Blackhawk Bank & Trust

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Business Checking Accounts

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BUSINESS Checking

Available to non-profits, municipalities, corporations and sole proprietorships. This is a non-interest bearing account. Minimum deposit to open is $100.

SMALL BUSINESS CHECKING

Available to non-profits, municipalities, corporations and sole proprietorships. This non-interest bearing account is one of our most popular business checking accounts. There is a $1 minimum deposit to open.

NOW Business Checking

Available to non-profits, municipalities, and sole proprietorships. Not available to businesses. This is a non-personal, interest bearing account. Minimum deposit to open is $500.

SUPER NOW BUSINESS CHECKING

Available to non-profits, municipalities, and sole proprietorships. Not available to businesses. This is a non-personal, interest bearing account. Minimum deposit to open is $2,500.

To apply for a business account, contact one of our customer service representatives at any branch or call 309.787.4451.

Business Money Market Deposit Account

Available to non-profits, municipalities, corporations and sole proprietorships. This is a non-personal, interest bearing account. Minimum deposit to open is $2,500.

Overdraft Loan Account

This account is available to any business account owner. The Line of Credit may be attached to any checking account type. There is a $50 minimum monthly payment required.

CASH MANAGEMENT ACCOUNT

This account is available to any business account owner. The Cash Management Account is an interest bearing account. Minimum deposit to open is $50,000.

Business Account Disclosures and Definitions

Average Balance

Average Balance: the average daily balance of your account.

Float & Average Float

Float: when “foreign checks” (checks not drawn on our bank) are deposited, time is needed to collect these checks before the money is available for withdrawal. The average time needed for collection is presently one (1) day after the date of deposit.

Average Float: The daily average of deposits in the process of collection.

Reserve

Reserve: All banks are required to maintain non-interest bearing reserves against their demand deposits (customer checking accounts).

Credit

Credit: An earnings credit is used to offset the basic service charge. The rate (presently 1.00% per annum) is calculated on the average available balance. The rate is subject to change. If a customer has a negative available balance, they will be charged the earnings credit rate plus 3% for the days when the available balance is negative.

Basic Service Charge

Basic Service Charge: This is the charge assessed for handling your account if your credit is not sufficient to pay the entire service charge assessed.

Additional Disclosures

In accordance with the requirements of the Unlawful Internet Gambling Enforcement Act of 2006 and Regulation GG, this notification is to inform you that restricted transactions are prohibited from being processed through Commercial Accounts with our institution. Restricted transactions are transactions in which a person accepts credit, funds, instruments, or other proceeds from another person in connection with Unlawful Internet Gambling. Please contact one of our locations for more information.

Beneficial Ownership

The Customer Due Diligence Rule requires financial institutions to collect ownership information about an organization prior to opening deposit, loan, or safe deposit accounts for organizations such as corporations, partnerships, and limited liability companies.

Please see below for a detailed FAQ regarding beneficial ownership rules and how they may apply to you.

What is a beneficial owner?

A beneficial owner is defined as:

Each individual, who, directly or indirectly, owns 25% or more of the equity interests of a legal entity customer; and single individual with significant responsibility to control, manage, or direct a legal entity customer. This includes an executive officer or senior manager (e.g. a Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, or Treasurer), or any other individual who regularly performs similar functions. This list of positions is illustrative, not exclusive, as there is significant diversity in how legal entities are structured.

What information will be collected?

What beneficial ownership information will be collected from covered legal entities?

If you want to open an account for your organization, you or another representative must complete and sign a Certification Form on behalf of the company, that lists the following information for any persons that hold 25% or more ownership:

Names
Addresses
Dates of Birth, and
Social Security Number*

*In cases where an individual owner is a Foreign Individual, a Passport Number will satisfy the requirement.

In addition, the above information is also required for one person who has Significant Managerial Control for the organization. This may be the President, CEO, CFO, or any other individual who performs managing functions.

Blackhawk Bank & Trust is required to verify the information provided and asks that you supply us with copies of verifying documents, such as:

Driver’s License
State Issued ID
Passport

Certification requirements

Does the Certification Form need to be completed if no individual person holds 25% or more ownership?

If there are no owners with 25% or more ownership, the Certification Form must still be completed to list the one person who has Significant Managerial Control for the organization.

It is important to note that if another entity has ownership interest in an organization, that entity’s ownership structure may result in an individual person holding 25% or more ownership.

How is information collected?

How will this information be collected?

A Certification Form will be used to obtain the required beneficial ownership information. View a Sample Certification Form.

Will information need to be provided if our organization opens additional accounts in the future?

Yes, Blackhawk Bank & Trust is mandated to satisfy the requirements of the Certification of Beneficial Owners each time a deposit, loan, or safe deposit account is opened for an organization.

Who does the rule apply to?

Who does the Rule apply to?

Any corporation, limited liability company, other entity created by the filing of a public document with a Secretary of State or similar office, a general partnership, and any similar entity formed under the laws of a foreign jurisdiction that opens an account. The definition also includes limited partnerships, business trusts that are created by a filing with a state office, and any other entity created in this manner.

Does the Rule apply to existing accounts?

The rule does not apply to existing accounts that were opened before May 11, 2018.

Any exemptions?

Sole proprietors, unincorporated associations, natural persons opening accounts on their own behalf and certain trusts are exempt. Also exempt are Federal or State Regulated Financial Institutions, Investment Companies and Advisers Registered with the SEC, Public Accounting Firms Registered under Section 102 of the Sarbanes-Oxley Act, State Regulated Insurance Companies, Governmental Departments or Agencies of the United States, Entities Established by US or State Law, Publicly Traded Companies Listed on a Major Exchange and their Subsidiaries, Trusts (with the exception of Statutory Trusts), Charities, Non-Profits

Obligated financial institutions

Which financial institutions are required to collect this information?

Banks, Credit Unions, and Savings Associations are all required to comply with the regulations requiring Certification of Beneficial Owners.