Bank Accounts for North Carolina Businesses

If you’re running a business, you want to make sure your finances are in good order. First Bank* offers North Carolina businesses the bank accounts and merchant services tools needed for success.

Financial Services at First Bank

First Bank is headquartered in North Carolina and boasts over 80 locations across the Tar Heel State. We got our start in the town of Troy, NC, back in 1935. With an array of business bank accounts and other services, we make it our business to help yours.

Put your business in the hands of First Bank can increase efficiency, satisfy customers, streamline operations and elevate your bottom line.

Start by comparing our business bank account offerings, and contact your nearest First Bank location for more information.

First Bank’s Business Bank Accounts

Not all businesses are alike, nor are all business bank accounts. At First Bank, we are proud to offer multiple types of business checking and savings accounts so every company can find the financial foundation it needs.

Business Checking Accounts in North Carolina

Business Essentials

If you are self-employed or own a small business, a Business Essentials account may be right for you. This basic account was named one of the “Best Bank Accounts for Small Businesses” by WalletHub in 2014.

Business Interest

Why not get a little more out of your business earnings? Our Business Interest account offers all of the same features as the basic Business Essentials, while also allowing you to accrue interest on your account.

Business Advantage

If your business processes a higher volume of transactions, the Business Advantage account might be a good fit for you. You’ll enjoy all the features of the Business Essentials account, except you’ll be free to make up to 500 transactions every month, including up to $25,000 worth of deposits, at no charge.†

Business Advantage Plus

What do you get when you combine the interest-earning ability of Business Interest with the higher transaction limits of Business Advantage? Our Business Advantage Plus account is the best of both worlds. It allows for the high transaction volume of Business Advantage to go with the interest-earning capability of Business Interest. And of course, you’ll also enjoy all the same basic features of the Business Essentials account.

Commercial Analysis

Larger organizations need more financial resources and that’s where our Commercial Analysis account comes in. In addition to the basic features of Business Essentials, you’ll also have access to custom programs for your large business needs and can offset service fees with a monthly credit that is earned on your balance.

Business Savings Accounts in North Carolina

Business savings accounts comparison chart

Business Savings

Our Business Savings account is a simple way for businesses to start saving right away. There’s no minimum balance required to start earning interest.

Money Market

Our Money Market account is a great option for more aggressive business owners. It has all the basic features of Business Savings account, combined with six withdrawals per month free of any First Bank fees‡ and a $1,000 minimum to open the account.

Certificates of Deposit (CDs)

Earn an even higher rate of return for your business savings by opening up a Certificate of Deposit with First Bank. Our CDs are FDIC-insured, require just $1,000 to open and typically offer a guaranteed, fixed interest rate. The longer the term, the higher the interest rate.§

Meet a First Bank business customer, and hear about the organization’s journey.

In 1935, we opened to help farmers through the Great Depression. Today, we remain committed to that legacy of service and comprehensive financial support. Lending, lines of credit, business accounts, or mobile banking, it’s all here.

Advantages of Using a Business Bank Account

Whether your business is a large corporation, a small business or even a self-employed individual, there are many advantages to using a business bank account.** What are they?

Tax season will be easier.

By separating your business and individual finances, you can better track and validate income and expenses throughout the year. In fact, many businesses will open multiple accounts to separate revenue, collected sales tax, estimated income tax, payroll, inventory expenses and other sub-categories of business finance. This will not only make it easier for you to file taxes on behalf of your business, but can also help protect you in the event of an audit.

You’ll protect your personal assets.

When a personal bank account is used to manage the finances of a business, any assets tied to the account may be liable to the pursuit of creditors and even the IRS. Should your business become tangled up in a lawsuit or situation of outstanding debt, your mortgage, 401(k) or personal savings account could be compromised.

The use of a business account keeps your personal assets safe and immune from confiscation.

Financial responsibilities can be delegated.

You can manage your employees’ view of your business account transactions and mitigate risk within your organization.

It will be easier to borrow money.

