Arcola First Bank understands that different businesses have varying banking needs. That’s why we offer a range of business checking accounts. A bank representative can help you select the best account based on your account activity, your average balances, and the other banking services your business requires. Our business checking accounts include;
Small Business Checking
This checking account is designed to keep banking simple. No monthly maintenance fees are assessed if an average daily balance of $500 is maintained and transaction levels do not exceed 200 transactions per statement cycle. If the average daily balance falls below $500, there will be a $10.00 fee for that month and if transactions exceed 200, there will be a .10¢ fee for each transaction in excess of 200.
Classic Business Checking
By offering higher transaction levels than Small Business Checking, this account satisfies the needs of growing businesses. No monthly maintenance fees are assessed if a $5,000 average daily balance is maintained and transaction levels do not exceed 500 transactions per statement cycle. If the average daily balance falls below $5,000, there will be a $15.00 fee for that month and if transactions exceed 500, there will be a .12¢ fee for each transaction in excess of 500.
Business Analysis Checking
This checking account is ideal for businesses with medium to high transaction activity and cash handling needs. The business account analysis system tracks all services used during the month. Then, collected balances held in the account earn credits that offset the service charges accrued during the month. A final calculation of net service charges due is done when the monthly statement cuts off.
- $2,500 minimum opening balance
- Transfers limited to 6 per statement cycle by preauthorized, automatic, or telephone transfer, or by check, draft, debit card or similar order to third parties
- $10 monthly service charge unless minimum balance of $2,500 is maintained during statement cycle
- Tiered interest rates
- Free Online Banking
- Free Bill Pay
- Free E-Statements