At The State Bank of Faribault we understand that businesses vary greatly in their banking needs. We've created three different types of business checking accounts so you can choose the one right for your business and pay for only those services you use.
Business Basic Checking
This is a straight-forward, easy-to-use account that offers the flexibility to manage the finances of most entrepreneurs. No monthly maintenance fee150 checks per month at no charge18¢ per check over 150100 deposit items per month18¢ per deposit item over 100Interest is only available for non-profit organizations. Ask for details.*Personal or business style checksFree Check Safekeeping
Business Plus Checking
Available as a checking option for sole proprietors and nonprofit organizations who want to earn interest on their business checking. $7.50 monthly maintenance fee15¢ per posted item15¢ per out-of-town check deposited6¢ per local check deposited4.5¢ per on-us check deposited40¢ per depositNo interest earned if average collected balance falls below $1,500Variable rate of interest Personal or business style checksMonth-end image statementsAnalyzed fees upon request
Business Preferred Checking
Designed for mid to high volume business customers. $7.50 monthly maintenance fee12¢ per posted item10¢ per out-of-town check deposited6¢ per local check deposited4.5¢ per on-us check deposited40¢ per depositEarnings Credit is available to offset any service charges that may occurCalculated on an average collected balanceBased on our current money market rateNo carry over of earnings creditPersonal or business style checksMonth-end image statementsAnalyzed fees available upon request
Checking Conveniences INTERNET BANKING: This allows you to do many banking functions at any time of the day. Transfer money, obtain balances, verify transactions, and much more. You can even view your cancelled checks online.e-BUSINESS CASH MANAGEMENT: This service goes much further than Internet Banking, by offering special options to meet demands of businesses. You can send wire transfers, initiate ACH payments, make tax payments, and much more. STATEMENTS ON CD-ROM: It's a great way to store your bank information. You can request a monthly, quarterly, or yearly statement. DIRECT DEPOSITS: Have your payroll automatically deposited into your employees bank accounts - it's fast, and very convenient!
*Non-profit organizations are required to provide a 501C3 Form.
*A $100 deposit is required to open any checking account, other fees may apply.
Other Business Services Business VISA Travel Rewards Card Merchant Credit Card Services Working Capital Lines of Credit Letters of Credit Equipment Loans Commercial Real Estate Loans Expansion Loans Safe Deposit Boxes Night Depository 24-HOUR X-PRESS TELEPHONE BANKING Check Plus Line (Overdraft Protection) Savings Plans Simplified Employee Pensions (SEPs)
You will need to provide the following information when opening a business checking account at SBF.
• Certificate of Assumed Name
• Affidavit of Publication
• Certificate of Incorporation or Partnership Agreement
• Tax Identification Number