Business Accounts Reference Sheet

Exclusive Business Services Chesapeake Bank Business
1. Flexent
a. Helps companies by buying their Accounts Receivable
through a special software and then in turn providing the
company with almost instant cash in hand
b. Helps businesses grow and become more profitable
2. Chesapeake Payment Systems
a. Merchant account services and payment processing for
all sorts of businesses
b. CPS helps with credit and debit cards, gift cards, check
conversion, virtual terminals, and more
3. Chesapeake Wealth Management
a. Offers complimentary review of business succession
plans and offers insights to business owners to keep their
business financial plans well-organized

Chesapeake Bank Business
1. Basic Business Checking
a. Non-interest bearing account
b. Time set up deposit of $1,000 with no monthly fees
afterward
2. Premium Business Checking
a. $20,000 minimum deposit to open
b. Earns interest
c. $15 monthly fee - accounts that keep an average daily
balance of >$20,000, this fee is waived
3. Commercial Money Market
a. Earns interest at a competitive rate
b. $1,000 minimum to deposit to open, this account
features tiered interest on balances >$25,000
c. Check writing and lines of credit privileges
4. myCommunity
a. Interest bearing account for non-profit organizations
b. $10,000 minimum deposit to earn interest
c. No monthly fees or minimum deposits to open the
account
d. Features Business Debit Card, unlimited activity, no fees
at Chesapeake Bank ATMs
e. $8000 limit for withdrawal and $5000 for point of sale

Chesapeake Bank Business Account
Services
1. Business Lockbox
a. For businesses with a high volume of payment
transactions
b. Chesapeake Bank will collect, process, and deposit into
a Chesapeake Bank account
c. Same day processing and deposit, check imaging, and
automated receivable posting - all online
2. Remote Deposit Capture
a. Deposit without going to the bank
b. Customers scan items to deposit, and web-based
programs send a speedy and safe digital deposit to
account
c. Must have a Chesapeake business checking account
d. Features later deposit deadlines, funds available the
same day, no software to buy and install
3. Night Drop
a. For businesses that need to deposit cash and receipts
after normal banking hours, a deposit bag and keys are
rented out
b. Money is counted and posted to businesses’ account the
next morning
4. Business Advantage Payroll
a. Please contact Business Relationship Officer to consult on Payroll services

5. Positive Pay
a. Service and tool to deter ACH and check fraud
b. For checks, Catches duplicates, stops financial loss from
fraud, deters suspicious check activity, fast corrections
of mismatch, safeguard company reputation
c. For ACH: Like ACH block, but gives you the options to
allow or disallow all ACH credits and/or debits and/or
allow or disallow a specific merchant(s)
6. Business Online Banking
a. 2 options - Business Online Classic and Business Online
Advantage
b. Business Online Classic: Cash management at your
fingertips with our free online tools
i. View account information, download data to Quicken,
QuickBooks, or Money, view check images, transfer
money between accounts, and pay bills
c. Business Online Advantage: For a small fee, choose
options that fit your business
i. Wire transfers, stop payments, ACH transactions
originations and uploads, payroll direct deposit
d. *Pricing and Fees are subject to change within 30 days
written notice. Other account fees may apply
7. Business Credit Card
a. myBusinessCard Platinum comes with no annual fees,
rate dedicating by Servis1st, and the ease of overseeing
and managing your account 24/7
b. MyBusinessCard comes with 1% cashback on all
transactions, rate dedicating by Servis1st, and the ease
of overseeing and managing your account 24/7
c. Purchase Card for Employees comes with cardholder
spending controls, integration with accounting and payment systems, and cash back rebate

Business Code Types (what type of
account do I open for this business?

C - Corporation

Premium Business Checking - if balance requirement fits
Commercial Money Market - if they have excess cash to earn more interest
D - Non-Profit Corp

Community Account
Commercial Money Market - if they have excess cash to earn more interest
L - LLC

Premium Business Checking - if balance requirement fit
Commercial Money Market - if they have excess cash to earn more
interest
Basic Business Checking - if minimum average balance below $20,000
K - Non-Profit LLC

Community Account
Commercial Money Market - if they have excess cash to earn more
interest
N - Non-Profit Org

Community Account
Commercial Money Market - if they have excess cash to earn more
interest
O - Organization (ex.
Little League, PTA,
Fundraiser group)

Community Account
Q - Partnership