How To Open a Business Bank Account

by Keith Huckabay
Business banking accounts to help you manage your business finances.

Starting a new business? Make things official with a business bank account. The perks of opening a business bank account include staying organized by separating business and personal finances, establishing business credit, simplifying tax filing, and building bank relationships.

Opening a business bank account is a bit more involved than opening a personal account. You need certain information and documents to get started.

PrimeWay Federal Credit Union is here to help you simplify and streamline the process.

Why Open a Business Bank Account at PrimeWay Federal Credit Union?

Here's why PrimeWay is the right choice for your business banking needs.

  • Flexibility: Whether you have a small business, medium enterprise, or large company, PrimeWay offers flexible, affordable accounts for your unique needs. 
  • Financial Management Tools: Run your business more efficiently with state-of-the-art online and mobile banking tools. 
  • Paperless Statements: Go paperless and streamline your business with our paperless statements. 
  • Convenience: We bring business services where you need them, right to your neighborhood. Choose from eight retail centers and more than 55,000 ATMs worldwide.
  • Business Account Alerts: Get automated notifications of activity on your account so you always know what's happening with your money.
  • Convenient Payment Options: Have clients who want to pay with credit cards? Need an inexpensive way to pay your vendors? We offer convenient payment options to meet your needs.
  • Self-Service Options: Prefer a hands-on approach to money management? We have self-service options so you can be in charge of your finances.
  • Advice When You Need It: We have an experienced team of Financial Service Representatives to answer any questions you have.
  • Low Fees: We believe that business banking should be as affordable as it is convenient. Our business clients enjoy affordable rates and fees every day.

At PrimeWay, we aim to help local businesses thrive with cost-effective and convenient banking solutions. With business checking accounts, savings accounts, and debit cards from us, you can feel confident that your money is safe, fiscally secure, and ready to use when you need it. 

Requirements for Opening a Business Bank Account at PrimeWay Federal Credit Union

In order to open a business bank account with us, you must have the following:

  • Articles of Incorporation/Formation: Articles of Incorporation are filed with your state to legally document the creation of your corporation. These documents contain general information about your business, including your business name and business location. 
  • Signed and notarized documentation naming current Directors/Officers: This is also known as an incumbency certificate, and it lists the names of your current directors, officers, and in some cases, key stakeholders. This documentation legally validates and identifies who can enter into legally binding agreements on your company's behalf. 
  • Certification of EIN issued by the IRS or TIN: You need your federal tax ID number for the business, also known as an employer identification number.
  • Assumed Name certificate (if applicable): If you have a DBA (doing business as) or assumed names, you'll need an Assumed Name certification, proving that your company has the legal right to use that name.

We're also a credit union located in Houston, Texas. So, you must also be a member of PrimeWay and reside in Texas to open a business bank account with us.
Having a strong business brings improved partnerships and collaborations.

PrimeWay's Banking Accounts to Help Keep Personal and Business Finances Separate

PrimeWay has everything you need to help you with your business finances:

✓ Business Checking
✓ Business Savings
✓ Business Debit Cards
✓ Business Loans
✓ Merchant Services
✓ ACH Payments
✓ Payroll Management 
✓ HSA for Employees

We're here to help your business grow.

PrimeWay's Business Banking Options

How to Open a Business Bank Account at PrimeWay Federal Credit Union

If you have the required documents in hand, are a member of us, and live in Texas, you can start leveraging the perks of business banking!

  1. The first step is to schedule an appointment at one of our retail centers. We have branches in Cypress, Greenspoint, Missouri City, Sugar Land, and other locations in Houston, Texas area.
  2. During your appointment, you'll meet with one of our knowledgeable reps about your options and choose from our three business checking accounts.
  3. After making your choice, it's time to fund your account and get ready to take advantage of our robust business features. Access your account, make payments, send ACHs and wire transfers, load payroll, set entitlements and more.

Managing Your Business Bank Account at PrimeWay Federal Credit Union

Managing your business bank account at PrimeWay can help you stay organized so you can run your business efficiently. When you open an account with us, you can limit your personal liability, protect your customers' private information, and establish business credit.

Here are some tips for how to best manage your business bank account. 

Know Your Business Banking Fees and Charges

Having a good understanding of business banking fees and charges is one of the best things you can do to stay on top of things. If you're unaware of monthly maintenance fees, ATM withdrawal fees, or other charges, you could be in for some unpleasant surprises that could negatively impact your bottom line. 

At PrimeWay, you'll never overpay. We make business banking affordable and hassle-free.

Take Advantage of Extra Features

Hassle-free banking options.To get the most out of your business banking experience, start using additional features like savings accounts and financial management tools. At PrimeWay, we offer a business savings account that comes with unlimited withdrawals, no maintenance fees, and free online banking and eStatements. When you take advantage of a business savings account, you can make your money grow, and you only need $100 to earn dividends.

Plus, you can link your business savings account to your business checking account. This makes business banking easier for you and improves your credit approval chances.

Manage your business account fast and easily with financial management tools. Set a business budget, track income and expenses and get a 360° management view of your business finances. If you're in need of financial guidance, you'll also get access to our library of information and self-service options.

Monitor Your Accounts

Stay on top of your bookkeeping each month to ensure no personal expenses are hitting your business checking account and vice versa. The best way to monitor your account is to check your transactions online. With paperless statements, mobile banking features, and business account alerts PrimeWay is here to help you better manage your money.
How To Open a Business Bank Account

There are advantages to separating your personal and business finances. Learn how to open a business bank account so you can stay focused on your business.

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Business Banking With A Difference

Running a business is tough as it is. And you deserve peace of mind, especially when it comes to banking. After all, finances are the foundation of your business.

At PrimeWay, we believe that your business is our business, giving you the tools you need to bring your dreams to life. Contact us to explore the perks of bringing your banking needs to PrimeWay Federal Credit Union.

Author Bio

Keith Huckabay

Take 3 parts Internet Junkie, 4 parts Broadway Fanatic, 1 part News Addict, 2 parts Comedy Enthusiast, and mix it with some ice in a blender and you get Keith. He is highly energetic and brings just a little bit of quirky to all he does. When he’s not marketing his pants off for PrimeWay, Keith likes to hold court with his friends over a nice dinner or traveling new places.

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