Business
The right checking account for your commercial business
We’ve designed our commercial checking accounts with all types of businesses in mind. Our team is excited to learn more about your business, municipality or non-profit, and to set you up with the best checking account for your needs. We also offer digital banking services to help you manage your money.
What does your business need?
Wondering which account is right for you? Contact a business banker below or stop in a branch. Can’t wait? Compare our business checking products.
Business Relationship Checking — If your business is doing a high number of transactions, our Business Relationship Checking could be right for you. We’ll even waive service charges if you maintain a designated average monthly balance.
Business Analysis Checking — Does your business keep a large account balance? If so, let’s talk about how we can apply an “earnings credit” to help offset monthly service charges and fees associated with our Cash Management Services.
Business Sweep Checking — If your business has high transaction volume, large account balances, and is using the “earnings credit” to offset monthly charges, consider the Business Sweep. We’ll automatically sweep funds into higher earning savings accounts while maintaining a target balance in your business checking account.
Interest on Lawyer’s Trust Account (IOLTA) and Interest on Real Estate Brokers Trust Account (IOREBTA) — We offer these options to law firms and real estate brokers to help maintain client escrow accounts.
Opening a Commercial Account
We are excited for the opportunity to serve as your banking partner and can assist you in opening your business account however is most convenient for you. To make this process even easier — whether you’re visiting one of our branches, connecting with a member of our team, or chatting with a banker on the Chelsea|LIVE Website — here’s a guide to the documents you will need to get started.
- Certificate / Articles of Organization *
- Active Status with Secretary of State Business Filing **
- EIN Number (if available)*** or Social Security Number of Sole Member
You will also need to provide the following for any individual who will be a signer on the business account, as well as any individual owning more than 25% of the entity (or for non-profits any individual who controls the entity, i.e. CEO, President, CFO):
- A primary form of government-issued ID (such as driver’s license or passport)
- Social Security Number
- Contact information
Please note that upon review, we may request additional information in order to fulfill our policies and procedures as well as federal and state regulations. This list of requirements may be subject to change.
- Certificate / Articles of Organization *
- Active Status with Secretary of State Business Filing **
- Operating Agreement *
- EIN Number ***
You will also need to provide the following for any individual who will be a signer on the business account, as well as any individual owning more than 25% of the entity (or for non-profits any individual who controls the entity, i.e. CEO, President, CFO):
- A primary form of government-issued ID (such as driver’s license or passport)
- Social Security Number
- Contact information
Please note that upon review, we may request additional information in order to fulfill our policies and procedures as well as federal and state regulations. This list of requirements may be subject to change.
- Certificate / Articles of Organization *
- Active Status with Secretary of State Business Filing **
- Corporate By-Laws *
- Recent Meeting Minutes
- EIN Number ***
You will also need to provide the following for any individual who will be a signer on the business account, as well as any individual owning more than 25% of the entity (or for non-profits any individual who controls the entity, i.e. CEO, President, CFO):
- A primary form of government-issued ID (such as driver’s license or passport)
- Social Security Number
- Contact information
Please note that upon review, we may request additional information in order to fulfill our policies and procedures as well as federal and state regulations. This list of requirements may be subject to change.
- Partnership Agreement *
- EIN Number ***
You will also need to provide the following for any individual who will be a signer on the business account, as well as any individual owning more than 25% of the entity (or for non-profits any individual who controls the entity, i.e. CEO, President, CFO):
- A primary form of government-issued ID (such as driver’s license or passport)
- Social Security Number
- Contact information
Please note that upon review, we may request additional information in order to fulfill our policies and procedures as well as federal and state regulations. This list of requirements may be subject to change.
- Partnership Agreement *
- Certificate of Limited Partnership
- Active Status with Secretary of State Business Filing **
- EIN Number ***
You will also need to provide the following for any individual who will be a signer on the business account, as well as any individual owning more than 25% of the entity (or for non-profits any individual who controls the entity, i.e. CEO, President, CFO):
- A primary form of government-issued ID (such as driver’s license or passport)
- Social Security Number
- Contact information
Please note that upon review, we may request additional information in order to fulfill our policies and procedures as well as federal and state regulations. This list of requirements may be subject to change.
To learn more about which business checking account could be right for you, call us at 860-448-4295, contact a member of our Cash Management team below, or stop by your local branch to speak with a branch manager.
* As a best practice, most businesses will consult an attorney to obtain the document(s).
**Secretary of State Filing — Annual Report may be filed online.
***An EIN Tax ID Number may be obtained free of charge, from the IRS: online, by fax, or by phone. More information is on the IRS Website.
Cash Management Team
