No matter where you are in your business’s journey, we have a checking account for you!
You may have some questions on how to and what you’ll need to open a business account, and we want to be a resource for you when it comes to all things business banking in your new business adventure! As soon as you register your business, you will most likely decide where you will keep your business income. So first, let’s open a business bank account so that all business transactions can be conducted in the account that you have named ownership to. You will also able to keep accurate bookkeeping records. Without proper bookkeeping records, tax time can become a nightmare as you are subject to missed deductions and a limited audit trail. Not to mention, if a lawsuit was to arise, mixing your business and personal finances can lead to serious implications.
What if your business isn’t registered with the state? We can still have an account for you! If you are Doing Business As, DBA, we can title the account in the business name you are using so all check transactions and automatic payments coming in will run directly through your DBA account. Even if it isn’t registered, keeping these, DBA transactions, separate from your personal banking is important.
Below we have listed business account types and the documentation you will need when you open your new business account with Welch State Bank. Remember, taking the time to open a business bank account will be of great benefit to you and we have the perfect account for your business!
More Than Free
- Free Instant Debit Card
- Free Online Banking
- Free Mobile Deposit
- Free Mobile Check Deposit
- Unlimited Transactions
- No Minimum Balance
- No Monthly Service Charge
*eStatements required
Your Choice
- Free Instant Debit Card
- Free Online Banking
- Free Mobile Deposit
- Free Mobile Check Deposit
- Unlimited Transactions
- No Minimum Balance
- Paper Statements $6.29/month
Business Interest
- Free Instant Debit Card
- Free Online Banking
- Free Mobile Deposit
- Free Mobile Check Deposit
- Unlimited Transactions
- $1500 Minimum Balance
Business Banking Benefits
CASH MANAGEMENT | Setup Payroll for your Business!
Cash Management is a service within online banking that gives business customers the ability to create an Automated Clearing House (ACH) entries, Electronic Funds Tax Payment System (EFTPS) and Wire Transfer requests. ACH entries are often used for direct deposit of payroll but can be used for many other purposes such as direct collection of monthly membership fees, moving funds to and from other institutions, and payment remittance. Transactions can be occasional, variable recurring, one-time, fixed reoccurring, and all can be either debit or credit entries.
Because of security requirements and sensitive nature of the information you transmit, you must be pre-authorized to use these services.
DIRECT MERCHANT | Make Deposits from your office!
Direct Merchant is often referred to as Remote Deposit Capture. This service gives you the ability to deposit checks from the convenience of your office! This service is not only convenient; it can save you time and money by limiting the trips necessary to make your deposits. There is no equipment to buy and we assist you in installing a small check imaging device.
Important Note: You cannot deposit cash via Direct Merchant. There may be fees associated with the use of this product. Welch State Bank provides the scanning device and retains ownership in the scanning device for the length of the service. You retain the original scanned checks for 90 days then destroy them. The deposit will be credited in accordance with our Funds Availability Policy.
CREDIT CARD MERCHANT | Accept Card Transactions at your Business!
It’s hard to run a business if you cannot accept credit or debit cards. We can help! Businesses incur big losses in accepting checks due to fraud and returned checks. Merchant Services can help you control your risks and improve cash flow.
If you run a business, chances are you have been approached by salespersons offering a credit card merchant package that is too good to believe. When you compare apples to apples, we will be more than competitive.
For more information on this great service, please contact us at 918-544-9100 and ask to speak with Jay Victor, Tina Tristan, or Teresa Patrick. Or email us at help@www.welchstatebank.com.
Online Banking
Online Banking is safe, secure, FREE and is never closed. It’s Banking at your fingertips!
It is a real-time system, so you can see up-to-the-minute account activity. Enjoy paying your bills online for FREE, reordering checks, managing balance transfer requests, set up recurring bills to be paid automatically, paying your Welch State Bank loan, viewing account history, and digitally viewing check images. Bank at the speed of you!
Optional free business bill pay, wire requests, reordering checks, Electronic Federal Tax payment System (EFTPS) payment, and download transactions into Quicken or QuickBooks Pro.
Mobile Banking
It’s like having a Welch State Bank branch at your fingertips! Mobile Banking safe, convenient, FREE* and it’s never closed. Bank anytime, anywhere!
Mobile banking with Welch State Bank will allow you to check you account balance(s) and easily search your transitions, transfer funds between your accounts, make payments on your Welch State Bank loans, find nearby branches and ATM’s, and deposit checks with the snap of a picture.
*Standard mobile web fees may apply. Please contact your mobile carrier for more information. *Third Party Message, Data or ISP fees may apply.
Mobile Check Deposit
Not able to make it to a branch location? No problem! All you need is our Mobile App to snap a picture and it’s done. Snap. Send. Deposit
Deposit checks easy, right from our app! Call today to get this amazing feature activated!
Standard check limit is $5,000 for a rolling 7-day period. Any checks deposited must be endorsed with the words For WSB Mobile Check Deposit Only. We recommend a 90-day waiting period before you destroy any Mobile Check Deposit images via secure disposal method.
*Standard mobile web fees may apply. Please contact your mobile carrier for more information. *Third Party Message, Data or ISP fees may apply.
Text & Voice Banking
Retrieve balances and review transaction history via text message*. You can setup Text Banking through your online banking account.
If you don’t have Internet access, you can still access your account balances, transfer funds, and obtain transaction history by phone. VoiceAccess utilizes the latest voice recognition technology so you only need to speak your account numbers and personal identification numbers and the system will provide the requested information. The phone numbers are: Local: 918-788-BANK (918-788-2265) Toll Free: 1-888-42WELCH (888-429-3524) Need assistance? Email help@www.welchstatebank.com or call 918-544-9100 and ask for Online Banking Support.
*Standard mobile web fees may apply. Please contact your mobile carrier for more information. Third Party Message, Data or ISP fees may apply
We have experts that can assist with all things business banking!
What type of business are you?
When opening a business checking or savings account, banks are required to obtain information that allows them to verify the business and the individuals associated with it.
Corporations and LLCs are legally required to manage their income in separate business bank accounts. Sole proprietors can manage personal and business income in the same account, and we can help talk you through the best option for you.
Sole Proprietor/DBA
- • SSN of Owner.
- • All owners/signers on the account will have to provide a copy of their Driver’s License, SS#, contact number, and email.
Corporation
- • TIN of Corporation.
- • Articles of Incorporation.
- • Corporate Resolution.
- • All owners/signers on the account will have to provide a copy of their Driver’s License, SS#, contact number, and email.
LLC
- • TIN of LLC.
- • Articles of Organization.
- • Operating Agreement.
- • All owners/signers on the account will have to provide a copy of their Driver’s License, SS#, contact number, and email.
Not-For-Profit Organization
- • TIN of Organization.
- • If incorporated, follow corporation guidelines.
- • If tax-exempt, IRS documentation or tax return.
- • If not tax-exempt, an authorization letter.
- • All owners/signers on the account will have to provide a copy of their Driver’s License, SS#, contact number, and email.
Partnership
- • TIN of Partnership.
- • Partnership Agreement.
- • Certificate of Partnership.
- • All owners/signers on the account will have to provide a copy of their Driver’s License, SS#, contact number, and email.
Now that you know what documents you need to set up a business checking account, you’re one step closer to opening your business checking account and thus creating a much needed decision between your personal finances and your business finances.
To open a Welch State Bank Business Checking Account, fill out and submit our online application.
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