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505 Cycles Customer Story

505 Cycles Team Members

505 Cycles

This is a great partnership!

Peddling a Passion.
The next time you are cycling through Kinsey Trail in Farmington keep an eye out for the 505 Cycles team. Owners Rhonda and Dale Davis have been in the business of selling bikes in Farmington, NM for just three years and shredding the local trail systems even longer. Pinion Mesa is another favorite trail system says Dale, “It’s like nothing else around here. At one point you’re in a forested section and a couple miles later you’re riding through a moon landscape.” As you can tell, operating a bike shop isn’t just about selling bikes, its about recreation, getting outside and experiencing happiness.

Outside Matters.
Getting outside is a passion at 505 Cycles and New Mexico is unsurpassed when it comes to offering world-class landscapes and diverse outdoor amenities and experiences. Being a leader in your community requires courage, couple that quality with a passion in everything you do, big things will start happening. Naturally – on August, 24, 2020 – the state of New Mexico announced the launch of endeavOR. A coalition of New Mexico business owners advocating for more investment and job growth in the state’s outdoor and recreational economy.

Before all of this big news were meetings, many meetings in coffee shops exploring names, developing plans, building a board, and discussing not-for-profit organizations. And it all happened in Farmington, NM. Amid the COVID-19 crisis, endeavOR reached a 100 member milestone on December 15, 2020. Dale, Rhonda and others formed a force of nature. How big is a force you inquire? Learn more at endeavornm.org.

You need reliable team.
Building a profitable business is a different story. “A big part of our business is our people. We have brands other bike shops have too. There’s another Kona dealer an hour away in Colorado, but they can’t replicate our people.”, Rhonda says with confidence. “So, if you have a fantastic team of people providing that customer service, knowledge and you’re doing the right thing. There’s a lot of places that just don’t do the right thing and that’s a BIG DEAL.” At 505 Cycles it’s not all about getting the best deal possible. They also love seeing a happy customer.

We’re Doing Good.
The business of selling bikes is good. “One of the things I have noticed last year when everything went crazy. We had people coming in who knew nothing about mountain biking. And they had nothing else to do. They came in and bought mountain bikes. We were afraid it was going to be a New Years resolution for a lot of people. And to see those same people still coming in, upgrading their bike and buying gear, and they’re smiling and they’re happy and they’re telling you “I lost 30 pounds, I’m feeling so much better, my whole family is riding, and they’re happy! To see that happiness and the things 505 Cycles does, helping people and bringing them happiness, that is a big deal.” Dale nods his head, smiles and says, “I love walking in here.”

In 2020, the COVID-19 pandemic fueled a bicycle boom. Bicycle sales pretty much tripled across the county leaving inventory out on the trail, not on the shelf. Bikes are still hard to find in 2021. Remembering 2020 and making a conscious choice to live healthily was just as much in mind as it was in spirit. Rhonda, talking about their customers said, “They sure wanted that liberty to be outside and that freedom you could really see that in their spirit.” There is no doubt 505 Cycles is a local favorite and they will do more than just sell bikes to your community – they will invest in it for good.

The Fun Starts Here!

4301 E Main St

Farmington, NM 87402

505-326-0429 | 505cycles.com

 

Required documentation for business accounts

Documents required for all business accounts

  • Business name, physical address, contact information
  • Tax ID number
  • Type of ownership
  • Number of owners with 25% or greater ownership of each entity and the Beneficial Ownership Certification Form

Owner/signers’ information

  • Name, address, contact information
  • Social Security Number
  • Driver’s license or identification card

