Free, simple and easy to manage. You have better things to do than worry about transaction limits or per item fees. This account gives you the freedom to stop managing fees and start managing free.
Not sure which business account is right for you? Click Here to view our comparison chart.
Community Interest Checking
Your business is your personal investment and we are here to help. This account is customized for non-profit organizations and sole proprietors who qualify to earn interest. Finally, a checking account that is in the best interest of your business.
Not sure which business account is right for you? Click Here to view our comparison chart.
Variable Rate Account: The interest rate and Annual Percentage Yield may change. At our discretion, we may change the interest rate on your account at any time.
Fees could reduce earnings.
We use the daily balance computation method on daily collected balances to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (i.e. checks).
Interest credited and compounded monthly.
Peak Performance Analysis Checking
When your business is working at peak performance, your job becomes a little less stressful. This account is designed to make it easy and affordable for you to take advantage of our Treasury Management Solutions. We can help your business reach its peak performance.
Treasury Management Solutions per item fees may apply
Not sure which business account is right for you? Click Here to view our comparison chart.
Safe Haven for Business Savings
Safe Haven for Business is a safe and secure savings option designed to protect and maximize your cash. This account is the ideal complement to your business checking account. With Safe Haven, you earn a competitive rate of return while maintaining convenient access to your funds.
$5000 minimum opening deposit
$15 fee if balance falls below $5000 minimum
Six free withdrawals/debits per quarter
$5 fee per withdrawal in excess of six per quarter
Free Online Banking
Free e-statements ($3.95 for paper statements)
Interest is paid on entire collected balance and compounded and credited quarterly
Not sure which business account is right for you? Click Here to view our comparison chart.
Variable Rate Account: The interest rate and Annual Percentage Yield may change. At our discretion, we may change the interest rate on your account at any time.
Fees could reduce earnings.
We use the daily balance computation method on daily collected balances to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (i.e. checks).
Business Account Comparison Chart
SUMMIT BANK VISA BUSINESS CHECK CARD
Summit Bank Business Check Card with Scorecard® Rewards
Pay for your business purchases and access your Summit Bank business checking account without having to write a check. The Summit Bank Business Check Card offers extra benefits, like:
Acceptance: Accepted everywhere that Visa® credit products are welcomed.
Convenience: Faster and more convenient than writing a check; additional cards available for authorized users (employees and contingent workers).
Funds management: Track business spending, including transaction details for all business purchases.
Tax reporting:Expenditures are logged for easy tax reporting.
Record-keeping: Transaction line item detail on goods and services purchased.
Rewards: Summit Bank Business Check Card holders are automatically enrolled in Scorecard® Rewards, so you are earning points with every purchase you make. You can redeem your points for all kinds of great merchandise and travel. Visit www.scorecardrewards.com to check out all your options.
Multiple layers of security: From continuous monitoring to spot unusual activity to identity theft assistance and the Visa® Zero Liability policy*, the Visa® Business Check Card comes with great security features to ensure your money is safe.
*Visa's® Zero Liability policy applies for credit transactions only. It does not apply to ATM transactions or PIN transactions not processed by Visa®.
Whether you're a small business or a big business, we've got you covered. We have the tools you need to maximize every dollar without spending any extra. At Summit Bank, we're confident we have the solutions to help simplify the business of running your business.
Business checking that is simple, affordable and good for your business. At Summit, we understand your business is personal. It's your livelihood and your family's future. That is why we offer smart, simple solutions & and we will work with you to find the accounts and services that best fit your needs.
Treasury Management Solutions from Summit Bank assist you in managing the day-to-day cash flow and financial operations of your business. Our Treasury Management Solutions can be tailored to meet your business needs and maximize your company's business objectives. We can provide you with a clear picture of your finances daily and help you consistently maximize the value of your money. We offer solutions to help you improve your cash flow, increase your productivity and add money to your bottom line. Key Treasury Management Solutions areas include:
Information Reporting
Cash Collection and Disbursement
Transaction Initiation
Funds Management
Account Reconciliation
Information Reporting
Key information about your business's financial position is available to you whenever you need it via the Internet through Summit Bank Connect. This allows you to make more informed management decisions on your timetable.
Summit Bank Connect
Summit Bank Connect is your personal online connection that enables you to gather company information and initiate transactions using the Internet from anywhere you want.
Benefits
Provides a single point-of-access for your financial activity
Manage your daily cash flow
View the previous day's transactions
Research account history and print images of paid checks
Transfer funds between accounts
Initiate stop payments
Consolidates existing information reporting and transaction initiation services
Provides the most secure environment for electronic banking
Provides online banking from virtually anywhere
Access to additional treasury management solutions
Account Analysis
You get a complete overview of your entire treasury management relationship in your monthly analysis statements. Your account balance and services you use, along with volumes and any applicable service fees are detailed in statements that can be delivered electronically or in print.
Benefits
Helps to determine additional account needs
Allows you to evaluate your transaction volume to prevent fees
Easier to manage your overall banking relationship
Transaction Initiation
Efficient cash management requires the patience and vision to plan ahead and the flexibility and ingenuity to change those plans quickly. We offer a full range of transaction initiation capabilities through the Internet, so you can complete your transactions whenever it works best for you.
