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Business Checking

Lake Elmo Business Checking

When it comes to checking, we offer great accounts, each with its own specific advantages, as well as convenient account management tools. Our experienced business bankers can determine which checking account is the best fit for your business.

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.
  • Monthly statements with images provided.

    Sole proprietors and non-profits may earn interest on this account if preferred over Earnings Credit. Investable balance calculated after reserve requirement.
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 and non-profits may earn interest on this account.
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 eStatement with images, upon enrollment, requires online banking.
To facilitate a quick account opening, please bring the following documents with you.

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.
  • Last 3 months of statements if available.
Corporation
  • Articles of Incorporation (filed with state).
  • EIN Federal Tax Number.
  • 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.
  • Last 3 months of statements if available.
Current unexpired driver's license or state issued ID required for all signers/owners.
Enjoy the convenience of ordering your checks directly through Lake Elmo Bank. We offer plenty of choices when making your selections.
Computer Checks – For use with QuickBooks®, MS Money®, Peachtree® and more.

  • Ring-bound Checks – Three checks per page which fit in standard seven ring binders. Available in single and duplicates.
  • Check Stubs – Four different voucher formats available – General Ledger, Dual General Ledger & Payroll, Dual Payroll, Texas Voucher.
  • Fonts & Clip Art – Choose from a variety of fonts. Clipart imprinting is also available.
  • Custom Logos – We can add your company logo to any check design.
  • Safety Features – All checks carry the PADLOCK Icon which indicates the presence of at least three security features.
To order your business checks contact us or call us 651.777.8365.
Lake Elmo Bank offers a number of business products and services that can help make banking with use more convenient.   

Lake Elmo Bank offers banking benefits to the employees of our business customers with a special checking account.
  • No minimum balance.
  • Free set-up on your Health Savings Account.
  • Earn interest.
  • Unlimited check writing.
  • First order of checks free (basic style).
  • Free Online & Mobile Banking.
  • Free Online Bill Pay.
  • $10.00 discount on Safe Deposit Box for first year.
  • 1% discount on Ready Reserve - upon approval.
  • Free transactions at LEB ATMs.
  • No LEB fee for 8 non-LEB ATM transactions monthly; additional $2.00 each.  
ATM surcharges unrelated to our accounts may be assessed by out-of-network ATMs.  Debit/ATM ISA, International Service Assessment fee may be charged.
We value your relationship and look forward to meeting all of your financial needs.  Here are some tips to help your daily banking routine go smoothly.

Making Deposits
  • To ensure same day credit, deposits must be received at the bank by 6pm.
  • Please include an adding machine tape listing each individual item when your deposit includes more than 10 items.  Stack items in the same order as on the tape.
  • All items must be endorsed properly including the name of the business and the signature of an authorized signer or for your convenience, an endorsement stamp may be ordered directly from the bank.
  • An item may only be deposited to an account with the same titling as the payee on the item.  If the business is operating under an assumed name, the account must also reflect the assumed title name.
  • Deposit slips must be completely filled out.  Please list currency & coin (never leave blank when depositing cash). To save time, please have currency separated by denomination and facing in the same direction.
  • Please use black permanent ink when writing out checks or deposit slips.
Check Cashing
Lake Elmo Bank does not cash third-party checks for non-customers.  Your employee must present a valid government issued picture ID or a resident alien card when cashing payroll checks.

Change Orders
If you require a special change order, you may call ahead so that the tellers can prepare it for you.

Locked Depository Bags
For added security, locked bags are available at an additional charge.  Locked bags may be dropped off at the teller counter or through the night depository for pickup at a later time.  This works well with larger transactions.
For more information on miscellaneous fees.
For more information on our checking accounts contact us at 651.777.8365