• Account
    Requirements
  • Comparison
    Table
  • Free Business
    Checking
  • Commercial
    Business Checking
  • Business
    Now
  • Business
    Money Market
  • Other Business
    Accounts

back to top BUSINESS BANKING AT STATE BANK OF SOUTHERN UTAH

Does your bank make a difference? Yes!  At State Bank we do business where you do business – in southern Utah.  We help plan your future, then provide the financing to get you there.  Best of all we have people right here, not hundreds of miles away, to help you meet the challenges and problems that arise during the course of running a business.

logo SERVICE AREA

State Bank of Southern Utah offers business loans to meet the needs of small businesses in our service area, which includes southwestern Utah, southeastern Nevada, and northern Arizona.

logo Requirements before you Open a business account

Are you “Doing business in Utah”?  “Yes”, if transactions in the state are continuous and form a substantial part of the entity’s business.   “No” if transactions are isolated, not continuous in nature, or are incidental to overall business. Please see the State's site at http://business.utah.gov/business/faqs.html for more information.

decoration Company’s Structure You must have . . . Notes

decoration
  Sole Proprietor
  • Signer ID and TIN  (SSN or EIN)
  • Resolution of Authority when adding additional signers (bank form)
    		• 1, 2, 6

     
      Partnership
  • Signer ID and Business TIN
  • Resolution of Authority or Partnership (bank form)
    		•  1, 2, 6

     
      LP
    Limited Partnership
  • Signer ID and Business TIN
  • Resolution of Authority or Partnership
  • Certificate of Limited Partnership (state form)
    		•  1, 2

     
      LLP
    Limited Liability Partnership
  • Signer ID and Business TIN
  • Resolution of Authority or Partnership
  • Application of Limited Liability Partnership (state form)
    		•  1, 2

     
      LLC
    Limited Liability Company
  • Signer ID and Business TIN
  • LLC Authorization Resolution
  • Articles of Organization (state form)
    		•  1, 2

     
      Utah Corporation
    Professional Corporation
    (For profit or non-profit)
  • Signer ID and Business TIN
  • Corporate resolutions (one per account)
  • Articles of Incorporation (state form)
    		•  1, 2

     
      Foreign Corporation (incorporated in another state but doing business in Utah).
  • Signer ID and Business TIN
  • Corporate resolutions (one per account)
  • Articles of Incorporation from home state.
  • Utah foreign corporation registration (state form).
    		•  1, 2

     
      Association
  • Signer ID and Business TIN
  • Resolution of Lodge or Association (bank form)
    		•  3, 4, 6

     
      Trust
    Revocable or Irrevocable
  • EIN (if available) or SSN of Grantor/Trustee 
  • Identification for signers
  • Certificate of Trust (bank form)
    		•  2, 6

     
    decoration Informal Group
    (reunion committee, gathering, etc.)
  • Signer ID & TIN (SSN or EIN).
    		• 3, 6

    decoration

    Notes:

    1. City or County Registration is required if your business operates within city limits or your home-based business is located within the city limits.   County licensing is required if your business operates in an unincorporated area.
    2. State Registration:  See http://business.utah.gov for more information and registration forms.  You must register with the State if your business is structure is any of the following:
      • Limited Partnership (LP)
      • Limited Liability Partnership (LLP)
      • Limited Liability Company (LLC)
      • Corporation
      • Foreign Corporation (incorporated in one State, but operating in Utah)
      • Business Trust
      • Partnerships or Sole Proprietorships operating under an assumed name
      • Any business operating under an assumed name must register with the state.  For example, a sole proprietor by the name of John Jones who operates a business under the name “John’s Repair” is using an assumed name and therefore must register with the State.
    3. Your association or informal group should obtain a separate TIN from the IRS banking purposes if the account earns interest.  Otherwise, one of the signers must assume tax responsibility.  
    4. Associations, such as homeowner or water associations, that wish to open an account or change signers should present meeting minutes that identify who has the authority to conduct banking business.
    5. Business trusts should file Application for Business Trust with the State.
    6. A separate TIN from the IRS may be obtained for banking purposes.  Otherwise, one of the signers assumes tax responsibility.

    logo Business CHECKING ACCOUNTS

    ACCOUNT FEATURES
    		 FREE BUSINESS COMMERCIAL BUSINESS BUSINESS NOW BUSINESS
    MONEY MARKET
    Business Entity Requirement? Any Any See Account Details Any
    How to Get Account? Open account in person Open account in person Open account in person Open account in person
    Check Images Returned? Yes Yes Yes Yes
    FDIC Insured? Yes Yes Yes Yes
    Earns Interest? No Earns Credit When balance exceeds $500 When balance exceeds $500
    Bill Pay? Free with
    E-Statements    		 Free with
    E-Statements    		 Free with
    E-Statements    		 No, but sign up for
    E-Statements anyway
    Earns credits to offset maintenance and activity fees? No Yes, credits may offset fees below Does not Apply No
    Monthly Service Charge? $0 $5 $8 if balance falls below $500 $8 if balance falls below $2500
    Coin & Cash Services?* $20K then $4 per thousand Unlimited except for MSB's** Unlimited except for MSB's** N/A
    Check or Debit per item: 500 Free, then 25¢ each 10¢ Unlimited See Business Money Market comments
    Deposit or Credit per item: 500 Free, then 25¢ each 4¢ Unlimited Unlimited
             

    *Cash & Coin Services: Coin wrapped, cash strapped for free with a typical Commercial Business Checking account. Special rates apply for cash-intensive businesses, such as check cashers. Coin wrapping available only at Cedar City and Kanab offices.

