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Business Savings Accounts
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How do I close my business savings account?
To ensure your account is closed properly please contact us at 866.518.0286 (Monday through Friday 8:00 a.m. – 8:00 p.m. ET).
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Can I add authorized signers to my business savings account?
Yes, you may add up to four additional authorized signers for the Business Savings account (for a total of five authorized signers). Authorized signers must be a U.S. citizen or Permanent Resident and listed on the Entity Authorization provided at account opening.
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When do I start earning interest on my business savings account?
Deposits begin earning interest on the day the deposit is posted to your account. Please allow 1-2 business days for an incoming ACH transfer initiated through the Live Oak Bank Portal to post to your account. Check deposits are posted to the account on the day we receive them. Interest is compounded daily and posted …
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When are the funds in my business savings account available for use?
You may initiate an ACH transfer from your external bank account through the Live Oak Bank Portal. The cutoff time for incoming and outgoing ACH transfers is 4:00 p.m. ET. Please allow 1-2 business days for the funds transfer to process. For security and verification purposes, incoming transfers initiated through the Live Oak Bank Portal …
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How do I deposit funds into my business savings account?
You can transfer funds electronically through an ACH transaction. To do this, log on to the Live Oak Portal and choose the ‘Transfer Funds’ option. You may transfer funds between your Live Oak accounts and your linked external accounts. Please allow 1-2 business days for the transfer to process. Mail your check to our Headquarters: …
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What is the process for opening a business savings account?
To open a Business Savings account, we will ask for the personal information of the authorized signers, business information, and bank account information. We will verify the information provided electronically. Once this information is confirmed, you will enter an amount which will be transferred from the verified bank account into your new Business Savings account. …
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What are the eligibility requirements to open a business savings account?
Authorized Signers must be a United States citizen or Permanent Resident with a valid Social Security Number. People lawfully admitted to the United States on a temporary basis who have DHS authorization to work are not eligible to open an account. We may request supporting documentation for verification. The following business entity types may open …
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Are there any monthly maintenance fees or minimum balance requirements for a business savings account?
There are no monthly maintenance fees or minimum balance requirements for the Live Oak Bank Business Savings account, however, the Dormant Account Fee will apply. If an account has a balance less than $10.01 and no activity for 24 consecutive months (“no activity” is defined as no withdrawals, deposits, contact with a Customer Success Manager, …
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Can I send a wire from my business savings account?
Yes, you can send a wire from your Business Savings account. Fees and cutoff times apply. Click here to see our fee schedule. To send a wire, please call our Customer Success Team at 866.518.0286 for more information.
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What fees does Live Oak charge for business savings accounts?
Account Fees: Monthly Account Fee: No Charge Online Banking Fee: No Charge Miscellaneous Fees: Stop Payment Fee: $25 Returned Item Fee: $10 Legal Actions (tax levies, garnishments, etc.): $50 minimum Outgoing Wire: $19 Dormant Account Fee: If an account has a balance less than $10.01 and no activity for 24 consecutive months, a monthly dormant …
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How do I connect Quick Books to my business savings accounts?
To connect your QuickBooks account with your Live Oak Bank accounts, log in to your QuickBooks account. Then follow these steps: Click “Connect Accounts,” and enter Live Oak Bank in the search bar You’ll be prompted to enter your QuickBooks Access ID and PIN Click on the link in the prompt to generate your unique …
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Can I open an account in the name of my Trust?
No, we do not offer Trust accounts. You may list your Trust as beneficiary if you wish.
