Business Checking
Checking For Your Business
Whether you're ready to open a brand new business, manage an existing small business, or run a non-profit, ProFed offers a business checking account with low transaction fees that help enhance how you run your operations. Enjoy a low, uncomplicated fee structure, fraud monitoring, low account balance requirements, and a mobile app to manage things from anywhere. Take advantage of our business Visa® debit card and access extended drive-thru hours on Saturdays for flexible banking.
From your business bank account opening, you can expect friendly, local servicing for all your business needs. We make it a priority to help streamline your cash flow and provide the best banking services for your business needs with seamless and cost-effective merchant debit card processing and NCUA coverage up to $250,000.
Schedule Appointment See FeesBusiness Checking Account Fees
Business |
Not-For-Profit |
|---|---|
|
Monthly Maintenance Fee: $10.00 |
Monthly Maintenance Fee: $0.00 |
|
Average Minimum Monthly Balance to Waive Fee: $1,000.00 |
Average Minimum Monthly Balance to Waive Fee: $0.00 |
|
Items Included Per Month: 200 |
Items Included Per Month: 200 |
|
Fee Per Items Over 200: $0.20 |
Fee Per Items Over 200: $0.20 |
Your average minimum balance and item counts are calculated by combining all your accounts with the same TIN, except certificates. An item is a deposit or withdrawal by cash, check, ACH or ATM.
Start with ProFed. Just call; meet with somebody and let your heart tell you the rest.
Tiffany Winling | Business Owner of Tiffany & Co. Studio of Dance
Order Checks Online
Learn MoreSmall Business Financial Statements: 5 Minute Module
Learn MoreFrequently Asked Questions
Business checking accounts work like personal checking accounts, but they have a minimum monthly balance requirement and an item count limit. Meeting the balance requirement waives the standard monthly fee.
Every business account is allowed 200 transaction items per month at no cost. There is a nominal charge of $.20 per item over 200. Items are defined as a deposit or withdrawal by cash, check, ACH, or ATM.
There is a monthly fee of $10. You can avoid the monthly fee by maintaining an average monthly balance of $1,000 and processing less than 200 items per month. Items are defined as a deposit or withdrawal by cash, check, ACH, or ATM.
A business account can be opened in less than one hour.
Required documentation varies based on the entity type. Please call us to determine what would be needed for your business
At this time, business accounts need to be opened at a branch. Click or tap here to schedule an appointment.
Freelancers/sole proprietors can open a business checking account.
We offer basic Digital Banking at no cost. This includes account access, Bill Pay, and remote deposit. Business Digital Banking offers ACH Collections and Payment, Payroll Origination, and Multiple User Controls for a low cost - view fees here.
We have a Business Member referral program. When a business member refers their employees, friends, family, and other businesses to ProFed, each of them can earn $75. We offer no-cost financial wellness classes, travel discounts through Credit Union Travel, and TurboTax and H&R Block deals for our members. Check out all of our membership perks here.
FINCEN defines a beneficial owner as someone who, either directly or indirectly, has significant control over a company or owns at least 25% of its ownership interests. The U.S. Customer Due Diligence Rule requires us to identify all beneficial owners of legal entities. This important rule helps us prevent money laundering and terrorist financing by promoting financial transparency and ensuring that companies aren't used to hide illicit funds. It's all about keeping our financial system safe and secure!
NCUSIF coverage for business accounts is determined by the ownership structure and type of entity, with the standard limit of $250,000 per member-owner, per account ownership category. It's important to note that accounts held by corporations, partnerships, or organizations are distinctly different from personal accounts. To accurately determine your total coverage, utilize the NCUA's Share Insurance Estimator.