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Business Checking

Advanced Business Checking

Advanced Business Checking is for our larger business owners with a higher checking balance and monthly transactions. Receive up to 500 transactions free and $.15 per transaction for any additional transactions.

Your checking account also comes with a Maps Debit Mastercard which includes many added benefits just for using your card.

Features:

  • Up to 500 transactions free and $.15 per additional transaction
  • Maps Debit Mastercard [Mastercard benefits link]
  • 0.10% APY* on balances $1,500 or higher.

$100 minimum opening balance, Monthly service fee of $20, To avoid service fee, keep a Daily Balance of $7,500 or $15,000 Combined Balance; or Active Business Line/Loan

0.00%APY*Below $1,500

0.10%APY*$1,500 and above

Growth Business Checking

As your business grows, so might your account activity. Maintain a minimum daily balance of $1,500 and you’ll earn dividends. This account also includes a Maps Debit Mastercard with many added benefits.

Features:

  • Maps Debit Mastercard
  • 350 free transactions each month and $0.15 per additional transaction
  • 0.05% APY* on balances $1,500 or higher.

$100 minimum opening balance, Monthly Service Fee of $10, Avoid service fee by keeping a daily balance of $2,500; or $4,000 Combined Balance; or Active Business Line/Loan.

0.00%APY*Below $1,500

0.05%APY*$1,500 and above

Basic Business Checking

Simpler business banking for small businesses with a low number of monthly transactions.

Features:

  • Maps Debit Mastercard
  • Up to 200 free monthly transactions and $0.15 additional transactions
  • Low daily balance requirement

$100 minimum opening balance, Monthly service fee of $5. Avoid monthly service fee by maintaining a daily balance of $500, or $2,500 Combined Balance; or 10 debit card purchases.

0.00%APY*

Non-Profit Checking

Our Non-Profit Business Checking Account offers peace of mind for non-profits with low transaction fees.

Features:

  • No monthly maintenance or balance fees
  • Maps Debit Mastercard
  • Up to 50 free monthly transactions and $0.15 additional transactions

$100 minimum opening balance.

0.00%APY*

Other Services

Frequently Asked Questions

Is the money in my business checking or savings account insured?

All deposits at Maps Credit Union are protected by the National Credit Union Administration (NCUA), with deposits insured up to at least $250,000 per individual depositor. If you have a Non-Profit Business with a Maps Advanced Business Money Market Account, you are also entitled to an additional $3 million through private insurance by Excess Share Insurance Corporation (ESI). This additional insurance allows non-profit organizations to combine funds into one account instead of having to open multiple accounts to maximize insurance coverage.

What types of businesses does Maps Credit Union support?

We currently support Sole Proprietorships, Associations, Corporations, C Corporations, S Corporations, General Partnerships, Limited Liability Companies (LLCs), Limited Liability Partnerships (LLPs), Limited Partnerships, Non-Profit Organizations, Non-Profit Corporations, and Partnerships.

What is the minimum amount required to open a business checking or savings account?

To complete the account opening process, a $100 minimum opening deposit is required for all business checking accounts.

Why should I open a small business checking account?

A business checking account is a convenient way to safeguard, manage, grow, and access the funds your small business. Your account will provide liquid funds for the day-to-day management of your small business, as well as for large purchases and expenditures. What’s more, a business checking account can help you keep track of spending through Online Banking and see your balance 24/7.

Why should I open a business savings account?

A business savings account offers an extra cushion to deal with unexpected or future expenses. You can also set aside money for upcoming projects, quarterly or yearly tax payments, or for overdraft protection.

How do I open a business checking or savings account?

To open a business checking account, visit a branch or call 800.688.0181. You will need official documentation of the business and its ownership as well as documentation of the business’s authorized users (see next FAQ for details). When opening your account, all signers must be present and provide current, state-issued photo identification.

What documents do I need to open a business checking or savings account?

Sole Proprietor

Limited Liability Company

Cooperation Profit or Non-Profit

Association

Club

Partnership

If you have any questions, please contact your local branch or the Maps Business Services Department directly at 800.688.0181.

Can I open a business checking account online?

Currently, we do not offer an online option for opening business accounts. Please visit your local branch or call 800.688.0181 for assistance in opening an account. Once your business account is established, you will be able to access your business accounts online or in the Maps mobile app.

Which checking account will work for my business?

The best checking account for your business depends largely on your transactional volume and average balances. For example, Advanced Business Checking is a great fit for a business that has a high volume of transactions, maintains a higher balance, and wants to earn interest on deposits.

Is there a monthly service fee for business checking accounts?

The monthly service fee depends on the type of account you have and your average balance. Non-Profit Checking Accounts do not carry monthly service fees and there is no minimum average balance. For all other business accounts, the monthly service fee is waived if you maintain the required minimum average balance.

What qualifies as a transaction on my business checking account?

A transaction is any check, ACH funds transfer, teller cash withdrawal, ATM withdrawal, debit card purchase, fee, charge or other amount that is added to or subtracted from your balance.

Do business checking accounts come with a debit card?

Every Maps Credit Union business checking account comes with a Maps Debit Mastercard.

Can Maps Credit Union support my business in other ways?

Absolutely! Maps offers business tools and resources to help you manage your daily finances and navigate the future. Other services we offer include Merchant Card Processing, Federal Tax Payments, Business Payroll Service, wire transfer origination, overdraft protection, automated internal funds transfers, online ACH, Business Remote Check Deposit, Employment and Tenet Screening Services, Checks and Business Forms, and Employer/Employee Benefits.

*APY = Annual Percentage Yield. Rates good as of effectivedate and are subject to change at anytime.
Transaction Definition: A cleared check from the account it was written off of, a withdrawal at a branch location and a deposit at a branch location will each count as one (1) transaction.

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