Business Solutions for Taos' Businesses.
Your business has unique banking needs. Our business solutions are built to see businesses in Taos County succeed. They include convenient checking and savings accounts for businesses, non-profit organizations, and municipalities . All business checking accounts include: 24 hour banking services through Online Banking, mobile viewing, or by phone, as well as debit cards, notary services, direct deposit, and check imaging. Learn more about our products and services below.
Consider Making The Switch to Centinel Bank - Taos' Independent, Community Bank Since 1969
If the idea of switching to a community bank from your current bank seems daunting, especially if you've been with that bank since you started your business; we want you to know we make it easy for small business customers to make the switch.
Unlike big banks, as a community bank we offer a long-term relationship that pays off over time, especially when it comes to securing loans and growing your business. Plus, when you bank with us, Taos’ independent - community bank, you’ll be supporting a financial institution that invests in you and your community.
If you’re a small business owner who’s considering making the switch, here are six frequently asked questions about switching to a community bank.
Enterprise Checking
This is the perfect Centinel Bank account for a businesses wanting the ability to write an unlimited amount of checks. This is a non-interest bearing account for a Sole Proprietorship, Partnership, Corporation, LLC and Non-Profit Organization.
Benefits and Features
- Unlimited Check Writing
- Business Debit Card
- Online Banking with FREE Bill Payment option
- Mobile deposit
- Text banking
- View check images online.
- Check images provided on monthly bank statement.
- Month-end bank statements
- Minimum opening deposit of $100
- Have the ability to electronically pay your employees, wire transfer funds and full access to ACH services with our convenient E-Business Services.
- Offer your customers the ability to make a payment with a Credit Card using our Merchant Services.
- If minimum daily balance is above $1,500, there is no monthly service charge. If daily balance goes below $1,500, you will receive a monthly service charge. Service charge will be $14.50 if receiving paper statements or $11.00 if using electronic statements (eStatements)
Enterprise Plus Checking
This account offers all the features and benefits of the Enterprise Checking. Plus, this is an interest bearing account. If you maintain a daily balance of $5,000 or more, there is no monthly service charge. Sole Proprietorship, Non-Profit Organizations, & Government entities are eligible for this account.
Benefits and Features
- Interest is accrued on average collected balance and credited on statement cycle date.
- Unlimited Check Writing
- Business Debit Card
- Online Banking with FREE Bill Payment option.
- View check images online.
- Check images provided on monthly bank statement
- Bank statements sent at end of month
- Contact us to learn about our current deposit rates.
- Minimum Opening Deposit of $100
- Offer your customers the ability to make a payment with a Credit Card. Learn more about Merchant Services.
- Have the ability to electronically pay your employees, wire transfer funds and full access to ACH services with our convenient eBusiness Services. Fees could reduce earnings on the account
- If minimum daily balance is $5,000, there is no monthly service charge. If daily balance goes below $5,000, you will receive a monthly service charge. Service charge will be $18.50 if receiving paper statements or $15.00 if using electronic statements (eStatements)
Enterprise Non-Profit Checking
Centinel Bank is dedicated to helping our community and supporting Non-Profit Organizations that truly make a difference in New Mexico. We offer various deposit services to Non-Profit Organizations with no monthly service charge. Specifically for 501(c)(3) organizations.
Benefits and Features
- Online Banking
- View check images online
- Minimum opening deposit of $100
- If minimum daily balance goes below $1,500, you will receive a monthly service charge. Service charge will be $3.50 if receiving paper statement or there is no service fee if using electronic statements (eStatements)
Enterprise Savings
Do you want to save for the off-season or for that office remodel or the unexpected rainy day? Do you want immediate access to your funds? If so, a Centinel Bank Enterprise Savings is the perfect account for you!
Benefits and Features
- Interest is compounded daily and credited quarterly.
- Online Banking
- Building your savings account can be easy and convenient using Direct Deposit and/or Automatic Funds Transfer.
- Contact us to learn about our current deposit rates.
- Minimum opening deposit of $100
- Three withdrawals per quarter. Subsequent withdrawals are $1.00 per item.
- If you have electronic activity on this account, you will receive a monthly statement; otherwise, your statement will be sent quarterly.
- Fees could reduce earnings on the account
- If minimum daily balance is above $500, there is no quarterly service charge. If daily balance goes below $500, you will be charged a quarterly service charge. Service charge will be $17.50 for paper statements and $14.00 for electronic statements (eStatements).
Business Money Market Account
With a Centinel Bank Money Market Account, you can access your funds through a checking account and earn a higher rate of interest than an Enterprise Plus Checking Account. The number of monthly transactions allowed on this account is limited.
Benefits and Features
- Interest is accrued on average collected balance and credited on statement cycle date.
- Online Banking
- View check images online
- Check Images provided on monthly bank statement
- Bank Statement mailed at month end
- Minimum opening deposit of $100
- Contact us to learn about our current deposit rates.
- Unlimited transfers between CBT accounts when preformed at any CBT branch.
- Transactions are limited to six transactions per monthly statement cycle. A service charge of $7.50 per item will be assessed for transactions that exceed these limits.
- Fees could reduce earnings on the account
- If minimum daily balance is $2,500 or more, there is no quarterly service charge. If daily balance goes below $2,500, you will be charged a quarterly service charge. Service charge will be $15.00 for paper statements and $11.50 for electronic statements (eStatements).
Our Overdraft Protection Service (OOPS)
OOPS accounts are like having “extra cash” when you need it - putting an end to accidental overdrafts. OOPS will automatically advance funds to your checking account to cover unexpected overdrafts. Apply Now.
Business Certificates of Deposit (CD)
- Competitive interest rates for a specified term.
- 3 months, 6 months, 1 year, 2 year, 3 year, 4 year and 5 year terms available with a minimum opening deposit of $1,000
- Early withdrawal penalties may apply.
- Consult with a Centinel Bank personal banker to find the Certificate of Deposit that is right for you.
The following documentation is needed to open a Business Account
Signer documentation requirements:
- **Completed personal information form
- Copy of non-expired Government Issued ID of US Citizens (2 forms of ID for Non-US Citizens)
- Verification of physical address if not on ID (i.e. utility bill)
Business Documentation Requirements:
Sole-Proprietorship:
- Valid Business License
- Completed signer documentation
General Partnership/Limited Partnership
- ** Certification of Beneficial Owners Form
- ** Entity Authorization (dictate # of signer required, addl products and authorizations)
- Certificate of Partnership filed with Secretary of State
- Valid Business License, where applicable
- Partnership Agreements
- Documentation showing authorized signers if not in a partnership agreement, signed by partners
- Verification of EIN from IRS
- Signer documentation requirements
*All general partners must be signers on the account.
Corporation (Inc.) & IOLTA Accounts
- ** Certification of Beneficial Owners Form
- ** Entity Authorization (dictate # of signer required, addl products and authorizations)
- Articles of Incorporation filed with the Secretary of State
- Certificate of Incorporation filed with the Secretary of State
- Bylaws
- Certificate of Good Standing (within the last 30 days)
- Minutes (indicating authorization to open account and all signers and their authority)
- Verification of EIN from IRS
- Signer documentation requirements
Limited Liability Corporation (LLC)
- ** Certification of Beneficial Owners Form
- ** Entity Authorization (dictate # of signers required, addl products and authorizations)
- Articles of Organization filed with Secretary of State
- Valid Business License, where applicable
- Certificate of Organization filed with Secretary of State
- Operating Agreement signed by owners
- Documentation showing authorized signers if not in Operating Agreement, signed by owners.
- Verification of EIN from IRS
- Signer documentation requirements
* If member owned, member can open account, if manager owner, managers must open account.
Nonprofit (follow the requirments for the form of legal entity above)
- 501c 3 (for formal nonprofit)
Informal Associations, Clubs, Organizations:
- Minutes (if applicable) or letter of authorization from authorized representatives
* ALL FEES SUBJECT TO APPLICABLE SALES TAX
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