Three business checking tiers designed for Northwest Florida enterprises — from single-member LLCs to high-volume commercial operations and nonprofits. Free accounts start at $100 with 250 monthly transactions included. No hidden fees. NCUA insured.
Eglin Federal Credit Union serves over 2,400 business accounts across Okaloosa, Walton, and Santa Rosa counties. Business checking products are structured around transaction volume: Free Business Checking covers the needs of most small businesses and startups, Premium Business Checking handles high-volume operations with unlimited transactions, and Nonprofit Checking provides fee-waived accounts with donor management reporting for qualified 501(c)(3) organizations. All tiers include online and mobile banking, ACH capability, and business Visa debit cards.
The workhorse account for small businesses, sole proprietors, and veteran-owned startups. Free Business Checking at Eglin Federal Credit Union carries no monthly maintenance fee, no minimum balance requirement after the $100 opening deposit, and includes 250 free transactions per month. Transactions include checks written, checks deposited, ACH debits, ACH credits, debit card purchases, and electronic transfers. Items beyond 250 are charged $0.25 each — a rate most small businesses never reach.
Each account comes with a business Visa debit card featuring real-time transaction alerts, daily spending limits you control through the mobile app, and contactless tap-to-pay capability. Remote deposit capture lets you photograph and deposit checks from a job site, office, or vehicle without visiting a branch. Monthly statements are available electronically through online banking or by mail.
For businesses processing high volumes — restaurants, retail operations, government contractors, and medical practices — Premium Business Checking removes all transaction caps. Unlimited checks, deposits, ACH originations, and debit card transactions for a flat $25 monthly fee. That fee is waived entirely when your average daily balance stays at or above $10,000.
Premium accounts include earnings credit: a monthly credit applied against service charges based on your average collected balance. The current earnings credit rate is 1.00% annualized. For a business maintaining a $50,000 average balance, the earnings credit offsets approximately $41 per month in service fees — effectively making the account free while generating value from idle operating cash.
Premium accounts also qualify for positive pay fraud protection. Positive pay matches presented checks against your issued-check file. When the check number, amount, or payee does not match, the system flags the item and sends an alert. You decide in real time whether to pay or return the check. For businesses issuing 50 or more checks monthly, positive pay is the single most effective defense against check fraud.
Qualified 501(c)(3) organizations receive a fee-waived checking account with unlimited transactions, no minimum balance, and no monthly maintenance charges. Nonprofit Checking includes specialized reporting that separates donor deposits from operational expenses, simplifying annual reporting and grant reconciliation. Multiple authorized signers can be added at no charge, and the account integrates with popular nonprofit accounting platforms through standard OFX and QBO data export.
Eglin Federal Credit Union enables ACH origination for all business checking tiers. Originate payroll direct deposits to employee accounts at any U.S. financial institution. Schedule vendor payments on recurring cycles. Collect customer payments via ACH debit authorization. Batch processing is available for businesses submitting 100 or more ACH items per cycle. Same-day ACH is supported for time-sensitive payments with a per-item fee of $5.00.
Every business debit card issued by Eglin FCU includes real-time controls accessible through the mobile app. Set daily transaction limits, restrict purchases by merchant category, enable or disable international transactions, and instantly freeze a card if it is lost or compromised. Transaction alerts arrive via push notification, email, or SMS within seconds of each authorization. All business debit cards include Visa's Zero Liability policy for unauthorized transactions reported within 60 days.
Eglin Federal Credit Union prioritizes veteran entrepreneurs. Veteran-owned businesses — verified by DD-214 with honorable discharge or VA disability rating letter — receive reduced origination fees on business lines of credit, waived first-year annual fees on business credit lines, and access to the credit union's veteran business mentorship network. The mentorship program pairs startup owners with established veteran entrepreneurs in the Northwest Florida business community for quarterly advisory sessions.
| Feature | Free Business | Premium Business | Nonprofit |
|---|---|---|---|
| Monthly Fee | $0 | $25 (waived at $10K avg balance) | $0 |
| Minimum Opening Deposit | $100 | $100 | $100 |
| Monthly Transactions | 250 free ($0.25 each after) | Unlimited | Unlimited |
| ACH Origination | Yes | Yes (priority processing) | Yes |
| Positive Pay | No | Yes | No |
| Earnings Credit | No | 1.00% annualized | No |
| Business Visa Debit | Yes | Yes | Yes |
| Remote Deposit Capture | Yes | Yes | Yes |
| Donor Reporting | No | No | Yes |
For small business resources and veteran entrepreneurship programs, visit the U.S. Small Business Administration.
Three tiers: Free Business Checking (250 free transactions/month, no monthly fee, $100 minimum opening deposit), Premium Business Checking (unlimited transactions, $25/month waived at $10K average balance, positive pay, earnings credit), and Nonprofit Checking (unlimited transactions, no fee, donor reporting for 501(c)(3) organizations).
Yes. All business checking accounts include ACH origination for payroll, vendor payments, and customer debits. Batch processing handles 100+ items per cycle. Same-day ACH costs $5.00 per item. Setup requires a completed ACH origination agreement and standard business verification documents.
Positive pay matches checks presented for payment against an issued-check file you upload. Any mismatch in check number, amount, or payee triggers an alert. You approve or reject the item in real time. Available on Premium Business Checking accounts. It is the most effective defense against altered, counterfeit, and unauthorized checks.
Yes. Veteran-owned businesses verified by DD-214 or VA disability letter receive reduced origination fees on business loans, waived first-year fees on credit lines, and access to the veteran business mentorship network. Benefits apply to sole proprietorships, LLCs, and corporations with majority veteran ownership.
You need Eglin FCU membership ($5 personal share deposit), your EIN or SSN (sole proprietors), articles of incorporation/organization, a business license, and government-issued ID for all signers. Open at any branch or call (850) 862-0111. Minimum opening deposit is $100.
Business share savings, money market, and certificates with competitive dividend rates.
Lines of credit, commercial real estate, equipment financing, and SBA lending up to $3M.
Domestic and international wire transfers for business payments and vendor settlements.
Full overview of Eglin Federal Credit Union products, rates, and membership eligibility.
Eglin FCU