­­­­­­­­­­­­­­

Locate your business type below. Collect copies of the necessary documents in advance of coming in to open your account.
Corporation
  • Proof of EIN
  • Certificate of Incorporation
  • Articles of Incorporation
  • Certificate of Good Standing through state agency
  • Bylaws
  • Meeting minutes
Limited Liability Company (LLC)
  • Proof of EIN
  • Certificate of Organization
  • Articles of Organization
  • Certificate of Good Standing through state agency
  • Operating Agreement
Sole Proprietor (DBA)
  • Proof of EIN (if applicable)
  • Business license/registered trade
  • Statement of trade name (CO only)
Estate
  • Proof of EIN
  • Letters testamentary/appointment of personal representative
Non-Profit Corporation
  • Proof of EIN
  • 501 (c)(3) determination letter
  • Certificate of Incorporation
  • Articles of Incorporation
  • Certificate of Good Standing through state agency
  • Bylaws
  • Meeting minutes
General Partnership
  • Proof of EIN
  • Articles of Organization
  • Partnership Registration with state agency
  • Partnership Agreement
Unincorporated Associations
  • Proof of EIN
  • Letter including officer names and authority level
Trust
  • Trust agreement
  • Tax ID number if applicable

Free services available

Free digital services available with all checking accounts:

  • One solution for all digital banking, whether on desktop, tablet, or mobile device
  • eStatements, eNotices, and electronic tax forms (if applicable)
  • Web Connect for QuickBooks and Quicken
  • Bill pay
  • Mobile deposit with personal mobile device
  • Person-to-Person (P2P) transfers
  • Online banking sub-user capabilities

Other free services available:

  • Telephone banking
  • Business Visa debit cards

*U.S. government-issued ID and proof of residency required to open a new account (if current address is not listed on U.S. government-issued ID). 

Business Checking Plus

This account is ideal for small businesses with no monthly service charges.

 

Features

  • No monthly service charge
  • No minimum daily balance required
  • Free Visa® business debit card
  • Merchant credit card processing services available
  • Cash management available
  • Remote deposit capture available
  • MasterCard® payroll cards available

 

Service charges

  • $100.00 initial deposit to open
  • Free daily currency purchases up to $5,000.00
    • $2.00 per purchase for amounts over $5,000.00
  • No charge for:
    • Check writing
    • ACH debits and credits
    • Debit and credit items
      • Up to combined amount of 500 items ($0.25 per item after 500)

Business Interest Checking

This account is an interest bearing account, ideal for businesses that have low transaction activity and maintain high balances.

 

Features

  • Interest bearing
  • Free Visa® business debit card
  • Merchant credit card processing services available
  • Cash management available
  • Remote deposit capture available
  • MasterCard® payroll cards available

 

Service charges

  • $1,000.00 initial deposit to open
  • $6.00 monthly service charge
    • Fee is waived with a $1,000.00 minimum daily balance
  • $0.15 per check or other debit
  • $0.15 per deposit or other credit
  • $0.15 per transit item
  • $0.10 per on us item

Commercial Analysis Account

This account is ideal for businesses with high transaction volumes. A monthly analysis statement and earning credits are applied to offset account maintenance fees.

 

Features

  • Analysis statement
    • Earnings credits are calculated at 90 percent of the three month US Treasury Bill rate effective each Wednesday.
  • No minimum daily balance required
  • Free Visa® business debit card
  • Merchant credit card processing services available
  • Cash management available
  • Remote deposit capture available
  • MasterCard® payroll cards available

 

Service charges

  • $100.00 initial deposit to open
  • $10.00 monthly service charge
  • $0.15 per check or other debit
  • $0.15 per deposit or other credit
  • $0.07 deposited item charge
  • $0.0004 per amount of cash deposited
  • $2.00 for each returned deposit item
  • $0.10 per roll of coin
  • $0.25 per strapped currency (out)
  • $5.00 per cashier’s check
  • $25.00 per stop payment
  • $20.00 per domestic wire transfer fee
  • $45.00 per international wire transfer fee
  • $5.00 incoming wire fee
  • $2.00 per ACH return item fee

Business Money Market

Money Market accounts are interest-bearing accounts that don’t tie up funds. Unlike a CD, which locks funds for a set period, a Money Market allows full access to funds; make deposits and limited withdrawals. Ideal for emergencies.

