Ask These 3 Questions Before Opening a Business Account

Choosing a financial institution to open your business account can be daunting. With so many banks and credit unions offering them, where do you even start? We live in an age where you can open an account online in minutes. How do you know if you are going to get the service you and your business deserve to help you thrive?

Finding the best institution to start your business account is crucial. So is understanding your needs whether it is for simple day-to-day tasks or more complex, like a starter business loan.

Zing is here to help you manage some of those overwhelming situations by providing you with a guide on what to look for when opening your business account.

1. Does your institution have strong partnerships and resources?

When looking to open your business account, ensure that you ask if that institution has reliable partners and what products they offer to help your business grow.

What really sets Zing apart is our longtime relationship with our partners. Zing offers several partnerships. For example, TMC (Total Merchant Concepts) provides our business members with card processing services, equipment, and payroll solutions. TMC has many fundamental and educational resources for new and existing business owners. Our business members love TMC because of their exceptional customer service, and competitive rates for payment processing. In addition to TMC, we also partner with Centennial Lending which can provide approved business members with commercial loans of over $50,000.

We also can refer you to organizations that provide education and funding if you are a first-time business owner. Our partnership with Denver Economic Development allows us to extend their grants, resources, and startup funding to our business members.

2. What kind of relationship can you expect?

Another question to ask yourself is how do you want to feel when you visit your local branch to transact on your business account. At Zing, you can expect welcoming and well-informed MSRs (member services representatives). Each of our branches has at least one business expert to help with your business account needs. Our business members love seeing familiar faces, and the warm welcome they receive at our branches or virtually when they choose the convenience of our online system. Some institutions do not have a personalized service and you end up with an automated system to solve your questions. At Zing we prioritize the time our business members so that you can focus on growing your business. That is why we offer you remote and online conveniences. Open your account, set up your merchant services, or educate yourself with a plethora of financial resources without leaving your business.

3. What services and fees can you expect?

Some institutions charge anywhere from $10-$20 per month just to have the account. Be sure to inquire about any service fees you may be charged before account opening. Check if there is a service fee, if there are other ways to avoid the fee, or if the account has any features that you can benefit from.

At Zing, you are part of a member base institution. You can start your business account by becoming a member with just $5. Our Simply Business Checking has only a $5 monthly maintenance fee, which is waived if you have an average minimum balance of $1,000 in a month.

As a business member, you have access to a commercial platform to make payments via payroll, use our mobile check deposit option and check your invoices as you go with our mobile banking. At Zing, you can also join our 5-buck club, which gives you $5 each month when you meet the conditions.* Our CO-OP ATM service gives you the advantage of using several ATMs nationwide.

Takeaway

If you are running a business, you are going to need a business account. The next steps are to link any existing business accounts at other institutions and set up automatic payments, payroll, bill payments for invoices, etc. At Zing, we will help you with the entire process, and remember that the choice of an account does not have to be permanent—you can change it up if you are not satisfied! Having a good relationship with your financial institution can make running your business a lot easier, so do not neglect it!

Want some extra help hitting your goals? Our Business Services Program Director, Maria Gutilla, is here with an energetic smile, expert guidance, and bilingual services. She loves our community and is constantly networking to find ways to help our businesses grow.

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5 Buck Club Disclosure

* Must have a Zing Credit Union personal checking account with a debit card, e-Statements, $500 ACH direct deposit to the checking account, a valid email address on file, and make 15 or more debit card retail or online purchases (does not include ATM transactions) per month to qualify for 5 Buck Club rewards ($5 back, reversal of Out-of-Network ATM fees, and reversal of excessive PIN transaction fees). Qualifying transactions and direct deposits must post and settle to the account during the month’s qualification cycle. The “Qualification Cycle” is the period beginning one day prior to the first day of the current statement cycle through one day prior to the close of the current statement cycle. Must have online or mobile banking to enroll in e-Statements. Must be a member in good standing with no bankruptcies or charge-offs. $5 reward will be deposited to the member’s checking account on the last day of the month. Must request 5 Buck Club to be added to the checking account. $5 bonus is subject to taxation.

