Lake Elmo Bank

business 
CHECKING

Free Online Banking, upon enrollment, is available to all business customers.  Please refer to our Rate Chart for current interest rates.

classic checking

Designed for businesses with high transaction volume.

  • No minimum balance requirement.
  • Monthly maintenance fee of $12.00.
  • Per item fee of $.16 on any check, debit, deposit ticket or credit.
  • Non-bank deposit item fee of $.09 each.
  • On-us deposit item fee of $.05 each.
  • Charges will be offset by an Earnings Credit which is calculated on the Investable Balance.

Sole proprietors may earn interest on this account if preferred over Earnings Credit.  Investable balance calculated after reserve requirement.

performance checking

Designed for businesses with moderate transaction activity.

  • Average ledger balance of $1,500.
  • Monthly below balance fee of $10.00.
  • 150 checks or debits per month at no charge.
  • 150 deposit items per month at no charge.
  • $.50 charge on checks, debits or deposit items in excess of 150 per month.
  • Monthly statements with images provided.

Sole proprietors may earn interest on this account.

small business checking

Designed for small business and clubs with low transaction activity.

  • No minimum balance required.
  • 50 checks or debits per month at no charge.
  • 50 deposit items per month at no charge.
  • $.50 charge on checks, debits or deposit items in excess of 50 per month.
  • $3.00 monthly fee for paper statement (no images) - standard.
  • $5.00 monthly fee for paper statement (with images) - upon request.
  • Free e-statement with images, upon enrollment, requires online banking. 


account opening

To facilitate a quick account opening, please bring the following documents with you.  State and Federal regulations require these documents be presented.


Sole Proprietor

  • Certificate of Assumed Name (only if your full name is not included in the business name).
  • Social Security Number or EIN Federal Tax Number.
  • Current unexpired driver’s license or state issued ID.
  • Last 3 months of statements if available.


Corporation

  • Articles of Incorporation (filed with state).
  • EIN Federal Tax Number.
  • Current unexpired driver’s license or state issued ID.
  • Last 3 months of statements if available.


General Partnership

  • Copy of Partnership agreement.
  • EIN Federal Tax Number
  • Certificate of Assumed Name.
  • Partnership Resolution for Signers.
  • Current unexpired driver’s license or state issued ID.
  • Last 3 months of statements if available.
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