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Business Checking

woman standing in front of her small business
Are you looking for a bank that specializes in working with businesses? You’ve come to the right place. Choose the checking option that best fits your business.

Small Business Checking

Small Business Checking provides services for those businesses or organizations in need of limited checking and/or deposit services including:

  • NO MONTHLY CHARGE when an average collected balance of $500 or more is maintained and 10 or fewer checks are paid during statement cycle *
  • NO CHARGE for deposits up to 10 items per month.
  • Choose between standard or full-size business checks.
  • NO CHARGE to use American Federal’s Online Banking, eStatement or telephone banker
  • NO CHARGE for a complete, itemized, month-end combined statement.

* If the average collected balance falls below $500, a fee of $8 per month is assessed. A charge of 20-cents is assessed for every check processed in excess of the first 10 checks.

Business Partner Checking

We designed Business Partner Checking for companies with larger check volumes and account balances. Business Partner Checking allows you to use funds in the account to offset charges, helping you to make sound financial decisions with less worry.

  • Choose business or standard-size checks.
  • Receive a month-end, itemized statement.
  • Apply your Earnings Credit1 (calculated on the 91-day Treasury Bill interest rate) to the following service charges:
    • Low monthly maintenance fee of $5.
    • 12 cent fee for each check paid.
    • 7 cent fee for each deposited item written on an American Federal account or local bank.
    • 9 cent fee for each deposited item written on a non-local bank.2
    • 6 cent fee for electronic debit

1  Earnings Credit – An earnings credit may offset the business account’s service charges and offers Account Analysis for the customer. The earnings credit is calculated by determining the account’s average investable balance (the average collected balance minus the Federal Reserve requirement), multiplying the average investable balance by the Earnings Credit Rate (currently based on the 90-Day Treasury Bill), multiplying this number by the number of days in the statement cycle, and then dividing this number by 365 (for the number of days in a year). 

2 Local Check and Non-Local Check Definitions – A “local” check is a check drawn on the 9th Federal Reserve district, including American Federal checks; a “non-local” check is any check drawn outside the 9th Federal district.  The first four-digits of the routing number identify the Federal Reserve district; for local checks the leading digits include 0910-0915, 0918-0919, 0960, 2910-2915, 2918-2919, and 2960. 

3American Federal does not charge a fee for an American Federal Debit Card or HSA Debit Card. There is no charge to use an American Federal or Instant Cash ATM. There is a charge for a replacement card and a PIN change after the first change. Some ATM and POS (point-of-sale) operators, owners or networks not owned by American Federal may impose access fees unrelated to our accounts.