Last year, Centier Bank was named on Forbes’ list of best-in-state banks in Indiana, and their account holder ratings tend to be great. But, I wanted to know more about their offer as it applies to businesses, so I did the deep dive.
If you’re a business owner, your bank account is a fundamental asset – you need to know you’re banking at the right institution, especially if you plan to apply for credit.
So, is this where you should be banking? Let’s find out.
Here’s what’s in store:
- What Makes a Business Bank Account so Significant?
- What Kind of Bank is Centier?
- Centier Bank Business Offer Summary
- Frequently Asked Questions
- Final Thoughts
So, let’s jump in!
What Makes a Business Bank Account so Significant?
You probably already know that a business bank account is important because it keeps your business money separate from your personal cash. Naturally, it makes you look pro in front of clients and keeps the taxman happy.
Plus, you get access to cool business services like loans and credit cards. It’s convenient too with online banking. And, it helps build your business’s credit history, which is awesome for getting loans or sweet deals from suppliers.
And, it can protect your personal stuff if things go south with your business. While some contractors and solopreneurs opt to use one account for business and personal transactions, the institution you bank with is definitely a big deal for any business!
Now, what you may not know is that your relationship with your bank is one of the most powerful assets you can nurture when you want substantial lines of credit. So, let’s find out if Centier has the right stuff.
What Kind of Bank is Centier?
Centier Bank is a family-owned bank that primarily operates in the state of Indiana, USA. It’s considered a regional bank with a strong focus on community banking. As a family-owned institution, it often emphasizes personalized service and community involvement.
Centier Bank provides a range of financial services, including:
- Personal banking
- Business banking
- Credit services
- CDs and IRAs
Its community-oriented approach sets it apart from larger, national banks, making it a more personal and local choice for customers in Indiana.
In our workshops, I typically recommend that business owners bank away from bigger banks. I often cite community banks and credit unions as the best places to open business accounts. For the record, I’m also a fan of many regional banks.
Recommended: 3 Best Credit Unions for Small Business Banking
Centier Bank Company Overview
Henry Schrage founded Centier Bank in 1895, and the company has been registered in the state of Indiana since 1937 – The institution has been around for over a century. So far, the Schrage family still stands behind their “not for sale” promise to account holders and the community.
I suspected that, after some digging, I might find that the company had been sold, in part, to someone outside the family…many times, marketing teams take plenty of liberty with their messaging. Fortunately, this time, that’s not the case. The current President and Director of Centier is Michael E. Schrage, Henry Schrage’s great grandson.
In my experience, this level of transparency is quite rare, and it impresses me. The Schrage’s even opened a museum that details the history of Centier in Whiting, Indiana (about a 40 minute drive from the bank’s headquarters in Merrillville).
Centier is the state of Indiana’s largest privately-owned bank, so the offer falls somewhere on the midline between big bank and community credit union.
And, just for fun, here’s an image of a Minecraft build of the Centier Bank tower and lobby in Gary, Indiana by u/WillofIam.
Centier Bank Business Offer Summary
If you’re thinking of conducting any business banking with Centier, you need to know about more than the company size and leadership. So, let’s explore some details about the financial products.
Business Banking Products
Centier Bank offers two business checking account options.
The MyBiz Checking account is well-suited for small to mid-sized businesses. It provides features like free first 400 transactions, a business debit card, and various digital banking features, including account management and bill payments. Notably, this account does not have a monthly fee.
For businesses requiring Automated Clearing House (ACH) transfers and domestic Wire Transfers, the MyBiz Plus Checking account is an option. It has the same features as MyBiz Checking but includes ACH Origination and Wire Origination for a monthly fee of $15.
These accounts cater to various business sizes and operational requirements, making Centier Bank a versatile choice for business banking needs.
Centier also offers a business savings account. It’s a no-frills business savings account designed to help businesses grow their savings while keeping costs in check.
The Commercial Savings account offered by Centier Bank is a straightforward option for businesses looking to save. To avoid the $3 monthly fee, you’ll need to maintain a minimum balance of $1,000 – This account earns monthly interest if the minimum balance is maintained, provides online access, and is FDIC insured, ensuring the safety of deposited funds.
Centier Bank’s savings account interest rate is not disclosed in their advertising because it’s variable for the Commercial Savings accounts. However, personal accounts can earn up to 5%, so the amount is likely to be somewhere in this realm. Connecting your savings account to your checking account will impact the rate, as will the number of transactions going through your checking account each month.
