Grow Your Business with Free Business Checking & Online Account Management
Picture your business 10 years from today. It’s wildly successful, beyond anything you could imagine. It’s bringing in more money than your full-time job ever did. You feel proud of the work you accomplished and the business you grew.
Are you smiling? You should. Because making the right choices now will affect just how successful your business can be.
One of the best choices you can make today to influence that success is to open a free business checking account with online account management from Lanco Federal Credit Union. Opening a business bank account for small businesses in Lancaster County makes it easier to track expenses for accounting purposes and makes you look more professional and legitimate.
Find out more about what business checking is and how it can help your business, then reach out to our team to become a member of our federally insured credit union.
What Is a Business Checking Account?
A business checking account is a lot like a personal checking account. You can deposit money into it, write checks from it, and use a Visa debit card to make purchases. And just like a personal checking account, you’ll receive a statement at the end of your statement cycle so you can reconcile your transactions. In addition, our free business checking online banking and bill payer allows you to manage your account online or through Lanco FCU’s mobile app.
The big difference between personal and business checking accounts is that business checking accounts are for all types of companies, including sole proprietorships, limited liability companies (LLC), partnerships, and corporations, rather than an individual or couple. The other difference is that you would only use business banking for business transactions, never for buying groceries for your house or paying your Netflix subscription.
Why Would I Want a Business Checking Account?
Opening a business banking account is a smart idea for small business owners just starting their business. If you operate your business as a separate legal entity from yourself, the IRS requires you to have a different business account. Both business checking and savings accounts allow you to keep track of your business expenses and ensure you don’t spend your household money on business expenses and vice versa.
Plus, having a separate place for your business transactions makes paying your quarterly taxes easier since you won’t have to decide whether something is for your home or business. With all your business transactions in one place, you’ll be sure you haven’t forgotten anything either, which could result in a hefty tax bill when you file your return.
It’s even smart for side hustlers or people who work freelance gigs or businesses from their homes to have a separate small business checking account. Not only does it help you appear more legitimate to your customers, but if the IRS were to audit your business profits and losses, they could only view your business bank account statements. They would need special permission to view your personal accounts.
Can a Business Have a Credit Union Account?
Yes, many businesses use a credit union for free business checking, online account management, and other benefits of using a credit union versus a bank. For example, a credit union’s business checking often comes with fewer fees and lower minimum balance requirements than traditional banks.
Since Lanco FCU is a not-for-profit financial institution, we return any excess profits to our customers. This profit-sharing benefit equates to lower interest rates on business and auto loans, and lines of credit.
How Do I Open a Business Bank Account at Lanco FCU?
Becoming a business member of Lanco Federal Credit Union is easy! Your business headquarters must be in Lancaster County, Pennsylvania, to be eligible for membership. There are three simple steps to opening your Lanco Federal Credit Union business checking account:
- Gather necessary documents—Each business type has different required documents. Generally, you’ll need photo identification for each signer, an IRS form showing the tax ID number for your business, and documents that outline your business name and structure.
- Visit a Lanco FCU branch—All signers of your business bank accounts need to come to one of our branches to fill out the membership application and provide copies of the necessary documents. Signers may arrive at their convenience and don’t have to meet simultaneously.
- Deposit your $5 membership share—While there is no fee to apply for membership, and no minimum balance requirement for your business checking account, you will need a minimum of $5.00 to deposit and keep in a savings account. This balance is your ownership share in the credit union.
What Are the Benefits of Opening a Business Checking Account at Lanco FCU?
A free business checking account with online account management from Lanco FCU can help get your business off on the right foot. Unlike other providers who charge ridiculous fees and are out to make a profit off your cash flow, Lanco FCU wants to see you succeed by helping you keep more of your hard-earned money. We do that by providing these benefits:
- Online banking and account management for business checking and savings accounts
- Friendly, personalized service at any of our branches
- No minimum account balance requirements. Just maintain your $5 membership share
- No monthly service fees for not making a certain number of cash deposits each month
- No per-transaction fees if your customers’ money is being deposited into your account
- Free business starter checks
- Low-cost overdraft protection
- Use of a Visa business debit card
- Purchase money orders and postage stamps at our branches
- Free notary services
- Low rates on a Visa credit card
- Free coin counters at Willow Street and Roseville branches
- Safe deposit boxes at the Roseville branch
Start Your Business Right with Free Business Checking Online
Whether you’re just starting your business or need a new financial partner to accommodate your growing company, Lanco Federal Credit Union is the ideal place to open a free business checking account. Online account management, no per-transaction fees, and no minimum balance beyond your $5 membership share are just some of the many benefits you’ll enjoy when you bank with us.
We know that running a business isn’t easy. You have an endless list of tasks and goals to meet. However, when you choose Lanco FCU as your business partner for online banking and business checking accounts, you’re partnering with a company that wants to see you succeed as much as you do. You won’t regret opening a business checking account at our credit union with lending products, savings accounts, and many other benefits.