Commercial Banking Questions

Any business is eligible for a commercial checking or savings account with the required documentation. Required materials may include:

• Employer Identification Number (EIN), or Social Security number if you're a sole proprietorship
• Personal identification documents
• Business formation documents
• Ownership agreements
• Business license
• DBA (Doing Business As) documentation

You'll need to provide your business address, phone, email, date of birth and Social Security number (or taxpayer ID) for each individual who has 25 percent or more beneficial ownership in the legal entity and one individual with significant managerial control.

To open a commercial checking or savings account, you will need to:

• Choose Your Account: Determine which Business Account best suits your needs. Compare our checking accounts and our business savings options.
• Gather Documentation: You'll need to provide your Tax payer ID, business address, phone, email, date of birth and Social Security number for each individual who has 25 percent or more beneficial ownership in the legal entity and one individual with significant managerial control.
• Complete The Application: You will need to complete the business checking or savings account application. When you're filling out this application, you will review and agree or decline the terms and conditions associated with the account.
• Gather Funds: You should be prepared to provide a bank account and routing number for your initial deposit of funds into your business account.

Before opening an account, assess your business needs, such as your expected average account balance and the number of transactions you'll process each month then align those needs with an account. On a basic level, look for accounts offering:

• Features that make your operations easier, such as mobile banking access, Remote Deposit Capture and online banking with variable user settings
• Ease of integration with your payroll and bookkeeping services
• Reasonable service fees
• Branch and ATM access
• Generous transaction limits and earnings credit rates

Fees for commercial checking and savings accounts can include monthly maintenance fees if the average balance falls below the specified amount, transaction fees for surpassing a set number of transactions and overdraft fees for withdrawing more than the available balance. Visit our business checking page for more information.

Yes, some commercial checking accounts may have transaction limits, such as a maximum number of free transactions per month. Seacoast Business Checking accounts allow up to 150 monthly transactions and up to 350 transaction per month with a Business Checking Plus account.

A commercial checking account is one of the most essential tools for running your business. Aside from everyday transactions and deposits, commercial checking accounts can help you with the following:

• Maintain organized bookkeeping and financial transactions
• Show proof or validity of your business for tax purposes
• Display legitimacy to potential clients and customers
• Streamline financial transactions and employee account access

Connect with a Commercial Banker for expert guidance on how a commercial checking account can help your business succeed.

A commercial checking account is one of the most essential tools for running your business. Aside from everyday transactions and deposits, commercial checking accounts can help you with the following:

• Maintain organized bookkeeping and financial transactions
• Show proof or validity of your business for tax purposes
• Display legitimacy to potential clients and customers
• Streamline financial transactions and employee account access

Connect with a Commercial Banker for expert guidance on how a commercial checking account can help your business succeed.

A commercial savings account typically provides greater funds access (liquidity) than a CD but less liquidity than a conventional commercial checking account. You cannot write checks from a savings account, but you can make regular withdrawals via online banking transfers and ATMs. Remember that some savings accounts may have a monthly withdrawal limitation, and you may incur a fee if you exceed the limit.

Many business owners open business CD accounts specifically for longer-term savings goals. By selecting a set term period for accessing your funds, banks and credit unions typically offer a higher interest rate on account balances. Benefits of commercial CD account include:

• A fixed interest rate that is typically higher than a regular savings account
• Flexible terms aligning with multiple savings goals
• More predictable returns on investment because of the fixed interest rate
• FDIC-insurance up to allowable limits

Money market accounts are an attractive option for businesses looking to earn typically higher interest on deposits, while having easy access to funds. Money market accounts offer check-writing and debit card privileges, a tiered interest rate structure and FDIC insurance up to the allowable limits.

Businesses can leverage commercial savings accounts by:

• Building Reserves: Save for future investments or emergencies.
• Earning Interest: Grow funds with interest earnings.
• Separating Funds: Keep savings separate from operating funds for better financial management. Explore Seacoast's business savings accounts.

Best practices for managing a commercial checking account include:

• Monitoring Your Account Regularly: Keep track of transactions and balances with Seacoast Online and Mobile Banking.
• Automate Your Payments: Set up automatic bill payments to avoid late fees.
• Maintain a Buffer: Keep a minimum balance to avoid overdraft fees.
• Reconcile Statements: Regularly reconcile bank statements with your records.

The latest digital tools and features for managing commercial accounts include:

• Seacoast Mobile Banking App: Access accounts and perform transactions on the go.
• Online Bill Pay: Schedule and pay bills online.
• Account Alerts: Set up alerts for low balances, large transactions and other activities.
• Money Management Tools: High-level balance displays from all your business accounts.
• Employee Access Control: Manage employee access to accounts at the individual user or role level, including online and mobile logins.

Yes. From case studies and blogs to downloadable guides and customer success stories, our Business Insights section has free resources designed to help your company reach success.