Checking Account Options for Businesses
From home-based businesses to large companies, professional practices and non-profit organizations, Leominster Credit Union’s business checking accounts offer you the convenience, flexibility and security you need to manage your business. Our local experts will listen to your goals and recommend an account that’s right for you.
Business Basic Checking
Our convenient Business Basic Checking Account features:
- No monthly minimum balance, and no monthly charge
- 100 free transactions (checks, deposits, deposited items)
- Nominal fee of $.25 for each transaction after the first 100 transactions
Business Plus Checking
Earn interest on your Business Plus Checking account, which includes:
- Interest-bearing account; see a representative for details
- A low $10 monthly fee ($5,000 average monthly minimum balance waives the monthly fee)
- 200 free transactions (checks, deposits, deposited items)
- Nominal fee of $.50 for each transaction after the first 200 transactions
- $100 off the first order of business checks
Business Now Checking
For sole proprietors and non-profit organizations that want to earn interest on their balances:
- Interest-bearing account
- No monthly fee, and no monthly minimum balance
- Nominal fee of $.10 per check paid
- Available to sole proprietors and non-profit organizations only
- Business Lending
- Business Money Market Account
- Payroll Services
- Business Debit Card
- Business Credit Card
- Merchant Credit Card Service
Our Business Account Professionals can help you choose the best account for your business needs. Please visit any of our branch locations or call us to speak with a representative about your specific business goals.
New Rules for Business Accounts
Effective May 11, 2018 new rules under the Bank Secrecy Act will aid the government in the fight against crimes to evade financial measures which have been designed to combat terrorism and other national security threats.
Each time an account is opened for a covered legal entity (includes corporations, limited liability companies, and other entities created by the filing of a public document with a Secretary of State or similar office) we are required to ask for identifying information such as name, address, date of birth, and social security numbers as well as identification documents. Identifying information is collected for:
- Each individual who directly, or indirectly, owns 25% or more of the equity interest of a legal entity
- A single individual with significant responsibility to control, manage or direct a legal entity
If you are opening an account on behalf of a legal entity you will be required to provide the appropriate documentation and to certify that this information is true and accurate to the best of your knowledge. For more information please visit the Financial Crimes Enforcement Network’s (FinCEN) website.