Whether you’re building a side hustle or launching a full-scale startup, one of the smartest financial decisions you can make is opening a dedicated business checking account. More than just a place to manage income, a business account helps protect your assets, streamlines tax filing, and lays the foundation for long-term growth.
At Members Exchange Federal Credit Union (MEFCU), we’re making it easier for Mississippi entrepreneurs to take that step with tailored business banking solutions, expert support, and a limited-time offer to earn up to $300* when you open a new business account.
Why Keeping Finances Separate Matters
Mixing personal and business finances can create major challenges, especially during tax season or if you’re audited. A separate business account isn’t just a best practice, it’s essential.
- Legal Protection: For LLCs and corporations, having a dedicated business account helps maintain your legal liability shield.
- Tax Simplicity: Organized business records make it easier to track income, document expenses, and claim deductions. IRS Publication 334 serves as a tax guide for small businesses.
- Professional Credibility: Receiving payments through a business account adds legitimacy and builds trust with clients, vendors, and lenders.
- Audit Readiness: If you’re ever audited, having clearly separated financial records makes compliance and reporting much easier.
Business Banking Built for Entrepreneurs
At MEFCU, we offer business accounts designed to support your growth, with the tools, flexibility, and personal service you need:
- Free digital banking with mobile check deposit and account transfers
- Local decision-making and personalized in-branch support
- Free business debit card
- Optional business savings and money market accounts
- Access to business loans, credit cards, and financial solutions as your business grows
Limited-Time Offer: Earn Up to $300*
Now’s the perfect time to open your business checking account:
- $150 Bonus: Maintain a $2,500 average balance for 90 days
- $300 Bonus: Maintain a $5,000 average balance for 90 days
- Free first set of checks*
- Free one-on-one business consultation
Take advantage of this limited-time opportunity and get your business banking off to a strong start. Claim your business bonus now.
How a Business Account Helps You Grow
A business account lays the groundwork for long-term success. It doesn’t just manage cash, it empowers growth.
- Builds Business Credit: Establish a financial history to qualify for future credit cards, vendor accounts, or business loans.
- Supports Growth Tools: Link your account to payroll, bookkeeping, and payment platforms with ease.
- Improves Financial Insight: Gain clarity into your income, expenses, and profitability so you can make smarter decisions.
Need guidance? Our Business Services Team is ready to help.
Do You Legally Need a Business Account?
If you’re operating as an LLC, partnership, or corporation, yes—you’re typically required to separate your finances to maintain your liability protection. Even sole proprietors benefit from a business account through improved tax tracking, professional appearance, and operational efficiency.
What You’ll Need to Open an Account
Opening a business account at MEFCU is simple. According to IRS Publication 583, keeping separate business records is a foundational step in starting your business the right way.
To get started, you’ll need:
- A government-issued ID
- An EIN (Employer Identification Number) or SSN (for sole proprietors)
- Business formation documents (e.g., LLC paperwork, DBA certificate)
Not sure which documents apply to you? Contact us and we’ll walk you through the process.
Personal vs. Business Checking: What’s the Difference?
If you’re starting or growing a business, having a separate business checking account makes a big difference in how you manage finances and stay organized. Here’s a quick comparison:
| Feature | Personal Checking |
Business Checking |
| Account Name | Your name | Your business name |
| Income Source | Salary, personal income | Client payments, business revenue |
| Tax Reporting | Basic | Detailed, designed for deductions |
| Financial Tools | Basic budgeting | Payroll, merchant processing, invoicing |
| Credit Access | Personal credit only | Business credit cards, SBA loans |
Keeping your accounts separate not only helps you stay organized, it also protects your business and sets you up for success. The IRS recommends keeping separate personal and business accounts for record purposes as well.
Why Entrepreneurs Trust MEFCU
With over 70 years of service and a mission rooted in community values, MEFCU supports entrepreneurs at every stage of growth. We offer competitive rates, digital banking tools, and personalized guidance to help you succeed.
Whether you need flexible checking, business savings, credit cards, or loan support, we’re here to help—online or in person.
Serving Mississippi Entrepreneurs Every Step of the Way
At Members Exchange Federal Credit Union, we believe small businesses are the backbone of our communities. That’s why we’re proud to serve entrepreneurs across Mississippi with dedicated business solutions, helpful tools, and personal support you can count on.
Members Exchange Federal Credit Union proudly serves businesses across Mississippi, including Hinds, Madison, Rankin, Simpson, Copiah, Attala, Claiborne, Covington, Holmes, Jasper, Jefferson, Jefferson Davis, Jones, Lawrence, Leake, Lincoln, Neshoba, Newton, Scott, Smith, Warren, Winston, and Yazoo Counties.
Ready to take the next step? Contact us, visit a branch, or call us at (601) 922-3350 or 1-800-748-9459 today. At MEFCU, we make business banking personal, so your business can go further.
*Must meet bonus requirements within 90 days of account opening. Bonuses will be deposited within 30 days after requirements are met. Business must be in good standing at the time of payout. Limit one per business. Other restrictions may apply. Basic checks
