Checking accounts to fit the needs of your business
Whatever stage your business is in — whether you’re a start-up, a company in growth mode or a well-established organization — RBFCU has three business checking accounts designed to provide greater value and choices.
Business checking account options:
Elite business checking
• $15 monthly maintenance fee
• Unlimited items* with no additional fees
High-volume, established or growing businesses
Preferred business checking
• $5 monthly maintenance fee
• 250 free monthly items (additional items $0.25 each)
Mid-size businesses with moderate monthly item activity
Basic business checking
• No monthly maintenance fee
• 50 free monthly items (additional items $0.25 each)
Businesses that have low monthly item volumes requiring a simple account
*Item: Any check, ACH funds transfer, teller cash withdrawal, ATM withdrawal, debit card purchase, fee, charge or other amount that is added to or subtracted from your balance.
Make your business checking free
Monthly account maintenance fees will be waived if you meet any of the following criteria:
- $50,000+ business loan balance
- ACH origination agreement with RBFCU
- Merchant or payroll processing through RBFCU’s provider
All business checking accounts also include the following benefits and features:
- $1 minimum balance to open
- Access to convenient mobile and online services, such as the RBFCU Mobile app, online bill pay, online statements and online deposits
- Free business debit card with 24/7 fraud monitoring and zero liability for unauthorized purchases
- 10¢ cash back on all debit card purchases
Should I own or lease my business location?
What is my business worth today?
Which business loan term should I choose?
How long will it take to repay my business loan?
How can I open a business checking account?
Currently business accounts are not available to open through the online application process. Many new members prefer to establish their relationship with RBFCU and open a business account at a branch location so they can have one of our account opening experts walk them through the process.
If you have any questions, please contact Remote Member Assistance at 1-800-580-3300, ext. 66950, then choose option 2.
Can I open a business checking account online?
You currently cannot open an RBFCU Business Checking Account online. However, call 1-800-580-3300, ext. 66950, then choose option 2, and one of our Remote Member Assistance representatives will assist you.
I have a business loan with RBFCU. Do I get a discount on my business checking?
Account fees will be waived for businesses that have a business loan balance over $50,000.
How do I choose my business checking account type?
Members may choose the type of account based on estimated transactions per month. To request a specific business checking account type, you may initiate the process by contacting our Remote Member Assistance team at 1-800-580-3300, ext. 66950, then choose option 2, or send a secure message through your online banking account.
What counts as an 'item' for a monthly transaction on my business checking account?
Items include any check, ACH funds transfer, teller cash withdrawal, ATM withdrawal, debit card purchase, fee, charge or other amount that is added to or subtracted from your balance. Transactions are line items on your statement. Typically, items that count toward your monthly limit include check deposits (each check in a deposit counts as one item), cleared checks (each check that clears your account is one item) and deposit slips.
To open a business account, RBFCU personal accounts of all principal owners must be in good standing. Programs and fees subject to change. Certain information regarding the nature and transaction types of your business will be gathered at the time of account opening. Check cashing is not available on business accounts, however, you may deposit and withdraw the funds. We do not offer Money Service Businesses (MSB) accounts. The Department of the Treasury and FinCEN defines a Money Services Business (MSB) as a business that conducts more than $1,000 in business with one person in one or more transactions on the same day in one or more of the following services: Money Orders, Traveler’s Checks, Money Transmission, Check Cashing, Currency Exchange, Currency Dealing and Stored Value. For complete details, contact our Remote Member Assistance team at 1-800-580-3300, ext. 66950, then choose option 2 (toll-free).