Effective January 1st, 2024 the Financial Crime Enforcement Network (FinCEN) has recently finalized a requirement that businesses themselves report their beneficial ownership information directly to FinCEN.
Please note that Marion Center Bank staff are unable to provide advise in preparing these reports, as it relates to the new BOI requirements. We recommend you reach out to your legal team or tax professional for guidance.
FinCEN has many resources available to help your business navigate these new requirements. The link below are for the Beneficial Ownership Frequently Asked Questions and Small Business Resources where you will find a Small Entity Compliance Guide.
Click here to view Beneficial Ownership FAQs
Click here to view Small Business Resources
Whether you own a small business, manage the operations of a large corporation, or are the treasurer of a non-profit organization, we have Our dedicated staff works with you to select the best products to meet your business’s needs. We combine cutting-edge technology with
exceptional customer service to help you achieve your financial goals. Our business checking accounts are tailored to the needs of your business, whether you do a few transactions each month or hundreds.
All of our checking accounts can be managed online, over the phone or in person at one of our local branches.
| Account Type | Small Business Checking | Business Analysis Checking | Non-Profit Corporation or Association Checking |
|---|---|---|---|
Account Type Benefits | Small Business Checking If you own a small business, this account is just the right amount of checking for you. | Business Analysis Checking An account that allows your earnings credit (calculated on your average daily balance) to offset your fees. Enable your account to grow as your business grows. | Non-Profit Corporation or Association Checking Specifically designed for organizations that carry a smaller balance and process fewer items. |
Account Type Opening Deposit | Small Business Checking $100.00 | Business Analysis Checking $100.00 | Non-Profit Corporation or Association Checking $100.00 |
Account Type Transaction Limitations | Small Business Checking Limited to 50 checks or less paid per monthly statement cycle | Business Analysis Checking None | Non-Profit Corporation or Association Checking Limited to 50 checks or less paid per monthly statement cycle |
| Account Type | Business Interest Checking | Business Prime Investment Account | Business Money Market Deposit Account |
|---|---|---|---|
Account Type Benefits | Business Interest Checking Earn interest on your average daily balance in addition to your earnings credit offsetting fees. | Business Money Market Deposit Account The higher your balance the higher the rate you will receive with this account. | |
Account Type Opening Deposit | Business Interest Checking $1,000.00 | Business Prime Investment Account $5,000.00 | Business Money Market Deposit Account $1,000.00 |
Account Type Transaction Limitations | Business Interest Checking None | Business Prime Investment Account Transfers limited to six external or system generated transfers per month. Unlimited in-person transactions. | Business Money Market Deposit Account None |
Account Type Interest Bearing Account | Business Interest Checking Yes, Call for rates. | Business Prime Investment Account Yes, Call for rates. | Business Money Market Deposit Account Yes, Call for rates. |
Simply give us a call or stop in. We’re happy to help guide you through your choices. For Businesses looking to earn higher interest, contact a branch near you for more information.
