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Magnate Business Checking accounts

Business Essentials

The essential features your business needs:

  • Online Banking1 with account alerts2 and Bill Pay
  • Mobile Banking3 with mobile check deposit4
  • Debit cards with Total Security Protection
  • Business savings account

Business Advantage

All the essentials—plus premium benefits:

  • Online account management
  • Seamless QuickBooks integration
  • Additional business checking account
  • Access to our Small Business Priority Service Team

Compare business checking accounts:

Business Essentials $14/month Ways to avoid this fee Business Advantage $14/month Ways to avoid this fee
Fee $14/month $29/month
Good for you if... You spend at least $250 a month on your business debit or credit card You spend at least $250 a month on your business debit or credit card
Your average monthly balance is less than $5,000 Your average monthly balance is greater than $15,000
Business savings account Business Investment Account(no additional monthly fee) Business Advantage Savings(no additional monthly fee)
Second business checking account $12/month No monthly fee
Account Management12 $15/month No fee
Incoming wire transfer fee Domestic: $15/transfer International: $16/transfer No fee
Avoid the monthly fee: Do just one of these things each statement cycle
  • Spend $250 in net new purchases on a business debit or credit card5
  • Maintain an average monthly balance of $5,000 or more
  • Maintain a minimum daily balance of $3,000
  • Maintain a combined average monthly balance of $15,000 or more in your linked Magnate Bank accounts6
  • Spend $2,500 in net new purchases on a business credit card8
  • Maintain an average monthly balance of $15,000 or more
  • Maintain a combined average monthly balance in your linked Magnate Bank accounts of at least $35,0009
  • Actively use one or both of these business services: Magnate Bank Merchant Services10 or Payroll Services11

1.Requires Internet access, and Internet service provider fees may apply.

2.Alerts received as text messages on your mobile access device may incur a charge from your mobile access service provider. This feature is not available on the Mobile website. Wireless carrier fees may apply.

3.Mobile Banking requires enrollment through the Mobile Banking app. Enrollment through the Mobile Banking app is not available on all devices. Ask for our Online Banking Service Agreement for more information. Data connection required. Wireless carrier fees may apply.

4.Mobile Check Deposits are subject to verification and are not available for immediate withdrawal. In the Mobile Banking app, select Help & Support, then Mobile Check Deposit for details—including funds availability, deposit limits, proper disposal of checks, restrictions and terms and conditions. Requires at least a 2-megapixel camera. Data connection required. Wireless carrier fees may apply.

5.Spend $250 or more in net new purchases each statement/billing cycle using a linked Magnate Bank business debit or credit card. Purchases must post to that card account to qualify. To link your Business card to your Business Foundation checking account, please visit your local financial center email us or call us. Purchases must be made on only one of the debit or credit card accounts; purchases on any combination of debit or credit cards cannot be aggregated to reach the monthly spend.

6.You may link additional Business Essentials, Business Advantage Savings.

7.Only available to new Business Essentials accounts opened on or after August 01, 2016. The $500 net sales threshold is determined based on your last Merchant Services statement cycle. For example, Magnate Bank Merchant Services processing activity from January would count toward your February monthly fee waiver evaluation. Under this example, if no other fee waiver requirement/condition applies, and you process less than $500 in qualifying sales, your February Business Essentials monthly fee will post on the first business day in March. If you have more than one Business Essentials solution, the $500 total amount submitted through a Go On Demand plan (or similar product) must be met on each separate Business Essentials primary checking account; total amounts submitted across multiple Business Essentials primary checking accounts cannot be combined to meet the $500 threshold. Net sales includes total monthly sales you submitted minus any refunds or other adjustments.

8.Spend $2,500 or more in net new purchases each card billing cycle using a linked Magnate Bank business credit or charge card. Net new purchases must post to that card account to qualify. To link your Business card account to your Business Advantage checking account, please visit your local financial center, email us or call us. Purchases must be made on only one credit card accounts.

9.You may link additional Business Advantage, Business Advantage Savings.

10.To qualify, you must have an active Magnate Bank Merchant Services account that is used for processing payment transactions. In order for your Magnate Bank Merchant Services account to be considered “active”: (1) it must be open and in good standing; and (2) you must have submitted a qualifying transaction batch during the prior Business Advantage billing cycle. A qualifying transaction batch is a single submission consisting of a group of transactions (e.g., sales and credits) that are posted to your Magnate Bank Merchant Services account for settlement into your Business Advantage account (usually representing a day’s worth of transactions). Customers that process transactions only with a Go product are not considered an active Magnate Bank Merchant Services account for this purpose. To determine whether you have qualified for the monthly fee waiver on your Business Advantage primary account, there is a look-back period where we determine if you had an active Magnate Bank Merchant Services account during a given Business Advantage billing cycle. If so, we would apply the monthly fee waiver for your Business Advantage primary account in the next checking account statement cycle. For example, Magnate Bank Merchant Services processing activity from January would count toward your February monthly fee waiver evaluation. The waiver applies only when the owner of the Business Advantage account and the Magnate Bank Merchant Services account share the same Taxpayer Identification Number.

11.Payroll Services. Payroll providers must be Magnate Bank approved and you must have enrolled in the service through Magnate Bank. You are an active user when you are enrolled in Online Payroll (Basic or Enhanced Service) or Full Service Payroll, process at least one payroll transaction through the service in the last 60 days and pay your payroll using your Business Advantage checking account. Payroll transactions that occur in the 10 days preceding your current Business Advantage checking account statement cycle end may count toward your next month’s Monthly Fee waiver evaluation. You are an active user when you have enrolled in Payroll Services on or after December 31, 2016 and process at least one payroll transaction from your Business Advantage checking account through the service during at least one of the two months preceding your current Business Advantage checking account statement cycle. For example, Payroll Services activity with a last payroll run date from either January or February would count toward your March Monthly Fee waiver evaluation for your Business Advantage checking account.

12.The normal monthly fee for Account Management is $15; however, this fee is waived with a Business Advantage Checking account.

13.The Mobile Banking app is available on select devices. Not all Mobile Banking app features are available on all devices.

14.The chip on your debit card provides additional security only when used at a terminal or ATM that is chip-enabled.

Some accounts, services, and fees vary.

Business Essentials is registered trademark of Magnate Bank Corporation.

Business Advantage is registered trademark of Magnate Bank Corporation.

Banking products are provided by Magnate Premier Investment Bank.

Merchant Services are provided by Magnate Premier Investment Bank.

For more information, chat online with us or email us today.

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