Business ownership comes with its own unique set of challenges. One of those challenges is choosing a business checking account that meets your needs. Let’s break down why you would need a separate business checking account and what to look for. 

It’s generally a good practice to keep your business accounts separate from your personal accounts, but there are a few specific instances when it’s a necessity:

• Your business has employees,
• Your business conducts many transactions a month,
• You’ve applied for or already have an EIN from the Internal Revenue Service,
• You have an incorporated business, or
• You need a business loan.

When evaluating and choosing a bank for your checking account, here are a few things to consider:

1. What are the requirements, and are there fees? Most business bank accounts have requirements that will help you decide if the account is right for the kind of transaction volume you have. For example, our Plus Checking account offers 150 transactions per statement cycle as opposed to our Standard Checking that offers 50 transactions per statement cycle. 
2. Do they offer business credit cards? It’s convenient to have all your financial services in one place, so make sure your bank can also offer business credit cards. A business credit card is a great way for employees to be able to purchase things on behalf of the business without giving them access to the full bank account.  
3. Can they provide Treasury Management services? These services can enhance your customer experience and streamline your business processes. Your business could have the ability to accept credit and debit card purchases with Merchant Card Services. You could also eliminate a trip to the bank to deposit checks with Remote Deposit Capture. 
4. Is there a branch near you? We’re excited to say that soon, a full-service Mid America Bank branch is coming to Columbia in 2025 to make it simpler than ever to bank with us! The new branch will be located at the corner of S. Providence and Southampton Drive at 4601 Stellar Drive. It will feature drive-thru teller windows, a drive-up ATM, and a night depository.

If you’re ready to open a checking account for your business or to see what other tools we have to offer, give me a call! At Mid America Bank, we have friendly, reliable service tailored to you. I’d love to work with you and our team to find tools and financing that fit your business needs.

Brad Roling is the Columbia Market President for Mid America Bank. Brad has more than 10 years of banking experience that he uses to help businesses in and around Columbia thrive. When he is not helping your business with its financial needs, Brad is serving the community in a variety of capacities. He is proud to serve on the Ronald McDonald House Mid-Missouri Board of Directors as Treasurer, the Columbia Chamber Foundation Board, and Beta Theta Pi Advisory Board. Brad is a proud Mizzou grad and loves cheering on the Tigers!