Small Business Checking Accounts: One aspect of business ownership often-overlooked is the separation between personal and company finances. This is mostly done easily with the help of separate business bank accounts. However, finding the right bank account isn’t always easy.
Business checking accounts have different criteria for opening an account than personal checking accounts do. Businesses must submit documentation which are relevant to the business structure, the parties involved in making business financial decisions, and, some times, other business bank accounts.
The fee structure is one of the greatest difference between personal and business checking accounts. Most personal checking accounts come with little or no fees, and fewer restrictions on the number of transactions or deposits each month.
It can be difficult to find a business checking account that doesn’t charge huge fees for simply having and using an account.
A $100 minimum initial deposit is required. Small business owners receive up to $5,000 in cash processing monthly at no cost. There are no restrictions on every other transactions through online banking. Account holders also receive one personalized Visa debit card free.
Also business checking account owners with BBVA Compass receive free digital banking services, no-fee ATM withdrawals at BBVA Compass ATMs, and free mobile check deposits.
BBVA Compass is a large financial institution that offers a variety of other small business account services throughout its 43,000 surcharge-free ATMs and more than 670 branch locations in Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas.
U.S. Bank Silver Business
The U.S. Bank Silver Business checking account gives free business checking for small business owners without a monthly maintenance fee.
The free business checking account allows for up to 150 free transactions per month, with a $0.50 cost for every transaction over the limit.
Small business owners also receive up to 25 free cash deposits every month, and up to 20 free mobile check deposits per month.
Account holders with the U.S. Bank Silver Business checking account also have access to free online banking services, remote check deposits, and business overdraft protection for free. There is no minimum balance requirement, nor a minimum initial deposit.
U.S. Bank is larger than the BBVA Compass, as it operates more than 3,000 branches spanning 28 states, and gives access to more than 4,800 fee-free ATM.
There is a $1,000 minimum initial deposit for all new accounts, but there’s no average monthly balance minimum requirement to meet.
Business owners can access up to 200 free transactions each month, with a $0.30 charge for every transaction above limit. Account holders have up to 60 free checks per month also, including mobile and remote check deposits without fee.
Small business owners have free access to digital banking at no cost, and also image statements and bill-pay for no charge. The account comes with unlimited ATM fee reimbursements too.
Bank of Internet Federal Bank operates through ATMs and has no physical branch locations. While this may be bad for some business owners, other features of the business checking account make it a value as one of the best free business checking accounts.
Small business owners with Capital One have free checking account payments and up to $5,000 in cash deposits every month. While a monthly service fee is charged, it may have been forgiven by business owners when the average balance of at least $2,000 over the last 30 to 90 days.
Account holders receive a free debit card, free overdraft coverage with a connected deposit account for Capital One company, and free online bill-pay services.
Capital One is a large financial institution that operates over 600 branch locations and a network of over 2,000 fee-free ATMs.
The PNC Business checking account is one of the best free small business checking options since it permits account holders to offset the monthly maintenance fee when certain requirements are met.
In order to waive the $10 monthly maintenance fee, small business owners must have a PNC account balance of at least $1,500 average per month. Furthermore, business owners receive up to 150 free monthly transactions, including deposits, paid items, ACH debits and credits.
Business owners also have no expense and no fee for online banking or electronic reports up to a $5,000 cash deposit limit. Account holders with a PNC Business Checking Account have a free Visa business debit card and will not be charged an overdraft protection fee. Products that pay bills are free.
PNC is a big financial institution serving customers nationwide. The bank has over 2,600 physical branch locations as well as 9,000 fee-free ATMs which small business owners with a checking account can access.
Choosing the Best Checking Account for Your Small Business
A business checking account is not great just because it has no charges. Rather, the best free small business checking accounts have several positive attributes, which includes:
Number of transactions each month. A
may limit how many deposits, withdrawals, checks, or electronic payments you make each month. The higher the number, the better the free checking account.
Average daily account balance. Most free business checking accounts require small business owners to keep an average daily account balance. The lower the number, the more value it offers to business owners.
Minimum initial deposit. Some free business checking accounts need a minimum initial deposit. The best free checking accounts for small businesses have low or zero minimum deposit requirements.
Branch locations. Free business checking accounts may have no cost since they have minimal overhead for the financial institution. This implies that few or no physical branch locations. Business checking accounts which are free from a financial institution with branch locations are usually more affordable.
Size of the bank or credit union. The best free checking accounts for small businesses often come from smaller banks and credit unions since they are more community- and relationship-focused.