Business Checking

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In today’s competitive marketplace, your business requires a financial partner that understands your unique needs. The business banking specialists at Bank of Springfield analyze your business checking needs and respond quickly to your requests. Our team creates the best mix of business products and services to fit your organization.

Need to order more checks?

BOS Makes Business Checking Easy and Efficient

Online Banking

This service allows you to manage virtually all aspects of your business’ finances online. This includes retrieving account data, balance information, and transaction details. In addition, you can initiate wire transfers, export your account data, view check images, and generate customized reports quickly and conveniently.

ACH Originations

Electronic payments are a highly efficient way to transfer funds. You can originate ACH transactions including direct deposit of payroll, expense reimbursements, transfers between financial institutions and tax deposits. You can also automate customer payments to simplify your account receivables process.

Remote Deposit

With Remote Deposit Service, you can make deposits for your business from the comfort of your office. All you need is a check scanner and a computer with a high-speed Internet connection. It’s easy, convenient and secure all while saving you valuable time and money.

Finli

Unlock easy-to-use digital financial tools with Finli. Pay bills, automate invoicing, store customer documents, and collect payments online with Finli’s comprehensive suite of solutions.  Learn more about Finli.

Positive Pay

Positive Pay allows your business to reduce exposure to check fraud loss with daily verification of check presentments. You can view electronic images of checks, identify unauthorized checks presented for payment, and determine which checks to pay or return.

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Know Your Business Checking is Safe and Secure

IntraFi Network

BOS is part of the IntraFi Network which provides insurance protection for businesses with large deposits by staying under the FDIC insurance limit of $250,000 per depositor per bank. After making a deposit, the funds are divided into amounts under the $250,000 limit and placed into deposit accounts at multiple FDIC-insured banks.

Merchant Card Processing

With BOS, you can give your customers more options for payment. Our Merchant Credit Card Processing lets you accept credit and debit cards at your business, via your website, by phone, and more. We can design the best processing solution to meet your specific needs.

Lock Box Services

Our Lock Box processing service allows you to accelerate and improve the collection of your receivables. We will collect and process your customers’ payments and then deposit the funds into your account the same day. Electronic images of checks deposited, and their accompanying statements or invoices will be sent to you daily via secure email.

Which checking account is right for your business?

 

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Business Interest Checking

This account is designed specifically for small businesses with few account transactions.

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Small Business Checking

This account is designed specifically for small businesses with few account transactions.

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Small Business Checking Plus

This account for small businesses allows for more monthly account transactions.

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Business Checking

Our commercial checking account is a simple checking account perfect for medium and large businesses with available cash services and electronic cash management.

 

 

Open Your Business Checking Account  

Required Documents Guide

Please bring the following documentation when opening a business checking or savings account:

Sole Proprietorship /
DBA Accounts - Individuals

  • Certificate of Ownership of Business
    (filed with the County where the business
    is located)
  • Tax Identification Number / EIN Confirmation from the IRS 

  
  
   
  
     

Sole Proprietorship /
DBA Accounts - Businesses

  • Relevant documents stated above based on type of business
  • Illinois: Application to Adopt an Assumed Name (filed with IL Secretary of State) 
  • Missouri: Fictitious Name Registration (filed with MO Secretary of State) 
  • Tax Identification Number/ EIN Confirmation from the IRS 
       

Limited Liability Company (LLC)

  • Articles of Organization
  • Operating Agreement
  • Certificate of Good Standing
  • Tax Identification Number / EIN Confirmation from the IRS

 
  

Not-for-Profit Organizations

  • Articles of Incorporation (if incorporated – follow Corporation guidelines)
  • Certificate of Good Standing (if applicable)
  • Tax Identification Number/ EIN Confirmation from the IRS.
  • Proof of Tax Status:
    • If tax-exempt: IRS Determination Letter or most recent Federal Tax Return
    • If not tax-exempt: Authorization Letter from the organization

Partnerships

  • Partnership Agreement
  • Certificate of Limited Partnership
  • Tax Identification Number/ EIN Confirmation from the IRS

       
     
       
        
      
     

Corporations

  • Articles of Incorporation
  • Certificate of Good Standing
  • Tax Identification Number/ EIN Confirmation from the IRS
  • Bylaws (if applicable) 


  
  
  

All Legal Entity Customers (as defined by FinCEN) must provide a valid, up-to-date government-issued ID for:

  • Each individual who owns 25% or more of the business, either directly or indirectly through any contract, arrangement, understanding, or relationship, and-
  • One individual with significant responsibility for managing the Legal Entity (e.g., an executive officer or senior manager).

Owners and individuals with 25% or more beneficial ownership must bring personal identification to the account opening appointment (e.g., State ID, Driver’s License, or Passport). For more information on reporting requirements** for Beneficial Owners of a Legal Entity, visit FinCEN’s Beneficial Ownership Information webpage.

As of 03/26/2025: Domestically formed Legal Entities are no longer required to self-report directly to FinCEN. However, financial institutions are still federally required to collect and verify Beneficial Ownership information during the account opening process.

 

Still have questions?

 

Contact Us

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NOTICE OF ERROR RESOLUTION PROCEDURES

You may have certain rights under Federal Law related to resolving loan servicing errors and requesting information about your account. You may learn more about these rights by contacting BOS at 877-698-3278. A written notice of potential loan servicing errors must be asserted to Bank of Springfield, P.O. Box 19301, Springfield, IL 62794-9301. The written notice is required to include the name of the borrower, account number, and description of the error believed to have occurred.

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