Business Checking Accounts

For all commercial accounts, small, medium or large, we offer a choice of plans for corporations, partnerships and sole proprietors.

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We will be happy to furnish you a complete printout of the expenses and earnings of your business checking account with us. It is a free analysis based on your typical monthly account activity.

Earnings Credit Account
Your monthly service charge, if any, is determined by your activity and your balance. Activity costs, shown below, are offset by an earnings credit at a fluctuating rate on average monthly collected balance.

Interest Bearing Account
Those businesses eligible for interest-bearing checking accounts will be charged under the schedule shown below. Monthly account charges will be subtracted for the interest credited to that account for the month.

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Accounts Receivable Program

The accounts receivable program is a complete system by which the bank purchases your existing receivables on a discounted basis and takes over the responsibilities for billing your customers and collecting their payments. You get your money immediately! This program enables you to offer terms to your customers, you may increase the volume of your business as well. It's a "win-win" situation for both you and the people who do business with you.

Here's how it works.
The bank buys your receivables up front. When we assume your billing functions, you'll receive money in your account for your present book of receivables. So you begin the process with cash covering most everything that is owed to you. You can use the proceeds from the accounts receivable program to reinvest in your business, take advantage of suppliers' discounts, pay off existing debt... whatever helps create additional profits for your business. On new invoices, you receive immediate cash for charge sales, less a bank service fee, and a reserve for delinquent accounts.

Does the accounts receivable program make sense for your business?
Most businesses want to improve their cash flow. Some want to avoid the hassle of handling their own billing. Every business would like to have more time to get back to doing business. Whatever the reason, it is designed for all types of businesses, from manufactures to retailers, from doctors and dentists to wholesale distributors.

If you would like to see a demonstration of the accounts receivables management program - at your office or at the bank - just give us a call. We'll help you get back to the business at hand.

Commercial and Agricultural Loans
Wadena State Bank also offers a wide variety of Commercial and Agricultural loans along with our Accounts Receivable Program. We have expertise in the SBA, FmHA and Rural Finance Authority programs.

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