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Business Checking Accounts

Which MidWestOne business checking account is right for your organization? This chart summarizes the basic differences between different types of checking accounts.

If you have any questions, don’t hesitate to reach out. Our knowledgeable staff would be happy to help you understand the features of each one, and find the account type that is just right for you and your organization.

  FEATURES     BUSINESS CHECKING     BUSINESS INTEREST CHECKING     NON-PROFIT CHECKING     COMMERCIAL  CHECKING  
Interest Earned² No Yes, tiered and compounded monthly Yes, tiered and compounded monthly No
Minimum Opening Balance $100 $100 $100 $100
Monthly Service Charge $0 $8 if falls below min. daily balance of $5,000³ $0 $15³
FREE Online Cash Manager
FREE Business Check Card
FREE Online Bill Pay
FREE Integration with QuickBooks
FREE Secure eStatements

(1) Daily Balance Method used to calculate interest on account. This method applies a daily periodic rate to the principal balance in the account each day.
(2) Interest rates are variable and subject to change at the bank’s discretion at any time. The annual percentage yield may vary due to the interest rate changes and fees. Please refer to our Deposit Rates for current interest rates and annual percentage yields based on designated balance tiers.
(3) Sales Tax will apply to these items.
(4) Interest charges on overdrawn balances and uncollected funds are calculated each day based on current Prime Rate plus 4% per annum.
(5) An earnings allowance is applied to offset service fees. The monthly earnings credit rate is subject to change and calculated on the monthly net average positive available balance.
(6) Monthly fee may be placed into monthly analysis.
(7) Nonsufficient Funds (NSF) - Per item created by check, in-person withdrawal, ATM withdrawal or other electronic means paid or returned by bank; includes savings accounts. $29.00 per item. Maximum $174.00 per day.
MidWestOne Bank will deem your transactional account inactive if you do not make any deposits to, or withdrawals from, the account for a 12-month period. An inactive account remains subject to service charges and may be assessed a non-refundable monthly $5 inactivity fee. The statement cycle may also change to semi-annual with June 30 and December 31 statements.