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CORPORATE OFFICE

Level One Bank

32991 Hamilton Ct.
Farmington Hills, MI 48334
Phone: 248-737-0300

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MORTGAGE LOAN CENTER

Level One Bank

1328 S Main Street
Ann Arbor, MI 48104
Phone: 734-213-1515

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ANN ARBOR

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195 N. Maple Road
Ann Arbor, MI 48103
Phone: 734-794-5225

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ANN ARBOR

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125 W William St.
Ann Arbor, MI 48104
Phone: 734-761-1475

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ANN ARBOR

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3930 South State St
Ann Arbor, MI 48108
Phone: 734-418-9995

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BIRMINGHAM

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1712 West Maple Road
Birmingham, MI 48009
Phone: 248-723-4800

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BLOOMFIELD

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6450 Telegraph Road
Bloomfield Hills, MI 48301
Phone: 248-406-8905

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BLOOMFIELD

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37100 Woodward Avenue
Bloomfield Hills, MI 48304
Phone: 248-530-7401

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DETROIT

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1420 Washington Boulevard
Detroit, MI 48226
Phone: 313-309-9980

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FARMINGTON HILLS

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30095 Northwestern Highway
Farmington Hills, MI 48334
Phone: 248-865-1300

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FARMINGTON HILLS

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30201 Orchard Lake Road
Farmington Hills, MI 48334
Phone: 248-737-1110

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FERNDALE

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22635 Woodward Avenue
Ferndale, MI 48220
Phone: 248-414-6500

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Grand Rapids

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2355 Burton St. SE
Grand Rapids, MI 49506
Phone: 616-827-4400

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JACKSON

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611 N Wisner
Jackson, MI 49202
Phone: 517-917-0908

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NORTHVILLE

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20550 Haggerty Road
Northville, MI 48167
Phone: 248-380-6590

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NOVI

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44350 W. 12 Mile Road
Novi, MI 48377
Phone: 248-735-1000

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Rochester Hills

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1880 S. Rochester Road
Rochester Hills, MI 48307
Phone: 248-710-3700

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STERLING HEIGHTS

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43683 Schoenherr Road
Sterling Heights, MI 48313
Phone: 586-412-1800

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Read Our Blog Articles

How To Make The Money In Your Small Business Deposit Accounts Work for You

Posted on: March 12, 2020

Useful Tips From Our Local Michigan Bank

bussiness inner 2 As a small business owner, you know that cash flow is king. You need money – today – to pay your rent, your employees, and your suppliers. When the influx of dollars from customer payments slows unexpectedly, your cash reserves keep your business operating. The timing of receivables often ebbs and flows, but managing your expenses is within your control. What if you could organize your accounts to help with expense management, and even make a little extra money (or save on costs) in the process? Banks in Michigan (and across the U.S.) have solutions; they recognize the importance of cash flow, and many offer deposit accounts that help small business owners put their money to work.

Building Your Business with Deposit Accounts

Your deposit accounts with our local, Michigan-based bank can be organized to help you cover surprises like the cost of a new laptop for a salesperson or materials for a larger-than-planned order. But the advantages of having a savings account for your company extend beyond a cash reserve.

Here’s how you can organize and maybe make a little extra money with your deposit accounts:

  • Your surplus dollars can typically earn interest. This primary benefit of savings is well known. Many banks, including Level One Bank, offer business owners traditional savings accounts or high yield /money market accounts that earn interest, typically earning more interest than a checking account with larger balances.
  • Help you save money for known expenses. Monthly deposits into a separate savings account can help build a reserve to use for periodic outlays like insurance, quarterly taxes, or employee bonuses. You'll remove the worry about writing a big check, and your deposits can generate some interest (Yay Extra Cash!) over time.
  • You can potentially limit the need to borrow money (and the costs associated). Accounts receivables financing or factoring can get expensive (you’ll likely pay 10-25 percent of the receivable value for the loan), so establishing a savings account structure (with appropriate short term borrowing solutions with your Michigan bank -and banks across the U.S.) will often times, help keep your receivables value whole.
  • You can help build your business credit. If you do need a larger loan, a savings account can demonstrate your financial stability to lenders as they evaluate whether to finance your expansion plans.
  • You’ll have collateral outside of your business financials. Some types of savings tools, like Certificates of Deposit, can enable you to meet lenders’ collateral requirements. Collateral is useful when you’re applying for a business credit card or seeking financing for large purchases such as new equipment.
  • Your money is protected. The FDIC insures your business bank accounts up to $250,000 per depositor.
  • Protect yourself, your clients, and your money faster. Use your bank’s mobile app to securely deposit checks, or transfer money from your checking into your savings. The remote deposit feature allows on-the-go and quick access to your bank account. You can avoid carrying checks to the bank which can in turn keep your customer’s financial information more secure and your bank account balance more current. Not to mention, with your money in the bank sooner, you can start earning interest sooner too.

Put Your Money to Work!

bussiness inner

Frugality is part of the small business owner's DNA. You spend a significant amount of time making sure you have the cash to cover your business expenses and carefully managing your spending.

As you’ve read, there’s a lot of upside to using deposit accounts for your company. When you have enough cash flow history to know how much you’ll need to cover monthly expenses, think about opening a business savings account. You’ll still have access to your money, and you’ll be putting it to work earning a little extra cash for your business. Be sure to manage your accounts closely though, some banks in Michigan (and across the U.S.), may have some fees that end up reducing your earnings.

Talk with the team at Level One Bank for more information about business deposit accounts. We’re rated one of Michigan’s best banks because we make banking better for all our customers.

“Saving is never easy. Many small business owners work essentially hand-to-mouth. However, a change in mindset to include savings as part of a business’s budget is one way to ensure that you’ll be able to control your circumstances.” – Barbara Weltman

Posted in: Your Business

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