Small Business Checking FAQ


1.	How do I know which account is right for my business?
2.	How do I reorder business checks?
3.	Is Online Banking available with small business checking accounts?
4.	Is Online Bill Payment Service available with small business checking accounts?
5.	What type of paperwork is required in order to open an account?
6.	On what day of the month do statements cycle?
7.	What is the difference between a "deposit fee" and a "per item deposited fee"?
8.	What kinds of transactions are counted towards the free transaction limits of a Completely Free Small Business Checking account?
9.	What is the Earnings Credit Rate on a Commercial Checking account?
10.	How often is interest compounded on a Small Business Interest-on-Checking and when is the account credited?
11.	For IOLTA accounts, what portion of interest is transferred to the Louisiana or Texas Bar Foundation?
12.	Are my deposits with Capital One insured by the FDIC?

1.	How do I know which account is right for my business?

Although it's not always easy to determine what type of checking account is best for your business, Capital One® has simplified the process. By just answering a few basic questions about your business and its financial needs, we can help you choose the right checking account.
Which account is right for me?

2.	How do I reorder business checks?

You can reorder business checks online, quickly and securely. You can also stop by any Capital One branch, or call customer service at 1-800-655-BANK (2265).

3.	Is Online Banking available with small business checking accounts?

Yes, all small business accounts have access to Online Banking.

4.	Is Online Bill Payment Service available with small business checking accounts?

Yes, all small business accounts offer Online Bill Payment Service at no charge. Online Bill Payment Service is not intended for use by commercial and institutional clients with annual sales exceeding $10 million.

5.	What type of paperwork is required in order to open an account?

1. A Tax Identification Number is required for all types of businesses. Sole proprietorships and solely owned LLCs can use either a Tax Identification Number or the owner's Social Security Number.
2. Any business that is doing business as another name (also know as a DBA) requires an Assumed Name Certificate.
3. Corporations, Partnerships, and LLCs can be verified through the Secretary of State or present the appropriate paperwork: Articles of Incorporation (corporation), Articles of Organization (LLC), or Partnership Agreement (partnerships).
4. If the business is not registered in either LA or TX, a Certificate of Authority is required.
5. All businesses must complete the bank's signature card and resolution when opening their accounts.

6.	On what day of the month do statements cycle?

Statements cycle on the last business day of the month.

7.	What is the difference between a "deposit fee" and a "per item deposited fee"?

A deposit fee is a fee for each deposit. A per item deposited fee is a fee for each item (check) included in the deposit.

8.	What kinds of transactions are counted towards the free transaction limits of a Completely Free Small Business Checking account?

The transactions include all debits (checks written and ACH), credits (deposits at teller, ATM, or ACH), and checks deposited to the account. Payments made through Online Bill Payment Service do not count as transactions, nor do business debit card purchases and withdrawals. The number of free transactions varies by market.

9.	What is the Earnings Credit Rate on a Commercial Checking account?

The Earning Credit Rate (ECR) is a rate earned on the average collected monthly cycle balance of your Commercial Checking account, and is used to help offset service charge fees. Your collected balance is your daily ledger balance, minus uncollected checks or debits.

10.	How often is interest compounded on a Small Business Interest-on-Checking and when is the account credited?

Interest is compounded daily and credited monthly.

11.	For IOLTA accounts, what portion of interest is transferred to the Louisiana or Texas Bar Foundation?

Each month interest accruals are automatically donated to the non-profit Louisiana or Texas Bar Foundation.

12.	Are my deposits with Capital One insured by the FDIC?

Yes. Capital One is a member of the FDIC. The FDIC - short for the Federal Deposit Insurance Corporation - is an independent agency of the United States government. To learn more about the FDIC visit their web site at www.fdic.gov.