Out-of-Network ATM fees will be refunded up to $5.00 per transaction up to $25 per year. Out-of-Network ATM fees only apply to ATM transactions made from the checking account. Must meet all 5 Buck Club requirements for the month to qualify for Out-of-Network ATM fee refunds and for Excessive PIN Transaction fee refunds for fees incurred during qualification cycle.

Up to $24 in excessive PIN fees will be refunded per year. Zing’s excessive PIN fee is $2.00 per PIN based transaction after the first 10 PIN based transactions per month. (See rate and fee sheet) Must meet all 5 Buck Club requirements for the month to qualify for Excessive PIN Transaction fee refunds for fees incurred during that month.

Truth In Savings Disclosure

TRUTH IN SAVINGS DISCLOSURE

Except as specifically described, the following disclosures apply to all the accounts.

Rate Information. The dividend rate, or interest rate, and annual percentage yield on your accounts are set forth on the reverse side. The annual percentage yield is a percentage rate that reflects the total amount of dividends/interest to be paid on an account based on the dividend/interest rate and frequency of compounding for an annual period. For Certificates of Deposit and IRA Certificates of Deposit, the interest rate and annual percentage yield are fixed and will be in effect for the term of the account. The annual percentage yield is based on an assumption that interest will remain on deposit until maturity. A withdrawal will reduce earnings.
Nature of Dividends. Dividends are paid from current income and available earnings after providing for the required reserves. The dividend rates and annual percentage yields are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.
Compounding and Crediting. Interest and dividends will be compounded and credited as set forth on the reverse side. The dividend/interest period for each account is also set forth on our Rate and Fee Schedule. The dividend/interest period begins on the first calendar day of the period and ends on the last calendar day of the period.
Balance Information. The minimum balance required to open each account is set forth. Interest is calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.
Accrual of Dividends. Dividends will begin to accrue on cash deposits on the business day you make the deposit to your account. Dividends will begin to accrue on noncash deposits (checks) on the business day you make the deposit to your account. If you close your account before accrued dividends are credited, accrued dividends will not be paid.
Account Limitations. The account limitations for each account are set forth in our Membership and Account Agreement
Your account will mature on the maturity date set forth on your account receipt or renewal notice.
Early Withdrawal Penalties. A penalty may be imposed if you withdraw any of the certificate funds before the maturity date or the renewal date, if this is a renewal account.
Amount of Penalty. For Certificates of Deposit and IRA Certificates of Deposit the amount of the early withdrawal penalty for your account is 90 days’ interest for a term of 12 months or less, and 180 days’ interest for a term over 12 months.
How the Penalty Works. The penalty is calculated as a forfeiture of part or all of the interest that have been earned on the account. This penalty applies to earned interest and principal.
Renewal Policy. Certificate of Deposit accounts will automatically renew for another term upon maturity. You have a grace period of seven days in which to change or withdraw the funds without being charged an early withdrawal penalty.
Exception to Early Withdrawal Penalties. At our option, we may redeem the account before maturity without imposing an early withdrawal penalty under the following circumstances:
- When an account owner dies
- or is determined legally incompetent by a court
- or other body of competent jurisdiction.
Nontransferable / Nonnegotiable. Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner except obligations with the Credit Union.
FEES FOR OVERDRAWN ACCOUNTS. Fees may be imposed on each check, draft item, ATM card withdrawal, debit card withdrawal, debit card point of purchase, preauthorized automatic debit, telephone initiated withdrawal or any other electronic withdrawal or transfer transaction that is drawn on an insufficient available account balance. The entire balance in your account may not be available for withdrawal, transfer or payment of a check, draft or item. You may consult the Funds Availability Policy for information regarding the availability of funds in your account. Fees for overdrawing your account may be imposed for each overdraft, item or transaction. If we have approved an overdraft protection limit for your account, such fees may reduce your approval limit. Please refer to the Rate and Fee Schedule for current fee information.

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Preferred Checking

Clear Card

Second Chance Checking

Minimum Opening Balance

Suggested opening amount- $25

ID Safe Choice Charge Possible

Yes

Direct Deposit

Accepted and encouraged

Dividends Paid

Privilege Pay

Available after 90 days

Overdraft LOC

Available immediately, with approved credit

ATM/Debit Card

Instant Issue

Shared Branching

Available

Free Bill Payer