If you are a small business or a startup, looking for a break on business checking account costs, you definitely should take a look at a Buduchnist Credit Union.
Buduchnist credit union offers a free business checking account or “current account” for business owners in the Greater Toronto Area (where majority of their branches are located). There are also a branches in Hamilton and Ottawa.
Whether it’s a Sole Proprietorship, Partnership or even a Corporation, all business structures are eligible for the free checking account.
Unlike the “free” accounts with the other banks, with Buduchnist you do not need to maintain a minimum monthly balance.
- Free cheque processing*
- Free transfers*
- Free automatic payroll withdrawals (from and to Buduchnist accounts only)
- Free monthly statement with imaged cheques
- Earn interest with a minimum monthly balance of $500
- Interest is paid and calculated on your lowest valid closing monthly balance and paid twice a year
- Perform Unlimited transactions at the Exchange Network ABMs.
- Perform Unlimited Interac purchases.
- Check balance online.
- Pay bills online.
- Add and Withdraw funds to and from your Paypal account.
How to open account:
The process is fairly straight forward and takes about 20 minutes to complete. All you need to do is, visit any one of the branches with two pieces of photo identification (Driver’s License, Passport) and your Social Insurance Number and business documentation (Master Business License or Certificate of Incorporation and details of directors.)
Like most, if not all credit unions, you will be required to purchase shares in the credit union to become a member. With Buduchnist, your minimum share purchase obligation is $100. The $100 will be deposited into your account, however the funds will not accessible unless you close your account. You will receive dividends on the $100 worth of shares you own.
Yuu have the option of ordering your cheques through the credit union, but is not a requirement. There are several third-party companies who offer cheque printing at a much cheaper rate than a traditional bank or credit union. I will post a blog article on cheap business cheque printing services in the next week or so.