Small business banking in today’s world isn’t just about physical checks and accurate record-keeping, but digital tools can help make managing your company and your money easier. Digital tools can also help mitigate risks and reduce the rate of human error. These tools are vital to small business banking in Kansas City.
Without fully understanding the latest banking services, you may miss out on the best ways to get the most out of your money. At Cornerstone Bank, we offer an intuitive blend of services to help make your company more profitable.
The Banking Essentials Your Business Needs To Succeed
Business checking
For your needs in small business banking in Kansas City, we measure our success on our ability to meet the needs of our customers. At Cornerstone Bank, we care about your company’s plans for the future, and we want to help you get there. We offer a full range of business checking account options to help your business succeed.
We pride ourselves on our commitment to small business banking in the Kansas City area. From our roots as a small local business ourselves, we understand the importance of helping our other businesses achieve financial growth. It’s this understanding that drives our passion for small businesses.
Loan availability
Every strong and thriving business needs a strong relationship with a bank. A bank that truly understands your vision, with resources to tailor loans to help make your goals a reality. Cornerstone Bank offers complete loan services from business to real estate to lines of credit.
Business loans are a great tool to aid your business’s advancement, but which kind is best for your individual company? We want our customers to feel comfortable and knowledgeable about what they are actually getting. We’ll help you understand the pros and cons of each of our commercial loan options to help you make the best decision for your business in both the short- and long term. We’re always transparent about what we do and what matters to your business, like interest rates and creditworthiness.
With a local bank, your loan officer won’t simply give you a loan and say, “Good luck.” When you have a strong relationship with your bank, they will want you to succeed. At Cornerstone, we dedicate ourselves to helping you reach your financial and general life goals. We have the tools necessary to guide you along the way. This may include how much money to borrow, which loan would be best, and tips on how to pay them off without stress.
We’re here for you! If you aren’t sure what type of commercial loan you need or how to begin the process of getting the capital your business requires to succeed, we can help.
Money markets
A money market account is a demand deposit account option. What this means is that you can withdraw money without prior notice. This could make a big difference to your business when it comes to your savings.
Many people love money market accounts because they come with debit cards and checks similar to a checking account. Because of this, our customers have more access to their money without worrying about needing to transfer funds to a different account. This could be a great option if you need more flexibility with your savings account.
We should note that though you probably won’t earn as much interest as a traditional savings account or a certificate of deposit (CD), many money market accounts can still help grow your finances. As with all major banking decisions, you should speak with your banker to understand those interest rates. You don’t want to assume you’re getting more than you expect. Knowledge is power, and we want to empower each and every one of our customers.
Since money market accounts typically come with higher minimum deposits than traditional savings accounts, you will already have decent padding to get started. For some people, this may be an obstacle. For others, though, it’s an easy way to jumpstart their savings.
The difference between a savings account and a money market account
Our bankers get this question almost every day, so we’re here to set the record straight. While savings accounts and money market accounts are very similar in their federal regulations and FDIC-insurance policies, there are a few key differences that we believe are important for our customers to be aware of.
Withdrawals
Both savings accounts and money market accounts allow you to deposit and store your savings in the accounts. The main difference between a savings account and a money market account is the freedom you have with your money once you deposit it. This can be a good or bad thing.
While money market accounts typically come with more features to manage your money, such as check-writing, this ease of access typically comes with a much lower interest rate, as we previously mentioned. This means not only are you more likely to withdraw that money, but you’re also less likely to make as much in interest on the amount you have in the account.
Interest Rates
Local banks can typically offer more flexibility in the interest rates they offer on their deposit accounts. At Cornerstone Bank, we offer competitive savings and money market accounts for small business banking in Kansas City. We do this to provide our customers with the personal attention and dedication you need on the assets you plan to save now and in the future.
Watch John Doull (VP of Commercial Loans) discuss the different types of business accounts that Cornerstone Bank offers.
Competitive interest rates
When it comes to banks to choose from, we know you have lots of options out there. At Cornerstone Bank, we want to be the only banking resource your business needs. We strive to offer the competitive rates on our loans and accounts to help our customers’ money go further.
A bank that knows your business and understands your needs
You could open an account anywhere, but the level of service your banker can and will provide may vary drastically. You need a bank that understands your needs and goes the extra mile to ensure we care for your needs.
At Cornerstone Bank, we know life happens outside of the normal business hours of 9-5, Monday-Friday. That is why our bankers put their cell phone number on their business cards, so you can reach them when it matters most. When you bank with us, you are more than just a number. You’re a person with a business we want to see succeed!
Even more to offer you
- Mobile deposit
- Automatic electronic transfers
- Wire transfers
- Quick turnaround on loan requests and loan closure
- Ability to easily download records for efficient bookkeeping
What You’ll Need to Open Your Account
Personal identification
Any bank you decide on will require a government-issued photo ID (driver’s license or passport) to open a business bank account (some may ask for two). You will need to give your personal mailing address and contact information, along with your date of birth and Social Security number. Businesses with multiple owners typically need to include personal details and identification for every owner with 25% or more ownership in the business.
Employer Identification Number
If your small business has an Employer Identification Number (EIN), you need to provide that along with any relevant IRS documents. If your business is a sole proprietor or an LLC that has only one owner, you might be able just to use your Social Security number instead of an EIN.
Business details
The business account application will ask for your business name and address, as well as your trade name or DBA name, if applicable. Beyond that, you’ll need to list your business entity type (sole proprietorship, partnership, LLC, or corporation) and disclose the industry you’re in and the type of business you operate.
Listen to our founder, John Doull, discuss what Cornerstone Bank can provide for small business banking in Kansas City.
Additional documents you’ll need to open a business bank account
Creating a business bank account at Cornerstone Bank once you have your information together is easy! Simply go online or to a local branch to begin the process. Here are some of the most common additional documents banks ask for when opening a business bank account. Some banks may ask for more. These include:
- Your business’s formation documents
- Ownership agreements
- Business license
Don’t forget your initial deposit
Once you have all your documents together, you are ready to create a business bank account. Of course, you’ll need money to deposit. Different banks have different opening balance requirements, but on average, a bank’s minimum opening deposit tends to be $100.
Looking for a great experience with your small business banking in Kansas City? Choose Cornerstone Bank.
Since 2001, we have been serving the Kansas City metro and the country. We take pride in watching our customers thrive, no matter who they are. More than anything, our bankers are eager to help you with all of your financial needs.
We always put our customers first. That means giving them the best experience banking has to offer. We don’t believe in simple banking. We go above and beyond to help our customers make their money work for them. That’s what it means to prioritize small business banking in Kansas City.
For more information, visit our Overland Park office or call us at 913-239-8100 to let us know how we can help.