Small Business Checking Account Basics
A business checking account is a convenient way to safeguard, manage, grow and access your small business funds. Your account is your source of liquid funds for day-to-day management of your small business, as well as for large purchases and expenditures. A business checking account can help you keep track of spending, either manually by entering your transactions in your account register, or through Online Banking, where you can see digital images of each check, when they cleared, and your balance 24/7.
Yes. KeyBank business checking accounts are FDIC-insured up to the maximum amount allowed by law.
There are several things to ask before choosing a checking account:
- Is there a minimum balance requirement, and can I maintain that balance?
- Do I need overdraft protection?
- Does this account earn interest?
- Is there a transaction limit on the account?
- Which accounts have monthly fees or service fees, and how can I avoid them?
There are several ways to view your activity:
- Visit a branch
- Call 1-800-KEY2YOU® (1-800-539-2968) and follow the voice prompts
- Check the monthly statement you receive in the mail
- Sign on to Online Banking
- Use KeyBank’s mobile app (must be enrolled in Online Banking)
KeyBank makes it easy for you to order checks for your business checking account online, by phone or at a nearby branch.
To reorder business checks:
- Order online directly with Harland Clarke, KeyBank’s preferred check provider
- Visit a KeyBank branch near you or call 800-503-2345
For first-time orders:
- Call 800-355-8123 or visit a KeyBank branch near you.
Depending on the type of deposit you make at a KeyBank branch, ATM or on a mobile device, your funds may be available the next business day.
There are a few exceptions that may delay your funds’ availability, including:
- Deposits to a KeyBank checking account that has been open less than 30 days
- Deposits for a large dollar amount
When making a deposit, be sure you understand when your money will be available so that you can avoid overdrafts and fees. If you have any questions about your funds’ availability, talk to a KeyBank representative by phone or in one of our branches.
KeyBank uses state-of-the-art technology to ensure your information is kept as safe as possible. We deliver a secure environment through a variety of methods, such as encryption, firewalls and customer-controlled passwords.
Report the theft as soon as possible to KeyBank at 1-800-KEY2YOU® (1-800-539-2968) and follow the voice prompts.
Online and Mobile Banking
In some instances, you may be unable to edit the address information because KeyBank already has a relationship with the payee and has the necessary billing information on file.
Yes. Below your payee list, click on “Want to make more payments at a time?” By selecting this option, it will become your default view. (Note: You can switch back to paying one at a time and change your default by clicking on “Want to make more payments at a time?” again.)
Our expedited payment option is available for $9.95. Just click the Pay it Faster link after you select the payee. (Note: Expedited payments cannot be modified or canceled.)
Yes, it will be sent immediately. The payment may take up to a day to process, but will be backdated to the date the expedited payment was requested.
Applying for a Business Checking Account
To apply for a new checking account, you’ll need:
- Your Social Security number or EIN
- Business formation papers (DBA, LLC certificate of formation, certificate of incorporation, etc.)
- Two valid forms of identification. These could include two primary forms (driver’s license, valid passport, government-issued ID with photo and signature) or one primary and one secondary form (credit card, utility bill, lease or other non-official forms of ID).
- Minimum required opening deposit (amount varies depending on type of account)
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