Business Checking

No two businesses have the same needs. Elite Federal Banking Group has an account for those businesses looking for a simple way to manage finances and for those that are more complex.

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Small Business Checking

If you are a business or organization with smaller volumes and basic checking needs, this account is right for you.

Commercial Checking

Commercial Checking is the solution for customers with higher balances and activity. An earnings credit is calculated each month based on the balances maintained. This earnings credit is applied to the cost of services (number of debits/credits posted, wire transfers, change orders, stop payments, deposited currency, etc.) to offset a portion (if not all) of your service charges. Paired with Cash Management Services, this account will give you greater financial control.

Capital NOW Business Checking5

If you are a sole proprietor, a non-profit organization or a government agency seeking to earn interest on your checking account, this account may be right for you.

Capital NOW Prime Partner IOLTA Checking6

Elite Federal Banking Group is a Prime Partner with the Texas Equal Access to Justice Foundation and pays a premium rate of interest based on the Federal Funds Rate. This type of account allows attorneys to meet requirements for placing funds in IOLTA accounts.

Elite Federal Banking Group Business Checking Accounts Comparison Chart

Accounts

Small Business Checking 

Commercial Checking 

Capital NOW Business Checking5

Capital NOW Prime Partner IOLTA Checking6

Monthly Service Fee

No service charge with an average collected balance of $3,000, otherwise $12.

Analyzed Account – Service Charges are based on account activity3.

No service charge with a minimum daily balance of $2,000, otherwise $12.

No service charge

Withdrawals1

Up to 200 transactions per statement cycle included. Each additional transaction is $0.35 (includes all debits, credits and items deposited).

Unlimited

Unlimited transactions with a $2,000 minimum daily balance, otherwise $0.10 per transaction (includes all debit and credit transactions).

Unlimited

Interest

None

None

Maintain $500 average daily balance to earn interest2.

No minimum balance required to earn interest2

Currency Deposit

First $10,000 – No charge per statement cycle4

Analyzed Account – Service Charges are based on account activity3.

None

None 

Minimum to Open

$100

$100

$100

$1000

1Transactions (debits, credits, and deposited items) are per activity cycle for statements; service charges and interest calculations are monthly.
2Interest is accrued and paid monthly.
3Please see Schedule of Fees for all charges that may apply.
4Includes coin and currency - $1.00 per $1,000 – First $10,000 – no charge per statement cycle
5Limited to Sole Proprietors, certain non-profit organizations, or government agencies
6Operating account required.

 

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