Credit Union Business Checking
If you own your own business, you know how important it is to have a business checking account that’s easy to access, but versatile enough to handle all your business banking needs. Business owners in Michigan, as well as select counties of Minnesota and Pennsylvania can come to Genisys Credit Union to open a business checking account. Our credit union business accounts are easy to use, easy to access, and cost less than your bank's business checking account. These days it’s important to save any money you can on fees. So check out all of these credit union business checking account rates and fees and compare them with your bank. We believe you’ll be pleasantly surprised with the services we offer.
Business Checking Accounts & Offers
- Average daily balance of $2,500 required
- $10 monthly fee if balance drops below the average daily balance requirement*
- Account is eligible for Courtesy Pay overdraft protection and Online Bill Pay
Business Checking Plus
- Average daily balance of $10,000 required*
- $15 monthly fee if balance drops below the average daily balance requirement
- Earn dividends based on your balance. Three tiers; $10,000, $50,000 and $100,000. Check out our business checking account rates here.
- Account is eligible for Courtesy Pay overdraft protection and Genisys Online Bill Pay
Get ready to save on your business accounts with an easy to use Genisys business checking account. Our business accounts offer easy access to your money online and get the overdraft protection you need.
Receive a FREE Genisys Rewards Debit Mastercard® with your Genisys Credit Union business checking account. Our Debit Mastercard® offers a variety of convenient access methods to your checking account and gives you a Rewards program that lets you earn points redeemable for exciting rewards!
Learn about all the Mastercard® benefits you get with a Genisys Rewards Debit Mastercard® for your business checking account.
Opening a business bank account is easy! To apply for your new Genisys Credit Union Business Checking account, please call and request an application at 800-521-8440 ext. 5. You can also visit one of our branches.
*Average daily balance requirements are waived when you have an open business loan with Genisys.
Business Checking FAQs
What is a business checking account?
A business checking account allows you to have easy access to the money you need for everyday business transactions and expenses, such as purchases, cash deposits, check deposits, and more. Checking accounts are ideal for businesses as they allow for easier access to needed money for smaller, everyday expenses that aren’t quite as major as things like tax payments or payroll management.
What is the difference between a personal checking account and a business checking account?
By and large, the two accounts function fairly similarly, in that they both allow for easy access to money through a debit card, checks, or cash withdrawals at an ATM. Business checking accounts, in certain cases, can offer additional benefits such as employee debit cards to allow trusted employees access to funds as needed. Additionally, many business checking accounts require a higher minimum balance than their personal checking counterparts.
One of the most important differences, however, is that business checking accounts are required by law for most businesses. Federal business law requires a separation of your personal finances from your business finances, so while you can maintain a separate personal checking account, all your business transactions need to be performed from a business checking account opened in the business’ name.
Why should I open a business checking account?
Aside from the previously mentioned legal requirements, a business checking account can actually make things easier for your business in a financial sense.
Having a separate business checking account can help you better keep track of transactions and payments due, such as utilities and rent. It can also potentially offer some of your employees the ability to make those payments on your behalf by giving them access to the shared business account. It can also protect your personal information and add an additional layer of security for your identity, as all of your transactions will be conducted under the name of your business instead of your name. Lastly, the presence of a business checking account can help build your business’ relationship with your bank, as well as other potential partners that may offer financial investment in your business down the road.
Do business checking accounts offer a credit line?
Business checking accounts, on their own, do not offer a line of credit. However, by opening a business checking account with Genisys Credit Union, you can also access financial options like small business credit cards and various business loans (depending on your location) to help your business grow and thrive.
What kind of credit score do I need to open a small business checking account?
A number of factors are considered when applying to open a small business checking account, including your banking history, the length of time your business has been open, and similar factors. Generally speaking, opening a business checking account won’t affect your personal credit in any way, but your business’ overall credit will be impacted going forward, which may affect your eligibility for loans and funding.
What documents do I need to open a business checking account?
To open a business checking account, you’ll need to be able to provide the following documents:
Your social security number or employer identification number (EIN)
One form of personal identification (a passport or driver’s license)
Business license with the name of the business, and the owner’s name(s)
Certificate of assumed name/DBA that you’ll be doing business under
If the business has more than one owner, a document certifying the partnership of all involved
Articles of Organization from the state your business is registered in
Once these documents are available, you can move forward with opening your account!