Starting or expanding a business is an exciting milestone—but it comes with big financial decisions, including where to open your business bank account. The right account should do more than just hold your money. It should help you manage cash flow, streamline transactions and position your business for growth. At Chemung Canal Trust Company, we understand the unique needs of businesses in our communities. That’s why we offer tailored business banking solutions, local expertise, and hands-on service to help you build a solid financial foundation. Before opening a business bank account, ask these 10 important questions to ensure you’re making the best choice for your goals.
What Types of Business Accounts Are Available?
Chemung Canal offers a range of business checking and savings accounts designed for businesses of all sizes—from startups to well-established enterprises. Whether you need a straightforward account for day-to-day expenses or an analyzed account to manage higher transaction volumes, we’ll help you choose the right fit for your operations.
Are There Minimum Deposit or Balance Requirements?
Understanding the minimum requirements for opening and maintaining an account is key. Some Chemung Canal business accounts have low or no minimum balance thresholds, while others offer additional benefits when a higher balance is maintained. Our team will help you select the account that aligns with your cash flow and financial goals.
What Are the Monthly Service Fees and How Can I Avoid Them?
Nobody wants to pay unnecessary fees. Chemung Canal offers clear, upfront information about service charges. Many of our business accounts waive fees when you enroll in eStatements, maintain a minimum balance or meet other easy-to-manage conditions—so you keep more money working for your business.
What Digital Banking Features Are Included?
With Chemung Canal’s Business Online Banking and mobile app, you can manage your account anytime, anywhere. Enjoy secure access to features like mobile check deposit, bill pay, real-time account monitoring and easy transfers, all backed by strong security protocols to keep your business information safe.
Are There Transaction Limits or Fees for Deposits and Withdrawals?
Some accounts include a set number of free monthly transactions, after which fees may apply. Chemung Canal helps you find an account that matches your transaction needs—whether you process a few payments a week or hundreds. That way, you won’t be caught off guard by extra charges.
Do You Offer Business Credit or Lending Options?
Business accounts are just the beginning. Chemung Canal offers a full suite of commercial lending options, including lines of credit, equipment loans and commercial real estate financing. Establishing a business banking relationship with us can make the lending process smoother when you’re ready to grow.
What Kind of Support Can I Expect for My Business?
Chemung Canal prides itself on personal service. You won’t be routed through endless phone menus. Instead, you’ll have access to local business bankers who understand your industry and community. We’ll take the time to get to know your business and provide guidance every step of the way.
Are There Merchant Services or Payment Processing Tools?
Chemung Canal can connect you with trusted merchant service providers to accept card payments, handle e-commerce transactions and more. Simplifying your customer payment process boosts your revenue and we’ll help you choose a solution that integrates smoothly with your banking.
Can the Account Be Linked With Other Business Services?
Streamline your financial operations by bundling services. Chemung Canal can link your checking account with business savings, money market accounts and treasury management tools. This connectivity gives you greater control over your finances and supports smarter money management.
How Secure Is the Online Banking System?
Online safety is nonnegotiable. Chemung Canal uses advanced encryption, multifactor authentication, and fraud monitoring tools to protect your business data. We also offer fraud prevention resources to help you and your employees stay alert to suspicious activity.
Choosing the right business bank account is about more than convenience, it’s about partnership. At Chemung Canal, we’re proud to serve local businesses with tailored banking solutions, responsive support, and tools that make a difference. Ready to get started? Visit your nearest Chemung Canal branch or explore our business banking options online to open an account that works as hard as you do.
