union programs, rates, terms, and conditions may change without notice.
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