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Honestly Free Business Checking

Let’s say you’ve opened a business checking account, believing it to be free, and then BOOM: you see a $10 maintenance fee in your so-called free business checking account! Free should mean 100% FREE—which is exactly what you’ll get at Space Coast Credit Union (SCCU) with our Free Business Checking account.

Here, we’ll cover the benefits of having a free business checking account for your business, what to consider when shopping for one, and how to open one at SCCU.

Why Do Banks Charge Fees?

Banks are privately owned institutions—for-profit institutions typically owned by their stockholders. These stockholders invest in the bank by buying shares of its stock, which is used as the bank’s equity capital to fund operations. In return, banks pay some of their profits to these stockholders through dividends, which are often paid quarterly.

In a nutshell, banks make money in these three key ways to help fund their operations further:

They invest in securities to earn interest.
They charge a higher interest rate for loans and credit cards than they pay in savings account interest, also known as the “spread.”
They charge a range of fees on checking accounts and other banking products and services.

How Credit Unions Are Different

Credit unions like SCCU don’t have stockholders. Banks are for-profit organizations, whereas credit unions are not-for-profit organizations owned by their members (customers).

Credit unions return surplus income to their members in the form of lower interest rates on loans, higher interest rates on savings products, and low-fee or no-fee products (such as our Free Business Checking account).

Learn more about the difference between a bank and a credit union here.

Benefits of Business Checking Accounts

Why use a business checking account versus a personal checking account? Let’s take a look at the benefits:

Builds credibility. A business checking account gives your company a professional look and builds trust with your customers—it shows that you’re serious about what you do and that your business is more than a hobby.
Centralizes payments. A business checking account gives you a place to accept credit card payments and other types of transactions and make deposits and withdrawals. When income tax time comes, you’ll be glad you have this separate account, especially to show revenue if you’re applying for a loan.
Potentially saving more. A no-fee business checking account can be especially helpful when starting out, but benefits are not limited to the early days of operations. Continuing to save money on fees is an ongoing plus for your business.

What to Watch Out for with a Free Business Checking Account

As you’re shopping for a free business checking account at various financial institutions, it’s important to dive into all the features and any hidden fees.

Owning and operating a business is a lot of work, and every penny adds up to the bottom line. You shouldn’t have to protect your money from nuisance fees and tricky terms; you should expect convenience and an easy-to-work-with business partner.

While many free business checking accounts remove minimum balance and transaction fees, they may still include fees for other basic services. These fees can add up when trying to run a business. The best free business checking accounts don’t come with a monthly fee—and, at SCCU, yours won’t.

Before selecting your free business checking account, be sure to check for the following:

Transaction Limits: Who counts their bank transactions as they run their business? Offering free unlimited transactions is a top must-have of a free checking account. So, if you see a financial institution promoting their checking account as free, they should not be limiting the number of transactions you can make.

SCCU Free Business Checking accounts don’t have transaction limits or transaction fees—empowering you to grow at your pace without having to monitor your transactions to avoid fees in the process.
Cash Handling Fees: An extra $100 in cash sales is a problem only when a financial institution charges a fee to deposit it into a so-called free business checking account. Any small business planning to have cash sales and see sales growth should be sure to check for this feature to ensure you can grow as you want. SCCU doesn’t have cash processing limits and cash processing fees.
Minimum Balance Requirements: Every business wants to grow and has ambitions of acquiring significant deposits, but as you are building your business, you may not be able to maintain high balances. Getting hit with a fee when funds are already low could be the difference between a check getting paid or returned.

So, be sure to check for any minimum balance requirements and, if so, whether it’s a daily average balance or an end-of-the-month balance that determines if there is a fee. SCCU doesn’t have a minimum balance requirements and minimum volume requirements.
Debit Card Usage Requirements: Some business owners use their debit cards for most, if not all, of their transactions, but some businesses prefer checks and electronic transfers.

Depending on your usage, if your business does not use debit cards often or has slow times when purchases are down, you will need to be mindful of any debit card usage requirements. Some accounts require at least ten transactions to avoid a monthly service fee.

With our Free Business Checking account, you’ll have free access to SCCU ATMs and over 20,000 fee-free Allpoint ATMs nationwide.
Statement Fees: Make sure that paper and electronic statements are free (they are at SCCU!) as you’re looking for the best free business checking account. Getting electronic statements instead of paper statements can be beneficial for both your business and your financial institution. For you, it can eliminate additional paperwork with sensitive business information needing to be securely stored.

Find the Best Free Business Checking Account at SCCU

No one likes to be blindsided by fees, but it stings a bit more when you expect something to be free, and it’s not. The financial institution you choose to bank with can be instrumental in the growth of your business. So, be sure to find the best account that offers no-fee benefits and aligns with your business goals.

When you’re looking for free business checking in Florida, we invite you to explore SCCU. At SCCU, our Free Business Checking account is truly free with:

no monthly maintenance fees
no transaction limits
no minimum balance requirements

Apply Online Now!

Open your Free Business Checking account at SCCU online—from signing to funding—with no requirement to visit a branch.

We designed our accounts to offer hassle-free banking with online and mobile access, a contactless Visa® debit card with fraud alerts, and much more. At SCCU, you only need a $50 opening deposit with no requirement to set up a direct deposit.

Plus, as a valued SCCU business member, you will have complimentary access to our qualified business advisors. They can assist with guidance in all aspects of owning and operating your business.

