Business Checking FAQs
What types of commercial accounts does UMB offer?
UMB offers a variety of business checking solutions that provide you with the banking account service your business needs for continued growth.
What documentation does UMB require to open an account?
The documents required for opening a business checking account with UMB account vary according to the type of legal entity under which you do business, and in some cases, by the state under which your business is organized. All businesses must sign a signature card and provide an appropriate authority resolution. These forms are supplied by UMB.
In addition, business customers must provide appropriate verification of their identity, relation to the business, and the legal status of the business. We also verify current bank references. For some typical business entity types, required documentation may include:
- Sole Proprietorship Accounts – Proof of personal identity and copy of business license and/or evidence of fictitious name registration, if applicable.
- Partnership Accounts – Copy of partnership agreement, proof of personal identity, and evidence of fictitious name registration, if applicable.
- Corporate Accounts – Copy of Articles of Incorporation, Certificate of Good Standing or Certificate or Registration, proof of personal identity, and evidence of fictitious name registration, if applicable.
- Limited Liability Partnership (LLP) – Copy of LLP's partnership agreement, and LLP's registration with the Secretary of State, proof of personal identity, and evidence of fictitious name registration, if applicable.
- Limited Liability Company (LLC) – Copy of LLC's charter, if applicable, and articles as filed with the Secretary of State, copy of Operating Agreement, proof of personal identity, and evidence of fictitious name registration, if applicable.
- Unincorporated Association – Documentation may vary, but can include copy of federal or state tax exempt letter, proof of personal identity, and fictitious name registration, if applicable.
What online commercial account service can I use to view my account activity?
UMB Direct - UMB's online Treasury Management portal provides timely and secure information about your bank accounts 24 hours a day, seven days a week. UMB Direct allows you to review up-to-date information by utilizing any or all of the reports referenced below:
- Account Statement
- Balance History
- Transaction Detail
- Transaction Summary
- Balance Columnar
- Transaction Columnar
- Current Day Availability
- Controlled Disbursements
- Cash Position
- Transaction Detail
- Transaction Summary
- Demand Deposit Statement
- Analysis Statement
- Commercial Loan Summary
- Commercial Loan Detail
If necessary, how is a stop payment placed on an item that is written on my company's commercial checking account?
There are two ways to initiate a stop payment:
- The stop may be placed, at a reduced rate, by using UMB Direct services OR,
- A call may be placed to commercial client services at 816-860-5724, and the stop payment can be placed over the phone.
What types of business account investment options does UMB offer?
UMB offers a wide variety of investment options, depending on your needs. Considerations include the time period during which the funds are not needed for ordinary business purposes, whether or not the customer wants the funds to be FDIC-insured, and the customer's specific investment policies. Three options include:
- Certificates of Deposit (FDIC insured, with maturities ranging from 14 days to 72 months).
- Money Market Sweep Account
- Investments through UMB Financial Services, Inc., a registered broker-dealer and member FINRA, SIPC. *
New equipment is needed to update my company's manufacturing facility. Does UMB offer financing and leasing options?
UMB offers financing and leasing options from term loans and lines of credit to leasing and equity financing. UMB has a complete product offering of commercial lending options to meet the needs of a wide range of businesses and industries. For more information, browse our commercial & institutional loan pages.
What is the best way to locate a UMB branch location closest to my company's main offices?
Visit umb.com and click on ATM/Branch Locations to find the UMB branch nearest you.
*Investment products offered through UMB Financial Services, Inc., member FINRA, SIPC, a wholly-owned subsidiary of UMB Financial Corporation.
Not FDIC Insured - May Lose Value - No Bank Guarantee