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.
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.
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.
| Company’s Structure | You must have . . . | Notes |
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| Sole Proprietor | | 1, 2, 6 |
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| Partnership | |
1, 2, 6 |
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| LP Limited Partnership |
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1, 2 |
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| LLP Limited Liability Partnership |
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1, 2 |
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| LLC Limited Liability Company |
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1, 2 |
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| Utah Corporation Professional Corporation (For profit or non-profit) |
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1, 2 |
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| Foreign Corporation (incorporated in another state but doing business in Utah). | |
1, 2 |
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| Association | |
3, 4, 6 |
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| Trust Revocable or Irrevocable |
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2, 6 |
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| Informal Group (reunion committee, gathering, etc.) |
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3, 6 |
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ACCOUNT FEATURES |
FREE BUSINESS | COMMERCIAL BUSINESS | BUSINESS NOW | BUSINESS MONEY MARKET |
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|---|---|---|---|---|---|---|
| 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 |
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| 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.
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.
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.
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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!
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.
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: