Business FAQ

Is a Social Security number required to open a business checking account?

  • In order to open a business checking account, Magnolia State Bank requires the business' Federal Employee Identification Number (EIN) for most business types.  If your business is a Sole Proprietorship or you're the sole LLC member, then a Social Security number is acceptable.  See our Business Account Requirements for the complete requirements.
What documentation is required to open a business account?
 
  • This documentation will vary based on your business type and business needs.  Contact a Customer Service Representative at your local branch to know what documents you will need during the account opening process.
How do I open a business checking account?
 
  • You can open a business checking account by talking with a Customer Service Representative at your local branch.
What's the minimum opening deposit for business accounts? 
 
  • Our business checking accounts require a minimum opening deposit of $100.
Can I review and make transactions with my business account online?
 
  • Yes.  Our Business Checking accounts come with Digital Banking. This allows for fast, secure, and easy banking access from anywhere, anytime, 24 hours a day, 7 days a week.
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