Recommended: Dun & Bradstreet / How to get a DUNS Number
Online & Mobile Banking
Centier Bank’s business online and mobile banking offers a range of features to facilitate efficient banking for businesses:
- Nationwide ATMs – Access to a wide network of ATMs.
- ACH & wire – Facilitates electronic fund transfers between institutions.
- Unlimited checks – No restrictions on check usage.
- Mobile deposit – Allows depositing multiple checks through the mobile app.
- Bill pay – Provides secure 24/7 bill payment services.
- Manage cards – Easily handle card-related tasks.
- Manage alerts – Customizable notification settings.
- Money management – Tools to track expenses and financial goals.
- Sub-user access – Control online banking permissions.
- Quicken® and Quickbooks® integration – Convenient data export to popular financial software programs (in addition to Autobooks™).
- Mobile banking app – 24/7 access to banking services.
- Digital wallet – Compatibility with various mobile payment options like Google Pay and Apple Pay.
These services aim to streamline business banking, but specific terms and fees may apply depending on the chosen features.
Autobooks™ is Centier’s bespoke digital payment solution for small businesses.
- Receive payments directly in your online and mobile banking.
- Accept credit cards, debit cards, and ACH transfers.
- Create custom digital invoices with your logo.
- Easily monitor all transactions in one place.
- Automate bookkeeping entries and access financial reports.
- Receive expertise from Centier’s Business Banking team.
This solution can simplify payment processing and invoicing, accessible in your Mybiz Business dashboard and mobile banking. A transaction fee applies for card-based and ACH transactions after the first two months free trial.
The transaction fee for Autobooks™ is as follows:
- 3.49% of the transaction amount for card-based transactions.
- 1% of the transaction amount for ACH.
It’s important to note that there are no equipment costs or per-item charges associated with Autobooks.
Business Funding Offers
Centier Bank also offers a variety of business loans and lines of credit:
- Term loans – These provide extended working capital with various terms and repayment choices, making them suitable for real estate acquisition, equipment purchase, and expansion.
- Lines of credit – Seasonal and revolving lines of credit offer short-term working capital to supplement cash flows, aiding in financing seasonal expenses and supplier discounts.
- Letters of credit – These assist in guaranteeing payment to suppliers and establishing credit with new vendors, whether for local or global trade.
- Middle market loans – Available for businesses with financing requirements from $1,000,000 to $115,000,000+, providing a diverse lending solution.
- Small business loans – Assistance with navigating Small Business Administration (SBA) loan options is available to help businesses find the most suitable option.
The terms for these Centier’s funding options vary. You can find our more by reaching out to a Centier banker in your area.
Centier Bank Commercial Card
Centier Bank’s Commercial Card offers a range of benefits for your business. With this card, you can earn monthly cash back rebates, which are deposited directly into your Centier Business Checking account.
The best part? – There are no membership or monthly service fees, and monthly payments are automatically debited from your business checking account for added convenience.
You can also:
- Manage your cards
- View account activity and statements
- Run audit reports online
- Issue employee cards
- Monitor and control spending
Additionally, you can rest easy knowing that Mastercard provides protection against unauthorized charges if your card is ever lost or stolen.
Frequently Asked Questions
What type of bank is Centier?
Centier Bank is a full-service regional bank based in Indiana, offering a wide range of personal and business banking services, including checking and savings accounts, loans, credit cards, and more. It is a community-focused bank with a strong local presence.
Is Centier Bank FDIC insured?
Yes, Centier Bank is FDIC insured. Your deposits with Centier Bank are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum allowable limit, providing a high level of security for your funds.
What is the cut off time for Centier bank?
The cut-off time for Centier Bank may vary depending on the specific transaction or service. It is advisable to contact your local Centier Bank branch or their customer service for precise cut-off times related to your banking needs.
How long does it take for a deposit to go through Centier?
The processing time for deposits at Centier Bank can vary depending on the type of deposit and the specific transaction. Electronic transfers and direct deposits typically clear within a business day. For detailed information regarding a specific deposit, contact Centier Bank directly for accurate processing times.
In summary, Centier Bank offers a strong choice for business owners. They provide a range of business banking services, including tailored checking and savings accounts, funding options, and the Autobooks™ solution for payment processing.
As a family-owned regional bank in Indiana, Centier emphasizes community involvement and personalized service. Their online and mobile banking services offer convenience and flexibility.
The Commercial Card allows businesses to earn cash back rebates without monthly fees, making it a beneficial choice. Centier Bank is also FDIC insured, ensuring the safety of your funds.
Overall, if you’re a business owner in Indiana, Centier Bank is a solid and community-focused banking option to consider.Interested in learning how to get up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!