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If you’re starting your own business, you’ve probably heard about the benefits of a Business Checking Account, such as the MIDFLORIDA Credit Union Free Business Checking account, and what they offer.
What you might not know, though, are what a financial institution in Florida will require to open a business checking account. What information do you need? How do you verify that information?
That’s where this blog comes in. We’ll discuss everything you need to open your Business Checking Account and how MIDFLORIDA Credit Union can help your business thrive.
Open a Business Checking Account with MIDFLORIDA.
What you need to open a Business Checking Account in Florida
Opening a Business Checking Account is a crucial step for any Florida-based enterprise. This account provides a dedicated financial foundation for your business transactions, allowing you to efficiently manage income, pay expenses, and build a strong credit history.
However, specific requirements may vary depending on the type of business entity and the chosen financial institution. Below is a general overview of the necessary information and requirements to open your account.
Personal information
Personal and business checking accounts both require you to verify your identity. In the case of a business account, this will be the owner’s information.
Usually, this requires some sort of U.S. government-issued photo ID, such as a:
- Driver’s license
- State ID
- Passport – Please note that not all financial institutions accept a passport as a primary ID
In addition, you’ll also need to provide the following information:
- Your social security number
- A valid phone number that can either be a landline or a cell phone
- Your date of birth
- Your email address
- Your residential address
What to do if your business has multiple owners
If your business has multiple owners, every owner who owns more than 25% of the business will also have to submit their personal information. This is known as the “beneficial ownership” rule.
Verifying multiple signers
One of the advantages of a Business Checking Account is that multiple people can use it.
However, if you want more than one signer associated with your account, you must provide additional verification materials.
Usually, each account signer, including the owner, will have to supply the following information:
- Acceptable government-issued photo ID
- Social security number
- Residential address
- Date of birth
Business address
You’ll also have to verify your business’s address. The best way to do this is with a piece of official mail. This could be:
- Utility bills
- Credit card statements
- Lease agreement
- Mortgage statement
If your business has no brick-and-mortar location, you can use a billing statement from your online account instead.
Business documentation
In addition to your personal documentation, you’ll also need to provide some information about your business.
However, the type of information you’ll need differs depending on the type of business you own and the financial institution. Generally, you will need to provide the employer identification number (EIN) and complete the Beneficial Owner form, along with the following documents:
Sole proprietorships
- Your business license
- The business fictitious name registration certificate
LLCs
- The articles of organization
- The LLC operating agreement
Partnerships
- Your business license
- A state certificate of partnership for limited partnerships
- Your business fictitious name registration certificate
- The partnership agreement
Corporations
- The corporate bylaws
- The articles of incorporation
- Resolution of corporate authority
Date your business was formed
You will need to provide the date when you founded your business.
Business name
When starting a business, you can generally use your own legal name if you don't have a specific business name in mind. This is called a “sole proprietorship”.
However, if you want to operate under a different name, you must register an assumed name or fictitious name, also known as a "Doing Business As" (DBA) name. This allows you to conduct business under a name distinct from your personal name or the officially registered name of your business entity, such as an LLC or corporation. A DBA provides clarity and professionalism, and it's often required for legal and financial purposes.
Estimated monthly transaction
Some credit unions or banks will require your estimated monthly transactions. This includes:
- Mobile check deposits
- Wire transfers
- ACH
Employee identification number (EIN)
You don’t need an employee identification number to open a business checking account if your company is a single proprietorship or single-member LLC. However, you should verify with your credit union or bank.
Initial deposit
Once you’ve provided all the necessary information to the new account manager, there’s one final business checking account requirement: make an initial deposit.
How much the initial deposit will be depends on the credit union or bank you’ve chosen.
For instance, at MIDFLORIDA Credit Union, you need at least $100 as a minimum initial deposit for the Free Business Checking account.
Most credit unions and banks, including MIDFLORIDA, post the initial minimum deposit you’ll need.
You can transfer the money for your initial deposit from an outside account. If you have an existing personal account, like a MIDFLORIDA Free Checking account, you may be able to transfer the money by logging into your online bank account or mobile app.
Open a Business Checking Account at MIDFLORIDA
Business Checking Account requirements are similar to the requirements for other bank accounts.
In addition to providing your personal information and address, you’ll also need to provide information about your business. What that information is depends on the type of business you have.
If you’d like to take advantage of a business checking account for your company, visit the nearest MIDFLORIDA branch and talk with a teller today.
If you’re a new member, you can also get a $300 bonus for opening a MIDFLORIDA Free Business Checking account if you meet the qualifying conditions1. It’s a great way to get some extra money for your company.
No matter whether you get a personal or business account, you can rest assured that with MIDFLORIDA, you’ll receive the personal touch and service that very few big banks currently offer.
1. Offer valid as of February 1, 2025, and may be canceled at any time without notice. Eligibility and membership requirements for business and business owner(s) apply. To qualify for the $300 incentive, the business must open a Business Checking account (Free Business Checking (minimum $100 to open), Premier Business Checking (minimum $500 to open) or Business Checking Plus Interest (minimum $500 to open); accept and open Online Banking, and eStatement; make deposits totaling at least $5,000 in a calendar month for two of the first six months of account opening; and complete five transactions (deposits, withdrawals, etc.) within the first 60 days. No dividends are paid on Free Business Checking and Premier Business Checking. Annual Percentage Yield for Free Business Checking and Premier Business Checking is 0.00%. Annual Percentage Yield for Business Checking Plus Interest is 4.00% for balances up to $10,000.00; 4.00% to 1.63% for balances of $10,000.01 to $25,000.00; 1.63% to 0.84% for balances of $25,000.01 to $50,000.00; 0.84% to 0.44% for balances of $50,000.01 to $100,000.00; and 0.44% to 0.05%for balances $100,000.01 and over. Rate may change after account is opened. Any business EIN that has previously received a business checking incentive will not qualify for the $300 incentive. The $300 will be deposited to the new Free Business Checking account after the qualifications have been met and will be reported to the IRS.
