First Bank of the Lake: 3 Reasons Why You Should Have a Separate Checking Account for Your Business

Congratulations! You have just opened up your new business and you are ready to make some money and get the ball rolling. One of the most important things when running a successful business is to have a bank at the Lake of the Ozarks you can trust with your money. A Lake of the Ozarks bank that prides itself on offering the best customer service possible can always be an important asset to have as a business owner. You should know that First Bank of the Lake is here to help you as a business owner. Keep reading for a few reasons why you should have a separate checking account for your business.

3 Reasons Why You Should Have a Separate Checking Account for Your Business

To help track the profits your new business makes a little easier.
Your company's success will depend on its ability to make money even after all expenses and salaries have been paid - including yours. Keeping your accounts separate to enable you to distinguish between your profitability and the company's.

To make doing your business taxes a little easier on yourself.
At tax time, you have to be able to show a clear record of all your incomes and deductions. If your personal and your business accounts are mixed together, it becomes very easy to miss things.

To come off as a professional company.
Business checking accounts are so common nowadays that using a personal account for your business transactions can cause some raised eyebrows. If you don't have a business account established, will your clients trust that you are a reputable company?

Business Banking Products That First Bank of the Lake Offers

Business Checking

Requires $500 to open an account, includes a monthly statement, free direct deposit and debit card.
Minimum balance to avoid the imposition of fees
If balance falls below $2,500 on any day in the statement cycle, a maintenance fee of $12.50 will be imposed once during the cycle.
If a customer or the bank closes an account within 180 days after the opening of the account the customer will be charged a $30 closing fee.

First Free Business Checking

$100 minimum beginning balance
No Minimum Balance
150 free transactions per month
Electronic Statements ONLY
The account does not draw interest

Please note: over 150 transactions per month will result in a charge of $.50 per transaction

Business Savings
Traditional savings plan for businesses who need a safe way to protect their capital while earning interest. This account includes a monthly statement and free direct deposit. Requires $500 to open an account.

If you close your account before interest is credited, you will not receive the accrued interest.
If balance falls below $200 on any day in the statement cycle, a maintenance fee of $2 will be imposed once during the cycle.
An excess withdrawal charge fee of $1 will be charged for each debit in excess of six per statement cycle.

Have questions about any one of these banking products for your business? Call the friendly staff at First Bank of the Lake today. We'd be happy to help you. Just call (573) 348-2265 or stop by and see us, the next time you go shopping at the Osage Beach Premium Outlets.

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First Bank of the Lake - Striving For Excellence

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