Business Checking Accounts

CoVantage Credit Union has created a business checking account especially for business owners. We offer several free items per month and discounted fee plans based on your account relationship with CVCU. An earnings credit, based on the investable balance, can be used to offset activity fees.

  • Plan A is for business accounts with less than $100,000 in aggregate commercial loan balances with CVCU.
  • Plan B is for business accounts with CVCU aggregate commercial loan balances from $100,000 to $299,999.
  • Plan C is for business accounts with CVCU aggregate commercial loan balances in excess of $300,000 and for charitable organizations.
Activity Fees
Plan A
Plan B
Plan C
Relationship
Accounts with less than $100,000 in aggregate commercial loan balances.
Accounts with aggregate commercial loan balances from $100,000 to $299,999.
Accounts with aggregate commercial loan balances in excess of $300,000; and for charitable organizations.*
Cleared drafts
First 100 free each month,
10¢ each thereafter
First 100 free each month,
5¢ each thereafter
Waived
Checks deposited
First 100 free each month,
6¢ each thereafter
First 100 free each month,
6¢ each thereafter
Waived
ACH debits
First 100 free each month,
6¢ each thereafter
First 100 free each month,
6¢ each thereafter
Waived
ACH credits
First 100 free each month,
6¢ each thereafter
First 100 free each month,
6¢ each thereafter
Waived
Rolled coin orders
First 25 free each month,
10¢ per roll thereafter
First 25 free each month,
5¢ per roll thereafter
Waived
Currency strap orders
First 25 free each month,
40¢ per strap thereafter
First 25 free each month,
20¢ per strap thereafter
Waived
*Charitable organizations, for the purpose of waiving fees, include youth groups, churches, civic clubs, and volunteer fire/rescue associations.

Interest
An earnings credit, based on the investable balance, will be calculated. The interest rate used in calculating the earnings credit will be based on an internal index. This earnings credit will be paid to your account on the 10th day of the following month. The investable checking balance is your account balance in excess of reserve requirement and checks deposited and in process of collection. Checks in process of collection will generally be made available to you the next business day after the date of deposit.

Activity Fees
Business activity fees will be calculated monthly. These fees will be posted to your account on the 10th of the following month. Please be aware that in addition to the activity fees above, other standard checking fees apply. A sample of these fees include return check charges, overdraft fees, wire transfer fees, and check printing fees.

Analysis Statements
If your account has net charges (earnings credit less activity fees) of more than $10.00, an analysis statement will be mailed to you. Accounts with net charges under $10.00 will not receive an analysis statement in the mail. A copy will be available at the credit union if you have questions.

Fast Tracking Deposits
To make sure you receive fast and efficient teller service, all business deposits will be “fast-tracked.” This means that our tellers will not pull the checks from other member accounts (On-Us checks) and post them immediately when you bring in your deposit. If you absolutely need to have your On-Us checks pulled, then the On-Us check fee described below will apply.

On-Us Check Fees
The On-Us check fee is 25¢ for each On-Us check you request posted. There will be no waiver or discount of the On-Us fee, regardless of the business analysis plan qualified for.