Bank Of America Small Business Checking – The best banks for small businesses all have one thing in common: They make it cheap and easy to get and use small checks.
So why do we list seven banks and not one? Because it will be the best plan for you based on your needs. Retail stores vs. brick and mortar, solopreneurs vs. multi-member LLCs.
Bank Of America Small Business Checking
To get you started, we’ll look at the best general banks for small businesses, then break it down for more specific needs.
Expired] Bank Of America $2,500 In Branch Business Checking Bonus
Before choosing a bank, make sure you have all the documents you need – the banker will want to know more about your finances and check your credit score. If you’re not sure you’re ready to get started, check out our article on how to open a small business checking account.
For general small business banking, you can’t do better than Chase. With a large network—nearly 5,000 brick-and-mortar locations and 16,000 machines worldwide—you’ll never be far from your bank. Plus, their mobile app lets you deposit online, pay bills, make transfers, and check your balance.
A Chase business account is a good overall choice for new, small businesses — especially if you need to make cash deposits, access free ATMs, or visit brick-and-mortar locations that matter to you. Chase is not a good option if you expect to make more than 200 transactions per month.
While Chase has a relatively low minimum balance, maintain that minimum is the only way to pay off a salary account. So don’t choose Chase if you expect your balance to dip below $1,500 regularly.
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If you plan to use credit for your biggest business purchase, Chase is the bank for you. Their wide selection of cards offer very competitive interest rates, plus points, cash back, and rewards programs.
Consumers Credit Union is one of the easiest credit unions to join. To become a member and account holder;
Credit unions are separate financial institutions. Organizations are not profitable (hence the minimum deposit is low) and when you join one, you get the right to vote in elections for the board of directors.
While credit unions often offer a limited range of financing options, CCU has a wide range of loans to choose from. They also have a free Visa Business Platinum credit card, and they also offer merchant services. And the minimum monthly checking account balance is considerably lower than most banks.
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If the non-professional credit union office speaks to your values, and you also want to use small checks, CCU is a good choice. It’s easier to sign up for, has lower fees and offers more choices than credit unions.
On the other hand, if it is important that you have many options and credit in choosing and keeping a minimum balance will not be a higher problem, it will be better for you to open an account in the bank.
Most small business owners process all their transactions digitally, and get paid the same way. In a brick and mortar location, where you can deposit cash is probably not a priority. Enter online only.
Axos is the oldest, most established online bank in the USA. Basic business checking accounts have no minimum balance and offer a wide range of lending options. Plus, since Axos has no physical location, you can access your Axos account by checking out at any machine in the USA for free.
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If you run an online business, are already comfortable with web hosting, and you expect to do less than 200 transactions per month, Axos is the server of choice. You do not need to maintain a high minimum balance, which can be a relief when your business is just starting out and low on cash. But if your business needs online financing, you have many options.
Best known for its loans, lines of credit and factoring services, BlueVine has expanded into banking. These online-only accounts are easy to open, with no minimum balance requirements or fees for incoming transfers, insufficient funds, or ACH payments. The BlueVine bank account also comes with a debit card and free access to machine banking at the MoneyPass ATM.
The only fees for owners to consider are for cash deposits ($4.95 per deposit) and outgoing wire transfers ($15 per transfer). Transactions involving cash or sending money abroad may add these fees.
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If you’re a freelancer who needs an account to collect online payments and support business expenses, BlueVine is a great fit. If you do not collect cash or wire transfer, this banking system is completely free. Plus, if you want to grow your business online, BlueVine can help you quickly access a loan or line of credit for a quick cash injection.
How To Sign A Check Over To Somebody Else
Based in Florida, but serving national clients, First Home Bank is often considered one of the top 10 most active SBA lenders in the country. It also offers a wide range of other small business banking services – including savings and savings accounts, and non-SBA loans.
The SBA has selected First Home Bank as its preferred lender. This means that if you apply for an SBA loan through First Home, the approval process will be faster than it would be elsewhere.
New businesses and start-ups need quick access to capital. If your number one priority is to get a loan from an SBA loan as quickly as possible, then First Home is the bank for you. But if you want a slow-moving business or multiple brick-and-mortar locations, or small business lending isn’t your number one priority, you’re better off banking elsewhere.
Capital One is the only bank on this list that offers checking accounts with fees, no limits, and no minimum account balances. It also offers five different small business cards.
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Is the idea of counting the number of transactions per month to avoid the terrible fees? If you live near a Capital One bank, handle a lot of business each month, and usually pay by bank card or check, Capital One may be the perfect choice for your business. But it is better if your business is well established and you can easily maintain a minimum balance of $2,000.
With 4,300 branches and 16,000 ATMs, the Bank is everywhere. In addition, they offer some of the best introductory rates for new business checking accounts. That said, you won’t get unlimited free trades like you do with Chase—and free deposits are also limited.
If it’s easy to qualify for Bank of America’s introductory offer, and you don’t foresee any trouble canceling your monthly checking fees, opening a new business banking system can be a great way to earn a little extra cash when your business is small. . .
However, if you are looking for Bank of America mainly because your business needs to deposit a lot of money every month, consider the $7,500 free deposit limit and the cost after you exceed that amount.
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Once you have a bank in mind, start preparing the documents you need to apply for a business bank account. When you’re ready to take the next step in separating your business and personal finances, find the best business paper for your needs.
This posting is for informational purposes only and does not constitute legal, business or tax advice. Everyone should consult their own attorney, business advisor, or tax advisor regarding their transactions on this site. assumes no responsibility for actions based on the information contained herein.
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We are not aware of any direct links to this offer; Reader Matt was gifted this by his Bank of America small business bank. Check with your local branch to see if it’s available to you, you’ll need to talk to a smaller bank. They offer this offer code: BBR7OFF, which helps the bank find it, as there are many different offer codes in their system all the time.
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The Slowdown Business account comes with a monthly fee of $29.95 per month, but that fee is waived for the first three months. After this introductory period you must do one of the following to receive it for free;
You will be able to switch to a Basics check at some point along the way, which has easier requirements: just have $250 in credit or a balance of $5,000. It’s probably worth waiting until good news before downgrading – judging from the previous comments, it can take around 5-6 months.
The most standard business checking bonus from BofA is $200 (recently expired, hopefully it will be renewed soon). We saw a similar $2,000 bonus from BofA in 2015. On the downside
