Setting up a Business Account
So, you need a business account.
There are many different types of business accounts:
- some offer interest on daily closing balances
- some operate like savings accounts and do not offer cheque return
- some are "Plans" with bundles of services for set monthly fees.
Which account is right for your business?
Check out Banking Plans and Accounts on our site. This lists the various accounts and plans available, plus additional convenient services.
What should you expect when you get to the Bank?
- To complete a Customer Profile about banking needs for YOUR business:
- Is this a new business start up?
- Is this a business where transaction volumes or convenient access points may make a "Plan" type package make sense for you?
- An explanation of how the account operates, including fees, conditions and hold funds policy
- To sign appropriate legal forms, signature cards and provide personal identification as required and have business documentation such as registration forms with you
- To make arrangements for cheque order and deposit slips
- To make an initial deposit to the account
- Suggestions for additional products and services to suit your business needs
- A contact person able to handle your ongoing banking requirements
- Details of branch hours and convenient InstaBank® locations.
What do you need to take along when you open a new business account?
- Business Name Registration; Articles of Incorporation - if these apply to your business
- Personal ID is required - check before the appointment for number of pieces and any special requirements (photo ID)
- Check if the signing officers (individuals who will sign the account) need to attend the initial appointment and what ID is required for each of them.