Banking Tools and Resources Built for Your Business
Bringing your business vision to life can be incredibly rewarding, and we want to help you get there as you consider the costs and responsibilities to running a business. We strive to make banking easy for owners, so you can streamline your day-to-day tasks and get the most out of every financial tool at your disposal. Flagstar’s business checking accounts are designed to help you stay organized and up to date on every financial aspect of your business, so you can focus on success.
What it takes to get started
Entrepreneurship is a founding pillar of the American dream, and it takes drive and organization to get started. If you’re at the beginning of your ownership journey, you’ll need to account for a wide range of start-up costs. Most experts point to legal fees, office space, marketing, insurance and labor as initial expenses to consider. But you’ll likely have other variable costs to add to your list, including things like production of goods and services, inventory, licensing and any other expenses tied to your specific industry.1
As your business grows, you’ll need to form a business plan that allows you to manage your assets while accounting for fixed and variable expenses to shore up your bottom line. Business ownership can be very fulfilling, but keeping costs low and profits high can be a balancing act. We’re always here to help you get the highest return on your investment while you grow and manage a profitable business. Begin by understanding these costs:1
- Total contribution of money up front
- How to raise and spend capital to keep your business in operation
- Frequently overlooked hard costs, like additional taxes and employee benefits
Check out our four types of business checking accounts and business finance calculators to help develop your business plan with confidence—and an understanding of the big picture.
What to look for in a Business Account
Business banking is not one-size-fits-all, and you need an account that will serve all of your unique needs. Here you can compare Flagstar’s four business checking account options to identify the choice that best suits your goals. Weigh your options, including fees, minimum balance requirements, transaction limits and interest rates, as well as account maintenance requirements and features. Ultimately, you’re looking for an account that checks as many of your boxes as possible. Different accounts offer different features and services, and you may only need the basics, but you might also benefit from investing a little more, so you can further streamline your day-to-day finances.2
Account-Specific Documentation
Ready to start your business? It’s time to organize your documents. Here are the basic ones you’ll need based on your business structure:
Corporation:
- Employer Identification Number
- Beneficial owner information, if applicable
- Filed articles or certificate of incorporation
- Assumed name document, if applicable
LLC:
- Employer Identification Number, if applicable
- Beneficial owner information, if applicable
- Filed articles of organization and operating agreement resolution, if applicable
- Assumed name document, if applicable
Limited Partnership:
- Employer Identification Number
- Beneficial owner information, if applicable
- Certificate of limited partnership
- Assumed name document, if applicable
Sole Proprietor:
- Assumed name document, if applicable
- Social Security Number, or Employer Identification Number (EIN) if one was obtained
General Partnership:
- Employer Identification Number
- Beneficial owner information, if applicable
- Partnership agreement
- Assumed name document, if applicable
Charity, lodge, association, committee, club, or similar organization:
- Employer Identification Number
- Beneficial owner information, if applicable
- Resolution, bylaws, charter or minutes
You’ll also need to be prepared to meet your signer identification requirements:
- You must present two pieces of acceptable identification for every account owner. At least one of the two must be government-issued primary identification.
- Primary identification examples: Valid driver’s license, a valid state ID or a valid U.S. passport.
- Secondary identification examples: Birth certificate, current car registration, insurance card or your voter registration card.
We want to make the process as smooth as possible for you. So, we offer Flagstar’s Business Banking Switch Kit, which provides several documents to help you transition your business checking account with ease. Forms include: a Payroll Processor Notification form, an Automatic Payment Change Authorization form, an Incoming Deposit Change Authorization form and an Authorization to Close Business Account form.
Explore our Business Checking Accounts
A business checking account is used to manage business finances like paying suppliers, depositing payments from customers, paying employees and making tax payments. Learn about some of the different features each of our accounts can offer you to streamline your business banking.
With no maintenance fee and a robust monthly transaction limit, this is a smart option for cost-efficient small businesses.
If you’re looking to maximize efficiencies and simplify daily tasks, this account‘s enhanced features will support your growing business.
Premier Interest Business Checking
Designed for businesses that handle moderate amounts of transactions every month, this account allows you to earn interest on the balance.
Business Analysis Checking
This account is a comprehensive option for businesses that handle many transactions each month and want to earn credit on balances to offset fees.
We’re here to support your goals and guide you on the road to business success. Reach out today to get started.
You may also be interested in:
1Pino, Ivana. “Average Cost of Starting a Small Business. Bankrate, April 11, 2022.
https://www.bankrate.com/finance/credit-cards/small-business-average-cost/
2Lake, Rebecca and Foreman, Daphne. “How to Choose a Business Checking Account.” Forbes, November 3, 2020.
https://www.forbes.com/advisor/banking/checking/how-to-choose-a-business-checking-account/
3Kenton, Will. “Articles of Incorporation.” Investopedia, October 25, 2020.
https://www.investopedia.com/terms/a/articlesofincorporation.asp
4Kuligowski, Kiely. “Business Bank Account Checklist: Documents You’ll Need.” Business News Daily, June 29, 2022.
https://www.businessnewsdaily.com/6477-business-bank-account-documentation.html