Totally FREE Business Checking Account FAQ's
What is a business checking Account?
A business checking account is an account used for managing the financial transactions of a business. It helps keep business finances separate from personal finances. It provides a professional way to manage cash flow, pay bills, receive payments, and maintain financial records.
What are the advantages of the Totally Free Business Checking Account versus Ozark Bank’s other business checking accounts?
The Totally Free Business Checking Account offers several benefits, including no hidden fees, 2,500 free monthly transaction items, no minimum balance requirement, and no monthly service charges. These features are particularly advantageous for small businesses or startups looking to minimize banking costs.
Do I need an Employer Identification Number (EIN) to open a business checking account?
Depending on the type of business organization you have established, you may need an EIN to be filed and received by IRS. Partnerships, multiple-member LLC's, Corporations and other non-personal organizations such as clubs and not-for-profit organizations almost always need an EIN to conduct business in the United States.
In contrast, a sole proprietor without employees, a single-member LLC, or a trust can most often use the Social Security number of the owner, member, or guarantor, respectively.
Why can’t I use my personal checking account for my BUSINESS?
Using a personal checking account for business transactions can complicate tax filings, make it difficult to track business expenses, and may not provide the necessary features and protections that a business account offers. Keeping personal and business finances separate is necessary for clarity and legal reasons.
What bills can I pay through my business checking account?
You can pay various business-related bills through a business checking account. This includes operational expenses like rent, utilities, supplier payments, employee salaries, and other business-related expenditures.
What do I need to have to open a business account?
You will need your business registration documents, EIN (if applicable), personal identification documents, and an initial deposit. The exact requirements can be confirmed with Ozark Bank.
How can I open a business checking account?
To open a business checking account with Ozark Bank, you can talk to one of our Business Officers or visit an Ozark Bank branch in person.