As your business grows, you may need to take out a loan for some of the added overhead costs. And if your business finances are neatly managed in a bank account, it can only help your chances of landing a business loan. Using a business bank account allows lenders to easily see the flow of revenue generated by your business.

Customers can have more options.

Using a personal account for business often limits customers to paying by cash or check only. But a business bank account presents the opportunity for you and your customers to complete transactions by debit or credit card. More options for consumers can mean more business for you.

Your business will be taken more seriously.

Asking customers to make out a check to your name can give the impression your business is more of a hobby. You work hard at what you do, and a business bank account can give your business the credibility it deserves.

business woman standing in front of new business

Requirements for Opening a Business Checking Account in North Carolina

You don’t have to be a Fortune 500 company to open a business bank account. If you live in North Carolina and qualify, you can open a business checking account with just a few basics. Here are a few items you will need:

  1. Business license/registration. Registering your business with the state of North Carolina serves as evidence that your business is valid. In North Carolina, there are over 700 types of licenses and permits needed to open various types of businesses, and no one, generic license satisfies all compliance requirements.
  2. DBA. A DBA (“Doing Business As”) is the name you have selected for your business and must be different from your personal name.
  3. Tax ID number. A tax ID number is like a Social Security number for your business. A sole proprietorship business may not require a tax ID number in order to open a business bank account.  
  4. Business address. Just like a personal account, an address for your place of business is needed to establish a bank account and accommodate correspondence between your business and the bank.  
  5. Deposit. Also just like a personal bank account, a business account will typically require a minimum deposit.

What Else Can First Bank Do for Businesses in NC?

There’s more to business finances than just a card to swipe and an account to draw from. Efficient management of your transactions means increased security for you and improved service for your customers.

Consider all the ways First Bank helps North Carolina business owners manage their bottom lines.

business debit card transaction

Business Debit Cards

Storing your business funds in a bank account is no doubt a smart move. But businesses make a lot of transactions and need a quick and easy way to move money.

A business debit card grants you the freedom to easily make purchases related to your business. Order supplies or inventory over the phone or take a client out to lunch. And with a business debit card from First Bank, you’ll earn rewards in doing so.

Business Credit Cards

Combining a debit card with a business credit card gives your business the ultimate in spending flexibility. The First Bank Business World Credit Card with Rewards offers many of the same features as our debit card, including zero liability on unauthorized purchases, round-the-clock support, warranty extensions, purchase assurance, VAT recovery and travel assistance.§§

Payment Processing

We have the software and equipment to let you and your customers do business any way you’d like. Our payment processing options include point-of-sale terminals, wireless, Internet, mobile and integrated solutions.

Transaction Central

This customizable and user-friendly system allows business owners to process almost any type of transaction and add features as business grows. Transaction Central is IP-based and centralized on multiple terminals.

Reconciliation and Reporting

TransLink is our web-based reporting system that helps business owners manage all card transactions in one centralized location with 24-hour access to information.

Check Collection

We can help you accept checks in a way that will allow you to get paid quickly, safeguard your business and increase sales. We offer four levels of check processing protection and even have an electronic check recovery service.

Payroll Processing

Let us help you manage your payroll and process direct deposits for your employees. This services makes it easier on you and your employees too.

Loans

Take out a business loan or open a line of credit to help with your financing.***

North Carolina: A Business Savvy State

If you’re going to open a business, you’ll also want to do it in a good location. And according to Forbes’ 2015 rankings of the Best States for Business, North Carolina is the 2nd best state in America for operating a business. The study was based on factors such as business costs, labor supply, regulatory environment, economic climate, growth prospects and quality of life.

In fact, North Carolina was ranked number four on the list in 2013 and number three in 2014. So just like any healthy business, North Carolina is trending up.

Forbes isn’t the only publication to recognize North Carolina as a business hotbed. Chief Executive ranked NC as the 3rd Best State for Business in 2015, Site Selection named NC the No. 1 Most Competitive State in 2015 and CNBC ranked North Carolina 5th on America’s Top States for Business in 2014.

