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 Value is important when you're looking for a checking account for your business. Midwest Bank has the value and economy you're looking for without sacrificing any of the service that you deserve.
Commercial
Checking
- Monthly Maintenance fee of $8.00 offset by an aggressive earnings credit applied at month-end.
- Per check paid is $.15
- Per deposit is $ .20
- Per item deposit is $ .075
- Coin/Currency per strap or roll is $ .15
- Month-end statements may be picked up, mailed, or electronic statement.
- Free Online Banking
- Free Bill Pay
- Free Check Imaging
- Night depository and zippered bags are available.
- Minimum opening deposit is $50.00
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Benefit
Banking
- When you're one of Midwest Bank's preferred commercial customers, you may provide for your employees a Benefit Banking Checking Account, which includes a host of extra services and benefits.
- No minimum balance.
- No monthly service charge.
- No per check charge, and no limit on the amount of checks written.
- Free - Initial checks to get you started.
- Free - (3x5x21) Safe Deposit Box for one year.
- Free Travelers Checks (single signature).
- Free Money Orders and Cashier’s Checks.
- Free ATM/Debit Card
- Free Online Banking
- Free Bill Pay
- Free Check Imaging
- Month-end statements may be picked up, mailed, or electronic statement.
- $150 discount on closing costs for a first mortgage loan.
- 1% discount on a new Home Equity Loan.
- 1/2% discount on a new Installment Loan.
- 1/4% bonus on new CDs or IRAs.
- Minimum opening deposit is $50.00
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Small Business
Checking
- Great alternative for business with lower transaction volume.
- First 100 transaction items per month are free.
- Each transaction item over 100 per month are subject to a $ .25 per item fee.
- Free online banking
- Free bill pay
- Free check imaging
- Month-end statements may be picked up, mailed, or electronic statement.
- Night depository and zippered bags are available.
- Minimum opening deposit of $50.00
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Business Checking with Interest
- This account is available to non-profit organizations and sole-proprietors only.
- No fees with $1,000 minimum balance.
- There is a monthly service charge of $7 if balance falls below $1,000.
- Account earns a competitive tiered rate of interest depending on balances.
- Month-end statements may be picked up, mailed, or electronic statement.
- Free Online Banking
- Free Bill Pay
- Free Check Imaging
- Night depository and zippered bags are available.
- Minimum opening balance of $1,000
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Basic Business Checking
- This account is available to non-for-profit organizations.
- No monthly service charges
- No Minimum balance
- No per check charge
- Free Online Banking
- Free Bill Pay
- Free Check Imaging
- Month-end statements may be picked up, mailed, or electronic statement.
- Night depository and zippered bags are available.
- Minimum opening deposit of $50.00
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Commercial
Money Market Savings
- Earn a competitive, variable rate of interest with balances of $2,500 or more.
- Interest bearing at a variable tiered rate, compounded and paid monthly.
- No monthly service charge when a $2,500 minimum balance is maintained
- $3.00 monthly maintenance fee if balance falls below $2,500
- Funds are easily accessible
- Limited to six pre-authorized withdrawals or transfers per month.
- $100 minimum withdrawal
- Free Online Banking
- Free Bill Pay
- Free Check Imaging
- Month-end statements may be picked up, mailed, or electronic statement.
- Night depository and zippered bags are available.
- $2,500 minimum to open
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Commercial
Savings
- Earn a variable rate of interest.
- Interest bearing at a variable rate, compounded and paid quarterly
- No quarterly service charge when a $150 minimum balance is maintained
- $5 maintenance fee per quarter if balance falls below $150
- Limited to six pre-authorized withdrawals or transfers per month.
- Free Online Banking
- Free Bill Pay
- Free Check Imaging
- Semi-annual statement or one that is combined with your monthly checking account statement
- Semi-annual statements may be picked up, mailed, or electronic statement.
- Night depository and zippered bags are available.
- $150 minimum to open
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Commercial
Sweep Accounts
- This option allows our business banking customers to establish a set balance in the checking account.
- A sweep can automatically be initiated into or from an interest bearing account.
- This allows you to maximize the earning potential of your account relationship with Midwest Bank.
- Certain regulatory restrictions may apply.
- See your Business Banker for details.
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SEPs (Simplified
Employee Pension)
- A simplified employee pension (SEP) plan is a retirement plan established by an employer to provide retirement benefits for employees.
- Any employer (whether incorporated or unincorporated; full-time or part-time) is eligible to establish a SEP plan.
- An employer contributes money into its employees’ traditional IRAs.
- The employer gets a tax deduction. A SEP allows self-employed individuals and other businesses to fully deduct their eligible SEP contributions.
- The contribution is not income to the employee until distributed from their IRA.
- An employer who wishes to establish a SEP should seek the professional tax or legal guidance of someone who is familiar with that employer’s business.
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