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Small Business Checking Account Basics

Why should I open a small business checking account?

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.

Is the money in my small business checking account insured?

Yes. KeyBank business checking accounts are FDIC-insured up to the maximum amount allowed by law.

What should I look for in a small business checking account so I can choose the right one?

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?

Checking Information

How do I view my small business checking account activity?

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)
How do I order small business checks?

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:

For first-time orders:

Where is the routing number located on my small business check?

The routing number is located on the lower left-hand corner of your check. Learn more and see an example of a routing number or by speaking with a KeyBank representative.

How can I add an authorized signer to my KeyBank small business checking account?

There are two ways to add an authorized signer:

  • Go to a branch
  • Call 1-800-KEY2YOU® (1-800-539-2968) and follow the voice prompts
When will my funds be available after making a deposit?

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.

How secure is my financial information?

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.

What do I do if my small business debit card is lost or stolen?

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

Why can’t I see or edit my payee’s address or phone number?

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.

Can I make multiple payments at once?

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.)

Bill Pay

What Is Bill Pay?

Bill Pay is a banking service that allows you to pay your bills online. You don’t have to worry about writing checks or buying stamps.

Is there a charge to use Bill Pay?

No, there is no charge for Online Banking Bill Pay for non-rush delivery of your payments.

To learn more, try our Bill Pay demo.

What if I need to get a payment delivered the same or next business day?

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.)

Will my electronic expedited payment be applied immediately?

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

How do I apply for a small business checking account?

You must apply in person at a KeyBank location. Find your nearest location here.

What information/documentation is needed when applying for a new small 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)

Call Us

888-KEY4BIZ

TDD/TTY (Hearing Impaired):
1-800-539-8336

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