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No matter where you are in your business journey, Itasca Bank & Trust Co. has the right business checking account to grow with you. Manage cash flow and get insights into your revenue and expenses while taking advantage of services like CardValet, cash management, mobile deposit, wallet pay, merchant services, and more. Plus, you get the personalized service and expertise of our business banking team to help guide you through any questions or needs that arise.
A basic checking account for a business with a low transaction volume of 25 or fewer items and the desire to avoid monthly service charges.
A checking account for businesses with a moderate transaction volume of 75 or fewer items at a low cost flat monthly fee.
An analyzed checking account for businesses with an unlimited transaction volume or utilizes multiple services and wants to consolidate fees.
An analyzed checking account for businesses with an unlimited transaction volume and utilizes automated sweeps between accounts and wants to consolidate fees.
You don't run a cookie cutter business, and your business checking account should reflect that uniqueness. That's why Itasca Bank & Trust Co. offers three types of checking accounts based on volume. You get curated banking features designed to take your business to the next level — whether you're a sole proprietor accepting a few payments each month, or a growing company with thousands of transactions to manage.
Plus, your checking account gives you access to all of our digital banking features, like digital and mobile banking. Get ready to navigate your business's future with a checking account from Itasca Bank & Trust Co.
Are you looking for a short-term investment option? Consider a Business Money Market Account with Itasca Bank & Trust Co.
A business money market account is an ideal place to park excess funds for your company. It's easy to access your cash when you need it while earning a higher interest rate than a traditional savings account would typically provide. At Itasca Bank & Trust Co., you'll only need a $2,500 minimum opening deposit in order to get started and access these benefits. As your company grows and monthly cash flow exceeds expenses, a business money market account is a perfect solution to make sure you don't leave interest on the table.
Transactions are limited to no more than 8 transfers and withdrawals per statement service charge cycle by means of Check, Preauthorized Agreement to Third Parties (ACH) and Debit Transfers made via Online Banking, Bank by Phone or Bank Assisted Transfers made by phone. A $10 Excess Activity Fee will be charged for each transaction listed above, over 8, which clears within that statement service charge cycle. Transfers and Withdrawals made in person at Itasca Bank & Trust Co. or at an Automated Teller Machine (ATM)** from a Money Market Account are unlimited.
*One company and one user
**Use of non-Itasca Bank & Trust Co. owned ATM will incur a $1.00 service charge for each transaction over 5 transactions in the statement cycle. Other financial institutions may charge a fee to use their ATM.
A Commercial Certificate of Deposit (CD) allows you to earn a higher return for your money. A variety of terms allow you to select the option that makes the most sense for your financial goals.1
1There may be a penalty for early withdrawal.
Lock in a competitive interest rate for your company's savings with a commercial certificate of deposit. You can use it for short-term goals as fast as 30 days or longer-term savings of up to five years. Funds are kept in the account until the CD fully matures. Then you'll have access to the balance, including all accrued interest, to either withdraw or renew into another commercial CD. And with a minimum opening deposit of just $1,000, this is a perfect savings vehicle for businesses of any size.
*See published rates for full balance requirements and terms.
**Each depositor insured to at least $250,000.
Sweep services for businesses automate transfers which helps reduce the amount of time necessary to manage multiple operating or investment accounts. No need to monitor accounts and make manual transfers.
Sweeping funds between accounts can save you time and money. Additionally, using a sweep process can remove uncertainty about whether or not you’ll have adequate funds when payments are presented. Deposit sweeps are configured to sweep funds from one deposit account to and from another deposit account.
The secondary account (ex: payroll) may have any target balance configured for it (e.g., $100). At the end of the business day, funds are swept to or from the Operating account to maintain the target balance.
Who should use these services? Businesses requiring multiple operating accounts but not wishing to store excess funds in those accounts. An example might be a business with multiple retail locations that make deposits every day. A deposit sweep arrangement would automatically move the deposited funds to the aggregating destination account.
Investment sweep accounts automatically monitor your balances and will transfer amounts that exceed a certain level into a higher interest earning investment or money market account.
Who should use this service? Businesses that want to gain additional returns on their unused cash with a minimum amount of personal intervention.
Loan sweeps transfer funds between a deposit account and a business line of credit. When cash flow is reduced, the line of credit is used to boost funds available to your business. When cash flow improves, the line of credit balance is paid down using the excess funds in the deposit account.
Who should use this service? Businesses that keep little cash in operating accounts and/or prefer to automatically move into a net borrowing position when cash is tight.
For more information on how sweeps can benefit your business, contact:
Carol DiFiglio
Vice President, Operations
630-773-0350 Ext. 420
Avoid having funds above the Federal Deposit Insurance Corporation (FDIC) deposit insurance limits in any one bank.
Certificate of Deposit Account Registry Service (CDARS) is a service that manages large deposits (from individuals, companies, nonprofits, public funds, etc. on an account with funds in excess of $250,000) and places them across a network of more than 3,000 banks and savings associations around the United States. This allows depositors to deal with a single bank that participates in CDARS but avoid having funds above the Federal Deposit Insurance Corporation (FDIC) deposit insurance limits in any one bank. No matter how much you plan to grow in the years ahead, you can feel confident that your company is in good hands with funds spread across multiple interest-bearing accounts. And with Itasca Bank & Trust Co. as your custodian, you know exactly what's happening with your money at all times.
For more information about CDARS, contact a Relationship Banker at 630-773-0350.
An IOLTA checking account is an Interest on Lawyers' Trust Account.
Most lawyers must have IOLTA accounts in order to hold client funds because lawyers may not deposit a client's money with their own money. IOLTA accounts are interest-bearing checking accounts. The interest on all IOLTA checking accounts in a state is pooled together, and is then used to help low income individuals afford legal help. For more information about IOLTA checking accounts, contact a Relationship Banker at 630-773-0350.
Simplified Employee Pension Plans (SEP IRAs) help self-employed individuals and small-business owners get access to a tax-deferred benefit when saving for retirement.
Our relationship bankers are specially qualified in creating Simplified Employee Pension Plans. We’ve worked with many local business owners in Itasca and Roselle. Set up your appointment to discuss how you can secure your financial future.
For additional information contact a Relationship Banker. When sending an email to anyone at Itasca Bank & Trust Co. with account numbers or any other confidential financial or personal information, please be sure to use our Secure Email system. If your request or message needs immediate attention, please call the Bank at 630-773-0350.
Claribel Veslino - Itasca
Operations Officer, Customer Service Manager
630-773-0350 ext. 209
Hooria Malik - Roselle
Customer Service Manager
630-773-0350 ext. 603
