A Guide to Switching Business Bank Accounts

Running a business means staying on top of your finances—and having the right checking account can make all the difference. If you’re looking for great features, fewer fees, and a financial partner that truly supports your business, switching to a new business checking account could be a smart move. 

That’s where Arkansas Federal comes in. We provide all this and more, along with a straightforward switching process. Here are some reasons why we could be the perfect fit for your business.

Why Switch Your Business Bank Account? 

First things first: why should you even consider switching banks? Well, if you’ve been experiencing any of these pain points, it might be time for a change: 

• High fees eating into your profits 

• Limited account features that don’t help your business grow 

• Lack of rewards or benefits for using your account 

• Poor customer service that leaves you waiting for answers 

• Limited access to ATMs or digital banking tools 

Sound familiar? Then keep reading—there’s a better way to handle your business banking. 

The Benefits of Switching to Arkansas Federal 

Switching to a new bank might feel like a hassle, but with Arkansas Federal, the process is simple and straightforward. Here’s what you get when you make the switch: 

1. No Monthly Maintenance Fees (That’s Right, Zero!) 

Say goodbye to those frustrating monthly maintenance fees that can add up quickly. At Arkansas Federal, both our Choice Checking and Premier Checking accounts come with $0 monthly maintenance fees when you enroll in eStatements. That means you keep more of your hard-earned money every single month. Woo hoo! 

2. Earn More with Rewards & Interest 

Who doesn’t want to earn money just for using their account? With Choice Checking, you’ll earn 10¢ for every $5 or more transactionOffer valid as of 02/01/2021. $0.10 will be earned on every debit card purchase of $5 or more, including PIN, signature, and online purchases made with a Business Choice checking account. All applicable account terms, fees, and charges are subject to change. This offer may be modified or withdrawn at any time. made with your business debit card. It’s a simple way to earn cash back while paying for everyday business expenses. 

If you prefer to earn interest instead or tend to maintain a higher balance, check out Premier Checking, which offers up to 2.50% APY on your balance.² That’s a higher return on your funds, which can help your business grow faster. 

3. 24/7 Digital Banking at Your Fingertips 

As a busy business owner, you need flexibility. That’s why we offer 24/7 Digital Banking so you can manage your finances anytime, anywhere. Whether in the office or on the go, you can check your balance, transfer funds, or pay bills from your computer or mobile device. 

4. Access to 30,000+ Surcharge-Free ATMs 

Tired of those annoying ATM fees? With Arkansas Federal, you’ll gain access to more than 30,000 surcharge-free ATMs across the country. So, you can get the cash you need whenever you need it—without the hassle of extra charges. 

5. Local, Personal Service  

At Arkansas Federal, we’re made up of people like you, who support local businesses and want to see them grow. We’re passionate about guiding you and your business—whether it’s offering advice on managing your account or helping you plan for future growth. 

6. NCUA Insurance  

We also offer NCUA insurance on all business deposit accounts, so you can rest easy knowing your funds are federally protected. 

How to Switch Your Business Account to Arkansas Federal 

Ready to make the switch? It’s easier than you might think! Here’s how you can do it in just a few simple steps: 

Step 1: Choose the Right Account for Your Business 

Pick the account that suits your needs best, depending on whether you prefer rewards or a higher interest rate. 

• Choice Checking: Earn 10¢ for every $5+ transactionOffer valid as of 02/01/2021. $0.10 will be earned on every debit card purchase of $5 or more, including PIN, signature, and online purchases made with a Business Choice checking account. All applicable account terms, fees, and charges are subject to change. This offer may be modified or withdrawn at any time. made with your business debit card. 

• Premier Checking: Rates as high as 2.50% APY APY is the Annual Percentage Yield and accurate as of 11/03/2022. Business Premier Checking is a tiered rate product. Balances of $250,000 or greater earn 2.50% APY; balances of $100,000.00 - $249,999.99 earn 2.00% APY; balances of $50,000.00 - $99,999.99 earn 1.75%; balances of $10,000.00 - $49,999.99 earn 1.25% APY; and balances less than $10,000.00 earn 1.00% APY. Offer and rate are subject to change. Some exclusions apply. Refer to the fee schedule for complete details. Fees could reduce earnings. on your balance. 

Step 2: Open Your New Account 

Once you’ve chosen the account that fits your business, our team can walk you through the process, answer any questions, and make sure everything is set up for success. To better prepare you, here’s a checklist of everything you’ll need.   

Step 3: Transfer Your Funds 

Next, move your funds from your old account to your new Arkansas Federal account. Make sure you leave enough in the old account to cover any pending payments or transactions. 

Step 4: Update Automatic Payments 

Don’t forget to update any automatic bill payments, subscriptions, or payroll accounts with your new banking details. This will ensure everything continues to run smoothly. 

Step 5: Close Your Old Account 

Once your new account is fully set up and your transactions have cleared, you can close your old account. You’re officially done! 

Don’t Stop at Checking—Explore Other Business Products Too! 

Switching your business checking account is just the beginning. At Arkansas Federal, we offer a wide range of products to help your business thrive, such as: 

• Business Savings Accounts: Grow your savings with competitive rates and easy access. 

• Certificates of Deposit (CDs): Lock in great interest rates with flexible terms to suit your needs. 

• Money Market Accounts: Earn a higher yield while keeping the flexibility you need for daily operations. 

• Treasury Management: Simplify and streamline your business finances with tools designed to help you manage cash flow, payments, and more. 

• Loans with Great Rates: Take your business to the next level with competitive rates on business loans, whether you’re looking to expand, invest in equipment, or manage cash flow. 

Ready to Make the Switch? 

If your current business bank isn’t giving you the features and flexibility you need, switching to Arkansas Federal could be the fresh start your business deserves. With no fees, great rewards, easy digital tools, and local service you can count on, it’s time to take your business banking to the next level. 

Don’t wait—switch to Arkansas Federal today and start enjoying the benefits of a bank that truly works for you.