Using Summit Bank Connect you have the capabilities to execute a variety of banking transactions from the location of your choice.
Account Transfer — Initiate internal transfers from one account to another within your Summit Bank accounts. View your transactions via online reporting.
ACH — ACH debits or credits can be initiated securely. All information is verified and sent to the receiving banks for posting.
Stop Payment — Initiate, authorize and execute a stop payment against an issued check. Information on previous stop payments is also available.
Funds Transfer (Wire) — Wire transfers can be initiated simply and securely. The system provides the highest level of security, controls and confidentiality. All data is encrypted. This service allows you to view your Incoming Wire Report throughout the day as soon as it is available to the bank.
Electronic Data Interchange (EDI) — Summit Bank can receive, on your behalf, transactions with EDI addenda records.
Positive Pay — This service allows you to view your Positive Pay Exception Report, disposition exception items online, manually issue a check, manually void a check and import a check issue file to the Bank.
Account Reconciliation
Control your back office productivity and efficiency by receiving full or partial information about checks paid on your accounts. We offer a full range of products that electronically match account activity to your check issue records.
Paid Check Reconciliation
With Paid Check File Reconciliation you will receive full or partial information about checks paid on your accounts to match up with your records for easy account reconciliation.
Benefits
Receive data in a form that works seamlessly with most accounting software
Reduces time and effort of manual reconciliation
Increases control over disbursements
Choose a reporting option that meets your unique needs
Deposit Reconciliation
Summit Bank enables customers with multiple locations to make deposits locally while maintaining a centralized depository account. Each depositing location is assigned a unique serial number and is provided with specially coded deposit tickets.
Benefits
Simplifies accounting procedures
Reconciles business reported deposits to deposits on record at the bank
Increases cash controls
Minimizes the risk of fraud
CD-Rom Statement
With a CD-Rom Statement you can receive images of your account statement, paid checks, deposited checks and deposit tickets on one disk. The CD-Rom statement will also work with most accounting software to make reconciliation easy.
Benefits
Reduces time and effort of manual reconciliation
Minimizes storage space
Easy access to all check images and deposits
Positive Pay
Positive Pay helps you to broaden and extend your fraud control measures by matching issued check information against the same check data as they are presented for payment. You have the opportunity to approve any exceptions before they are paid by the bank.
Cash Collection & Disbursement
Making informed money management decisions requires accurate and timely cash flow information. Our collection services help you simplify your deposit collecting and processing while our disbursement services help simplify your payment processes.
Automated Clearing House (ACH)
Using the national Automated Clearing House (ACH) network you can send and receive funds electronically without the processing and administrative expense of paper transactions. Electronic payment and collection can save both time and money for your organization.
Benefits
Improves cash flow forecasting for better control of funds and investment opportunities
Offers an efficient alternative for recurring collections or payments such as insurance premiums and utilities, Federal and State tax payments, vendor payments, payroll and pension payments, travel and expense reimbursements
Assures timely delivery of payments
More efficient payment transactions improve payer/payee relations
Eliminates paper checks and deposit slips
Reduces internal processing costs associated with paper intensive operations
Provides security and eliminates check fraud
Direct Deposit
Direct Deposit is a simple, smart and safe way for you to pay your employees. It allows businesses to electronically send payment credits, through the Automated Clearing House (ACH), to the financial institution accounts of employees and retirees.
Benefits
Saves time and effort by eliminating check reconcilement
Minimizes storage and security of checks
No time spent on printing and signing checks
Wire Transfers
The fastest way to send money when immediate availability is needed is through the Federal Reserve Wire System. You can send and receive funds on the same day, eliminating delays and clearing float.
Benefits
Reliability and security
Same day transfer and availability before 2:00 p.m. on a business day
Remote Deposit Solutions
Summit Bank offers remote deposit solutions that provide an easy and cost-effective way to streamline the deposit process and eliminate trips to the bank. You can easily scan and capture images of checks received at your office and then submit these images to the bank for processing. Utilizing remote deposit solutions will free up more time for you and your employees to spend on the things that really make a difference for your business.
Benefits
Enjoy greater convenience by banking on your schedule
Save time and money by eliminating trips to the bank
Funds Management
Making your money work for you. Our Funds Management services function to help you maximize your earnings and minimize expenses.
Repo Sweep Program
Summit Bank's Repo Sweep Program will allow you to maximize your investment potential by automatically eliminating idle funds. The Repo Sweep program incorporates your account with an automatic overnight investment vehicle to give your company the benefits of round-the-clock cash management. In fact, once you sign up for our Repo Sweep Program you can sit back and watch your funds work for you.
Benefits
Maintains liquidity
Eliminates idle funds
Save time by eliminating daily investment decisions
Receive confirmation of investment activity
Credit Line Sweep
Summit Bank's Credit Line Sweep automatically links your deposit account to a revolving line of credit. At the end of each day, deficit funds can be drawn from your company's line of credit. Conversely, if there are excess funds, the line of credit will be paid down.