Features

  • Interest bearing

Service charges

  • $1,000.00 initial deposit to open
  • $10.00 monthly service charge
    • Fee is waived with a $1,000.00 minimum daily balance
  • Six free withdrawals or transfers per month
    • $10.00 per withdrawals or transfer after the sixth
    • No more than six transfers may be made by check, draft, or debit card to a third party

Business Savings

Features

  • Interest bearing

 

Service charges

  • $500.00 initial deposit to open
  • $2.00 monthly service charge
    • Fee is waived with a $500.00 min daily balance
  • Six free withdrawals or transfers per month
    • $2.00 per withdrawal or transfer after the sixth

Business CDs

CDs typically yield a higher return over a longer period. At maturity, funds are readily accessible and new strategic options can be discussed.

 

Features

  • Interest bearing
  • Various terms available
  • Competitive rates for specific terms
    • Check our current rates below

 

Service charges

  • $1,000.00 initial deposit to open
  • Early withdrawal penalty may apply

Safe deposit boxes

Choose from a variety of sizes, offered at 500 West Main Street in Farmington and 77 West Main Street in Cortez.*

  • 3×5      $15.00 annually
  • 3×10    $25.00 annually
  • 5×5      $25.00 annually
  • 5×10    $50.00 annually
  • 10×10  $75.00 annually

*No insurance coverage is provided on box contents by FDIC or this financial institution.

Other fees

  • Box drilling fee $25 (does not include locksmith fee which ranges from $100-$350)
  • Lost key/re-key $15 (does not include locksmith fee which range from $75-$200)

Night deposit

Can’t make it to the bank before close? Night deposit is available at each of our seven locations. A convenient way for to drop off end-of-day deposits. Visit us at any location and ask for a secure night drop deposit bag. (Night drop bag fee will apply.)

Current deposit rates

Rates are annual percentage yields (APY)

 

Certificate of depositAPY/Interest rate

Certificate of deposit


90 day fix rate CD

APY/Interest rate


no

Certificate of deposit


$1,000+

APY/Interest rate


0.050%

Certificate of deposit


6-month fixed rate CD

APY/Interest rate


no

Certificate of deposit


$1,000+

APY/Interest rate


0.100%

Certificate of deposit


12-month fixed rate CD

APY/Interest rate


no

Certificate of deposit


$1,000 to $99,999.99
$100,000+

APY/Interest rate


0.200%
0.200%

Certificate of deposit


18-month fixed rate CD

APY/Interest rate


no

Certificate of deposit


$1,000 to $99,999.99
$100,000+

APY/Interest rate


0.250%
0.250%

Certificate of deposit


24-month fixed rate CD

APY/Interest rate


no

Certificate of deposit


$1,000 to $99,999.99
$100,000+

APY/Interest rate


0.300%
0.300%

Certificate of deposit


30-month fixed rate CD

APY/Interest rate


no

Certificate of deposit


$1,000 to $99,999.99
$100,000+

APY/Interest rate


0.300%
0.300%

Certificate of deposit


36-month fixed rate CD

APY/Interest rate


no

Certificate of deposit


$1,000 to $99,999.99
$100,000+

APY/Interest rate


0.350%
0.350%

Certificate of deposit


48-month fixed rate CD

APY/Interest rate


no

Certificate of deposit


$1,000 to $99,999.99
$100,000+

APY/Interest rate


0.450%
0.450%

Certificate of deposit


60-month fixed rate CD

APY/Interest rate


no

Certificate of deposit


$1,000 to $99,999.99
$100,000+

APY/Interest rate


0.550%
0.550%

Certificate of deposit rates are subject to change at any time and are not guaranteed until account is opened. Minimum balance of $1,000.00 required for all CDs. A penalty may be imposed for early withdrawal.

Transaction Accounts**APY

Transaction Accounts**


Interest Checking

APY


0.050%

Transaction Accounts**


Savings Accounts

APY


0.050%

Transaction Accounts**


Money Market < $50.000.00

APY


0.050%

Transaction Accounts**


Money Market $50,000 - $99,999

APY


0.100%

Transaction Accounts**


Money Market $100,000.00 & Over

APY


0.150%

Offering rates are subject to change without notice.
**The interest rate and annual percentage yield may change after account opening.
**Fees could reduce the earnings on the account.

For current rate information, please call 505.327.3222 (New Mexico), 970.565.8421 (Colorado), or 855.547.3222 (toll free).

Questions?

Contact us