Business Checking Accounts

Iowa Falls State Bank offers convenient real-time banking, which translates to better, more accurate banking results for you. With no cut-off time for deposits, your balance and activity are always up-to-the-minute current and exact.

Business Checking

Our Business Checking account is simple and predictable, just the way you like it. The single monthly maintenance fee covers the first 50 items you deposit or withdraw.

 

Business Checking Plus

Our Business Checking Plus account adapts to your situation by being based on the level of your transactions. Your account fees can be offset by earnings credit based on your balance.


Both Business Accounts Give You:
  • Detailed statements with check and deposit images.
  • Two business debit cards.
  • Internet banking including Bill Pay and e-statements.
  • Keyed night drop.
  • Currency and coin service.
  • 24-hour telephone banking.

What to bring when opening an account:

(If persons other than the individual sole proprietor are authorized signers, the account owner should sign an authorization and the signatures of those other persons should be obtained for the file).

  • Name, physical address; DOB
  • Social Security number (if a sole proprietor has an employer id number it is not connected with his income tax liability. We require a social security number), and
  • ID and verification for each signatory; and
  • one of the following: certificate of assumed name, evidence of good standing, property tax bill, tax returns or major credit card
  • Name, physical address; and
  • Tax Identification Number or Employer Id; and
  • ID and verification for each signatory; and
  • Evidence of good standing with the state(does not have to be a formal document, the bank will verify the information on the Secretary of State website);and
  • Resolution authorizing action sought; and
  • One of the following: city, state or county occupational license, or state sales tax certificate, tax returns or letter from the IRS assigning the EIN for the business, or certificate of limited partnership
  • Name, physical address; and
  • Tax Identification Number or Employer Id; and
  • ID and verification for each signatory; and
  • Resolution authorizing action sought; and
  • Evidence of good standing with the state(does not have to be formal as the bank will verify information on the Secretary of State website); and
  • One of the following: city, state or county occupational license, or state sales tax certificate, or articles of incorporation, tax returns or letter from the IRS assigning EIN, or incumbency certificate
  • Name, physical address, and
  • Tax Identification Number or Employer Id; and
  • ID and verification for each signatory; and
  • Resolution authorizing action sought; and
  • One of the following: city, state or county occupational license, or state sales tax certificate, tax returns, Evidence of good standing with the state, or property tax statement, operating agreement or incumbency agreement

The following information is required for opening business accounts:

  • Name and physical address
  • Tax identification number or Employer ID
  • Identification and verification of each signatory
  • Evidence of good standing with the State
  • Resolution authorizing the action sought
  • Documents showing legal existence of the entity

The Patriot Act

Important Information About Procedures for Opening a New Account

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.  What this means for you: when you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.  We may also ask to see your unexpired driver’s license or other identifying documents.

EACH time an account is open for a covered Legal Entity, we are required to ask you for identifying information (name, address, date of birth, social security number as well as identification documents) for:

Each individual that has beneficial ownership (25% or more); and, One individual that has significant managerial control, of the legal Entity

If you are opening an account on behalf of a Legal Entity, you will be required to provide that appropriate documentation and to certify that this information is true and accurate to the best of your knowledge.