But North Carolina is not just one of the best places to operate a business, it’s also a great place to start one, thanks to a variety of grant programs and tax incentives for new or expanding businesses.

Grant Programs in North Carolina

The N.C. Small Business Credit Initiative makes capital available for business startups and expansions across North Carolina. The Small Business Jobs Act of 2010 allocated $46.1 million of federal funding for the program to invest in venture capital and angel funds.

The program is managed by the Rural Center and is made up of three parts:

  1. N.C. Capital Access Program (NC-CAP). This incentive deposits funds into a reserve account held by the lender to offset losses in case of default on a business loan. First Bank is an NC-CAP participating lender.
  2. N.C. Loan Participation Program. This program purchases up to 15% of a business loan to help reduce risk on behalf of a lender. The program gives special consideration to businesses owned by minorities or ones in underserved communities.
  3. N.C. Fund of Funds Program. $10 million has been invested in venture capital and angel funds through this program, which then invest in North Carolina businesses.

There are a wealth of other grant options as well. Here is a sampling of what’s available to NC business owners:

  • One North Carolina Small Business Program is a grant sponsored by the Board of Science, Technology and Innovation as part of the N.C. Department of Commerce. The grant matches funds to North Carolina businesses that have been recognized with a Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) award.
  • The Job Development Investment Grant (JDIG) provides annual grants for new and expanding businesses in North Carolina against a percentage of the withholding taxes paid by new employees.

North Carolina Tax Credits

There are a number of tax incentives available to North Carolina businesses that meet certain requirements. Some of the incentives include tax credits for:

  • Job creation
  • Investments in business properties
  • Research expenses
  • Income taxes paid by businesses or individuals using North Carolina’s port facilities
  • Renewable energy resources
  • Interactive digital media
  • Film and television production
  • Businesses involved with recycling

main street businesses

Why Start or Own a Business in North Carolina?

North Carolina provides a strong foundation for doing business, and it’s not just because of grant programs and tax incentives. Check out the other factors that help businesses choose the Tar Heel State.

Trust First Bank of North Carolina with Your Business

If you’re looking for a bank that can take your business operations to the next level, contact First Bank. With our many business checking and savings accounts and merchant services offerings, we have the banking tools you need to make your NC business a success. Visit your local First Bank branch today!


*Member FDIC.

†Nominal fee of $0.15 per $100 of all excess deposits and for all coin and currency delivered.

‡Free ATM network includes First Bank, First Bank of Virginia, CashPoints® and MoneyPass® terminals. Out of network terminal owners may charge a service fee.

§CDs are subject to penalty for early withdrawals prior to maturity date. Penalty will reduce earnings.

**Bankrate.com: http://www.bankrate.com/finance/checking/5-reasons-business-checking-account-1.aspx

First Bank and its representatives do not provide tax advice. Each individual’s tax and financial situation is unique. Individuals should consult their tax advisor for advice and information concerning their particular situation.

‡See our Terms and Conditions for complete details on our One Rewards Program. Free ATM network includes First Bank, CashPoints® and MoneyPass® terminals. Out of network terminal owners may charge a service fee. Loans subject to credit approval.

§§Loans subject to credit approval. See our Terms and Conditions for complete details on our One Rewards Program. MasterCard, Debit MasterCard and the MasterCard brand marks are trademarks of MasterCard International Incorporated.

***Loans subject to credit approval.

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Sources:

WalletHub: https://wallethub.com/best-business-bank-accounts/

Business Link North Carolina: http://blnc.gov/start-your-business/business-licenses-permits

Forbes: http://www.forbes.com/best-states-for-business/list/

Site Selection: http://siteselection.com/issues/2015/may/top-competitive-states.cfm

Chief Executive: http://chiefexecutive.net/best-worst-states-business/

CNBC: http://www.cnbc.com/2014/06/24/americas-top-states-for-business.html

50 States: http://www.50states.com/facts/north-carolina.htm

NC Budget and Management: https://www.osbm.nc.gov/facts-figures