Business Checking
The right fit for my restaurantsCulture means a lot to me, and Arkansas Federal seems to have a very similar culture as Eat My Catfish, making it easy to do business with them and taking the approach of ‘let us see what we can do.’
Which one will you choose?
You work hard for your business, and your checking account should, too. That’s why we offer business checking options that not only allow you to earn on your balance or get cash back but also provide maximum convenience and minimal fees, allowing you to keep more of your hard-earned money.
Which Account is Best for You?
Earn on your balance or get cash back? Lower balances with active debit card users can earn more with Business Choice Checking, while higher balances will benefit from Business Premier Checking. To help decide which one might be best for your business, here’s a comparison:
| Avg. Balance vs. Debit Card Swipes | Return Rate | Avg. Monthly EarningsThe chart is for comparison purposes only. Numbers are rounded to the nearest whole dollar. Results may vary and are not guaranteed. | Avg. Yearly EarningsThe chart is for comparison purposes only. Numbers are rounded to the nearest whole dollar. Results may vary and are not guaranteed. |
|---|---|---|---|
| Premier Checking (Tiered Earnings Based on Balance)1 | |||
| $250,000 Balance | 2.50% APY1 | $521 | $6,250 |
| $50,000 Balance | 1.75% APY1 | $73 | $875 |
| $5,000 Balance | 1.00% APY1 | $4 | $50 |
| Choice Checking (Cash Back with Debit Card Swipes) | |||
| 80 Debit Card Transactions Per Month | 10¢ Per TransactionOffer valid as of 02/01/2021. $0.10 will be earned on every debit card purchase of $5 or more, including PIN, signature, and online purchases made with a Business Choice checking account. All applicable account terms, fees, and charges are subject to change. This offer may be modified or withdrawn at any time. | $8 | $96 |
| 50 Debit Card Transactions Per Month | 10¢ Per TransactionOffer valid as of 02/01/2021. $0.10 will be earned on every debit card purchase of $5 or more, including PIN, signature, and online purchases made with a Business Choice checking account. All applicable account terms, fees, and charges are subject to change. This offer may be modified or withdrawn at any time. | $5 | $60 |
| 30 Debit Card Transactions Per Month | 10¢ Per TransactionOffer valid as of 02/01/2021. $0.10 will be earned on every debit card purchase of $5 or more, including PIN, signature, and online purchases made with a Business Choice checking account. All applicable account terms, fees, and charges are subject to change. This offer may be modified or withdrawn at any time. | $3 | $36 |
Hear From Our Happy Members
Makes banking easyArkansas Federal makes banking easy. It always handles just what I need right on the spot.
Affordable Personal Loan PaymentsI really love how everyone is so friendly and willing to help with my banking needs. I am very thankful I listened and chose Arkansas Federal for all my banking needs.
Fast and Easy ProcessI must say I was pleasantly surprised at just how fast and easy the process played out. I submitted the documents needed and in no time, we were approved and ready to make an offer on a house.
Frequently Asked Questions
Is there a minimum deposit to open a Business Checking account?
Yes, a minimum opening deposit of $100 is required. If you’re not already a member with us, you’ll also need to open a share savings account with us to establish your membership, which is a one-time opening deposit of just $5.
What documents do I need to open a Business Checking account?
To open a business checking account, you’ll need to provide the required information and documents can vary based on your business structure (e.g., corporation, LLC, or sole proprietorship), but generally, you will at least need: IRS EIN (Employer Identification Number) letter, physical mailing address(es), email address, and phone numbers. For a full list of documents for your business, contact your nearest branch.
How do I avoid monthly fees?
There are several ways to avoid monthly fees with a business checking account. You can enroll in eStatements to eliminate the $5 mailed paper-statement fee. You may also qualify for a paper-statement fee waiver if you have a loan balance of $2,500 or more, a deposit balance of $5,000 or more, or have at least 5 debit/credit card purchases each month.
How do I manage my Business Checking account?
You can use Digital Banking to manage your Choice Checking account online 24/7. Easily track your transactions, transfer money, pay bills, and more—all in one convenient place. Download the Arkansas Federal app today.
What else comes with a Business Checking account?
Beyond the basics of managing your day-to-day transactions, having a business checking account opens doors to a suite of treasury management services designed to streamline your operations and safeguard your assets. From robust fraud protection measures that shield your business from unauthorized transactions to automatic sweeps that optimize your cash flow, the benefits are endless. With electronic payments (ACH) and point-of-sale solutions, you’ll experience convenience and efficiency in managing your business finances.