    **MSB = Money service business, such as one that cashes checks for customers.

    Which Business Entities May Earn Interest On Checking Accounts? Sole-proprietorships or non-profit organizations are permitted to earn interest on transaction accounts, but not for-profit business organizations. While Congress has toyed with revising this antiquated ruling, the law remains unchanged. Many for-profit organizations (corporations, partnerships, LLC's or LLP's) use non-transaction accounts to earn interest, such as savings, CDs, or sweep accounts.

    Two-Signatures Required: Any two-signatures required account is subject to a $10 service fee if the account balance falls below $1000 any time during the monthly cycle.

    logo FREE BUSINESS CHECKING

    No minimum balance requirement, 500 free transactions, check images included in the monthly statement and $20K in cash or coin services at no charge. It doesn't get any better than this! Free Business Checking is a great account for any business, non-profit group or association.

    What counts as a transaction? Any type of debit or credit. A deposit item also counts. Example: an account with one electronic credit, one posted check, and one deposit ticket followed by two deposit items has five transactions. Whew! only 495 to go! Transactions above 500 per monthly cycle cost 25¢ each. Coin and cash services above $20K per monthly cycle cost $4 per thousand.

    Get free bill pay when you sign up for E-statements!

    Two Signatures Required Exclusion: Accounts with two-signatures required will be charged $10 per monthly cycle if the balance falls below $1000.

    logo COMMERCIAL BUSINESS CHECKING

    This is the best account for a high-transaction business. It builds up credits to offset fees from activity and maintenance. We've found that a typical business that maintains a balance of about $2000 generates enough credits to avoid most, if not all, activity fees. Actual results vary depending upon balance and activity. There is NO minimum balance requirement, which means the account may dip to nearly $0 during the monthly cycle without incurring a fee.

    The earnings credit is calculated at 4% (annual rate) of the average monthly collected balance. The credit is used to offset maintenance and per-item fees and applies only to the month it is earned. Excess credits are not carried forward. Present banking laws do not allow a for-profit business to earn interest on a checking account.

    Get free bill pay when you sign up for E-statements!

    logo BUSINESS NOW

    This account earns interest and avoids minimum balance fees when the balance exceeds $500. The account is available to sole-proprietors, governmental agencies and 501(C)(3) non-profit entities. There are no per-item fees on this account. Check images are returned in the monthly statement.

    Get free bill pay when you sign up for E-statements!

    logo BUSINESS MONEY MARKET

    This account is available to any business entity. It earns interest because it is classified as a non-transaction account by the regulators. Withdrawals are limited to six per month, three of which may be by check. Check images are returned in the monthly statement.

    At least $2,500 is required to avoid the $8 minimum balance requirement fee.

    A $10 fee is charged for each withdrawal after the limit is exceeded. Auto-transfers to a checking account count as a check. However, visiting the bank in person to make a withdrawal using an "Advice of Charge" is not limited. You can make as many in-person withdrawals as you like without exceeding the transaction limits.

    Bill pay is not recommended in conjunction with a Money Market account because of federal limits upon convenience withdrawals. A user would be charged a $10 excess transaction fee per item after the third bill pay in a monthly cycle.

     

    logo OTHER BUSINESS ACCOUNTS

    Non-Profit Accounts: We recommend Free Business Checking for your non-profit group or association.

    Business Savings: Available to any type of business, including DBA, Sole Proprietor, Corporations, etc. Interest accrues daily and pays quarterly. Interest rate may vary. FDIC insured. Withdrawals are limited to 6 per month. Federal laws prohibit us from paying interest on a for-profit entity transaction account. However, a savings account is not a transaction account.

    Business Certificate of Deposit: Available to any type of business located in the State of Utah. FDIC insured. Click this link for CD rates.

    Business Account Analysis: This account is very similar to our Commercial Checking with one important difference. The earnings credit offsets a broader list of bank services, including wires and stop payments. Account analysis is recommended for businesses with heavy wire or stop-pay volume.

    Business Sweep Account: This account earns interest, is not FDIC Insured, but is backed with US Treasuries. It pays a competitive rate of interest to businesses with excess cash. The account works by sweeping funds from a transaction account (checking) to a separate investment account that earns interest. Fast facts are as follows:

    • No minimum dollar requirement for checks written on the account
    • $50 per month maintenance
    • $10K collected is maintained in the transaction account (non interest bearing)
    • Excess funds are swept each night to an interest bearing account
    • Checks or other debits = 10¢ per item
    • Deposit items average about 4¢ per item
    • Excess funds earn interest at a very competitive rate
    • The sweep account starts to make sense for the business with about $125K in excess funds
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