Comparing Free Business Checking in Florida with Interest-Bearing Accounts

When you want the best free business checking account in Florida, SCCU has exactly what you need. If you’d like to have a business checking account that pays interest, our business advisors will be more than happy to discuss the options. Our team will never try to sell you on something you don’t need, keeping your best interests front of mind the entire time.

With our Business Interest Checking account, you’ll still benefit from plenty of free elements while having the ability to earn interest that increases as your balance does. With this account, there are no transaction fees, no transaction limits, no cash processing limits, and no cash processing fees. You'll still benefit from free statements, free online and mobile banking⁶⁰, free mobile deposits²⁹, a free Visa® debit card, free access to SCCU and 20-000 fee-free Allpoint ATMs nationwide, Shared Branching, and more.

Here’s what’s different from our totally free business checking account. With the interest-bearing choice, your minimum opening deposit and minimum daily balance must be $4,500. If the balance dips below that, there is a $25.00 fee. See the rates for this account here.

Grow Your Business With SCCU

As a business owner with SCCU at your side, you can continue to grow your business. Our totally Free Business Checking account allows you to start with a deposit as little as $50 without fear of fees draining your account. You may decide to stick with that account or switch to our interest-bearing checking account as the balance grows.

SCCU is here for you and your business in other ways, too, including opportunities to save for business goals and for unexpected expenses. In fact, here are three ways to save at SCCU:

Business Savings: To establish you as a business member of SCCU, a $5 minimum opening deposit to this account is required, and it has no minimum daily balance requirement and no monthly, low balance, or transaction fees. You can even use this account for overdraft protection³¹ with your Free Business Checking account. This savings account is easy to manage and provides fast access to your funds.
Business Money Market Savings: To earn higher returns on your savings without limiting your access to your funds, SCCU’s Business Money Market Savings can be an excellent vehicle for you and your business.
Business Certificate of Deposit (CD): For a guaranteed rate of return, you can deposit as little as $500⁶ with investments as short as three months and as long as sixty months. Then, all you need to do is enjoy the fixed annual percentage yield for the term that you’ve selected.

Plus, there may well be times when your business could use an influx of cash, and SCCU has the loan you need for a variety of purposes:

Commercial Real Estate and Construction Loans: When you need physical space for your business—whether that means owner-occupied properties, investor-owned properties, or commercial construction—there are never any application fees or pre-payment penalties.
Commercial Vehicle and Business Equipment Loans: Whether purchasing cars, vans, or other commercial vehicles is important for your business (or refinancing the ones you have) or having the right equipment to get the job done right, SCCU offers financing.
Business Platinum Visa® Credit Card: Just like a business checking account, a business credit card can serve as a foundational financial tool for your company. Our business Visa offers attractive interest rates and rewards for the purchases you make⁶¹, and there’s no annual fee, balance transfer fee, or cash advance fee.

Business Advisors

At SCCU, we not only offer the financial products you need for your company, including business checking accounts, savings accounts, loans, and quality business services but also expert guidance. Our business advisor team, for example, can help you in multiple ways, including product recommendations and free consultation services. Our expert business advice focuses on helping your business to run more smoothly and efficiently. Plus setting up a consultation session is quick and easy.

Additional Business Services

As a business owner, you wear many hats and juggle plenty of tasks. SCCU offers many additional business services to help make business ownership easier.

Payroll & Accounting Service

To help you streamline these processes, SCCU offers an all-in-one platform, FINSYNC, where you can manage your bank accounts, payroll, payments, accounting, and cash flow all in one place. This will help you throughout the stages of business growth: starting, scaling, and succeeding.

Besides putting all of your business finances in one place, you can make your single FINSYNC login available to as many users as needed. Reporting is easy to read; payments are received more quickly; bills are paid more easily; and payroll and taxes can be seamlessly processed online. Plus, the customer service team is highly supportive. Choose from our free or low-cost plans.

Merchant Services

With our merchant services, you can accept many forms of payment, such as Visa, Mastercard, American Express, PIN Debit, Fleet, and foreign cards. By accepting more forms of payment, you can increase your revenue, reduce expenses, and improve efficiency. You can also benefit from innovative payment options for gift cards, electronic checks, and more through modern equipment and software, all with no hidden fees.

Business Calculators

Business finance calculators are available to investigate these topics:

Business loan or line of credit
Purchase or lease equipment
Repaying a business loan
Projecting your cash flow
Financial ratio analysis
Business debt consolidation
Calculate a business loan payment

Business management calculators allow you to explore these subjects:

Saving to start a business
The value of your business
Sales volume required to break even
Business inventory requirements
Determine your working capital requirements
Gross margin analysis
Accounts receivable analysis
Total employee compensation package

Free Webinars & More

SCCU offers a wide range of practical, useful business resources, including our free monthly webinars on a wide range of topics featuring our Business Advisors as hosts and Grow with Google coaches to help answer your questions.

Members can also receive discounts on Intuit TurboTax and H&R Block and enjoy all of the benefits of digital banking.

Choose SCCU for Your Business Financial Needs

Now you know all the numerous benefits of SCCU’s Free Business Checking accounts—ideal if you’re a business owner in any of these counties in Florida. Depending on your needs, you may decide that our interest-bearing business checking is right for you along with one or more of our savings and loan products.

Professional business advisors are ready to provide you with personalized advice with our business services offering outstanding benefits.

If you’d like more information about our business accounts, you can talk to a team member at the branch nearest you:

Brevard: 321-752-2222
Broward: 954-704-5000
Miami-Dade: 305-882-5000
All Other Areas: 800-447-7228

Or, reach out to make an appointment with a member of our business advisor team.

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