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Honestly Free Business Checking
Let’s say you’ve opened a business checking account, believing it to be free, but then you see a $10 monthly maintenance fee in your so-called free business checking account. Well, we’re here to let you know that’s not how it should be.
Free should mean 100% free. Here at Space Coast Credit Union (SCCU), that’s what you’ll actually get when you open a Free Business Checking account.
We’re here to help you discover the benefits of having a free business checking account for your business, what to consider when shopping for one, and how to open one at SCCU.
Benefits of Business Checking Accounts
Why use a business checking account versus a personal checking account? Let’s take a look at the benefits:
1. Build Credibility
Not only do they give your business a professional look and build trust with your customers, it shows that you’re serious about what you do and that your business is more than a hobby.
2. Centralize Payments
It’s a place to accept payments and other types of transactions, make deposits and even withdrawals. When income tax time comes, you’ll be glad to have this separate account, especially to show revenue if you’re applying for a loan.
3. Potentially Save More
Benefits aren’t just limited to the early days of operations. Continuing to save money on fees is an ongoing plus for your business.
What to Watch Out for With a Free Business Checking Account
Owning and operating a business is a lot of work, and every penny adds up to the bottom line. You shouldn’t have to protect your money from nuisance fees and tricky terms. Instead, you should expect convenience and an easy-to-work-with business partner.
Before selecting your free business checking account, be sure to check for the following:
1. Transaction Limits
Offering free unlimited transactions is a top must-have for a free checking account. If you see a financial institution promoting their checking account as free, they should not limit the number of transactions you can make. It’s important to know that transaction frequency limits are the number of transfers within a certain time frame, whereas transaction amount limits are the dollar value.
With SCCU’s Free Business Checking account, you don’t have to worry about transaction limits or transaction fees. We want to help you grow at your pace without having to monitor your transactions to avoid fees in the process.
2. Cash-Handling Fees
An extra $100 in cash sales is a problem only when a financial institution charges a fee to deposit it into a so-called free business checking account. Any small business planning to have cash sales and see sales growth should be sure to check for this feature to ensure you can grow as you want.
At SCCU, we don’t have cash processing limits or cash processing fees.
3. Minimum Balance Requirements
Every business wants to grow and has ambitions of acquiring significant deposits, but as you are building your business, you may not be able to maintain high balances. Facing a fee when funds are already tight can mean the difference between a check being paid or bouncing.
Be sure to check for any minimum balance requirements and whether it’s a daily average balance or an end-of-the-month balance that determines if there’s a fee. SCCU doesn’t have a minimum balance requirement.
4. Debit Card Usage Requirements
Depending on your usage, if your business does not use debit cards often or has slow times when purchases are down, you’ll need to be mindful of any debit card usage requirements. Some accounts require at least 10 transactions to avoid a monthly service fee.
With our Free Business Checking account, you’ll have free access to SCCU ATMs and over 20,000 fee-free Allpoint ATMs nationwide.
5. Statement Fees
Make sure that paper and electronic statements are free like ours here at SCCU. Receiving electronic statements instead of paper can be beneficial to your business by eliminating any possible paperwork containing sensitive business information.
When you’re looking for free business checking in Florida, we invite you to explore our Free Business Checking account as we offer:
- No monthly maintenance fee
- Free unlimited transaction limits
- Zero cash-handling fees
Our accounts offer hassle-free banking with online and mobile access, a contactless Visa® debit card with fraud alerts, and much more. All you need is a $50 opening deposit to get started.
Plus, as a valued SCCU business member, you’ll have complimentary access to our expert business services team who can assist with personalized guidance tailored to your goals, challenges, and industry.
Free Business Checking vs Interest-Bearing Accounts
When you’re looking for free business checking in Florida, we invite you to explore our Free Business Checking account as we offer:
- Low $50 opening deposit
- No monthly maintenance fee
- Free unlimited transaction limits
- Zero cash-handling fees
With our Business Interest Checking account, your balances can earn interest. As your balances grow, so does your earning potential. You can open and begin earning with this interest‑bearing account with a minimum opening and daily balance of $4,500. If the balance falls below this amount, a $25 fee applies. View our rates.
Both accounts you’ll have access to these free services:
- Online and Mobile Banking60
- Mobile deposits29
- Visa® debit card
- Access to SCCU and 20-000 fee-free Allpoint ATMs nationwide
- Shared Branching
And so much more.
Plus, as a valued SCCU business member, you’ll have complimentary access to our expert business services advisor team who can assist with personalized guidance tailored to your goals, challenges, and industry.
Business Advisors
Our business services advisor team can work with you to identify the right solutions for your unique needs, provide expert advice based on real-world experience and local market insights, and even connect you to valuable community resources.
Merchant Services
SCCU partners with Elavon, a leading global payments provider, to offer payment processing solutions.
Elavon offers the latest in payment technology, so you can give your customers the choice to pay however they want. Whether you accept payments online, in person, in-app, or over the phone, Elavon and SCCU have you covered.
Choose SCCU for Your Business Financial Needs
Our expert business services advisors are ready to provide you with personalized advice just for your business. You can:
- Speak directly with a Business Services Advisor.
- Request to be contacted at a time that works for you.
Ready to get started? Apply online or reach out to us at 800-447-7228.
Our Business Advisors Team Request to be Contacted
Disclosure: This article is for educational purposes only and should not be considered legal, tax, accounting, financial, or investment advice. Please consult qualified professionals regarding your specific situation. SCCU makes no guarantees regarding accuracy or completeness, does not endorse third‑party products or services, and assumes no liability for use of this information.