Benefits
Maximize excess cash by quickly paying off outstanding loans
Reduce the time spent initiating transfers between company accounts
Interest savings resulting from better management of excess funds
Auto Borrow Sweep Program
The Auto Borrow Sweep Program is the perfect combination of the Repo Sweep Program and the Credit Line Sweep Program. Your operating account is tied to both your investment account and your credit line. When checks are presented to be paid from your operating account, funds will be drawn from your investment account first, then from your company's line of credit. Conversely, if there are excess funds, the line of credit will be paid down first and then funds will be swept into your investment account.
Benefits
Maximize excess cash by automatically investing funds or quickly paying off outstanding loans
Reduce the time spent initiating transfers between company accounts
Draws and pay-downs are automatic
Saves time as cash flow forecasting is not required
FDIC insures the collected balances in the operating account up to $100,000
Excess operating cash provides an excellent means of earning interest
Investment dollars remain liquid for operating purposes
Summit Bank's Sweep Program will allow you to maximize your investment potential by automatically eliminating idle funds. The Sweep Program incorporates your account with an automatic overnight investment vehicle to give your company the benefits of round-the-clock cash management. In fact, once you sign up for our Sweep Program you can sit back and watch your funds work for you.
CREDIT LINE SWEEP PROGRAM
Summit Bank's Credit Line Sweep automatically links your deposit account to a revolving line of credit. At the end of each day, deficit funds can be drawn from your company's line of credit. Conversely, if there are excess funds, the line of credit will be paid down.
AUTO BORROW SWEEP PROGRAM
The Auto Borrow Sweep Program is the perfect combination of the Sweep Program and the Credit Line Sweep Program. Your operating account is tied to both your investment account and your credit line. When checks are presented to be paid from your operating account, funds will be drawn from your investment account first, then from your company's line of credit. Conversely, if there are excess funds, the line of credit will be paid down first and then funds will be swept into your investment account.
REMOTE DEPOSIT SOLUTIONS
Revolutionize your business with Summit Bank Remote Deposit Solutions. Summit Bank offers Remote Deposit Solutions that provide an easy and cost-effective way to streamline the deposit process and eliminate trips to the bank. You can easily scan and capture images of checks received at your office and electronically submit these images to the bank for processing. Utilizing Remote Deposit Solutions will free up more time for you and your employees to spend on the things that really make a difference for your business.
Enjoy greater convenience by banking on your schedule
Save time and money by eliminating trips to the bank
Streamlines your deposit process
Allows flexibility in your banking relationship
Improves security
ONLINE BANKING & BILL PAY
Free Online Banking with Summit Bank Connect
Key information about your business's financial position is available to you whenever you need it via the Internet through Summit Bank Connect. This allows you to make more informed management decisions on your timetable.
Provides a single point-of-access for your financial activity
Manage your daily cash flow
View the previous day's transactions
Research account history and print images of paid checks
Transfer funds between accounts
Initiate stop payments
Consolidates existing information reporting and transaction initiation services
Provides the most secure environment for electronic banking
Provides online banking from virtually anywhere
Access to additional Treasury Management Solutions
Balance Notifications
Stay informed by customizing e-mail notifications alerting you to key account activity such as low balances or overdrafts on your account.
Data Export
With just a few clicks, you can download your account activity into Excel, Microsoft Money, QuickBooks or Quicken file formats.
e-statements
Simplify your life and eliminate the paper with e-statements. Receive your statements online and have the ability to view, print or download your statements much faster than you would have received your paper statement in the mail.
Bill Pay
Save time and money by paying your business bills and scheduling future or recurring payments with a few clicks of your mouse. You can pay your bills in a matter of minutes on one simple screen. You can decide who, when and how much to pay.
Pay one bill at a time or schedule future and automatic recurring payments
Include invoice information and notes on your payments
Receive bills electronically from participating vendors
DIRECT DEPOSIT
Direct Deposit is a simple, smart and safe way for you to pay your employees. It allows you to electronically send payment credits, through the Automated Clearing House (ACH), to the financial institution accounts of employees and retirees.
Pay one bill at a time or schedule future and automatic recurring payments
Include invoice information and notes on your payments
Receive bills electronically from participating vendors
BUSINESS CERTIFICATES OF DEPOSIT
CD's can offer you a guaranteed rate of interest for a specified term - from several days to several years. You can choose the time frame that works best for you and be able to calculate your expected earnings at the outset.
BUSINESS LOANS
Summit Bank business loans feature regularly scheduled payments that allow you to forecast your cash flow needs, competitive interest rates, flexible terms and a variety of collateral options.
Our loan and line of credit products are tailored to your specific request. We have loan solutions to meet almost any need, such as:
Loans and Lines of Credit to fund working capital needs
Business Term Loans
New Building Construction
Commercial Real Estate, Owner Occupied or Investment Properties
Business Equipment Financing
Refinance Existing Debt
SBA Loans
The Summit Bank loan department consistently provides:
