topic Re: What are the Good Business Bank Accounts? in Business Credit

What are the Good Business Bank Accounts?

BronzeTrader — Thu, 08 Dec 2022 17:33:44 GMT

What business banking accounts do you guys use? So far I've had mix bag.

I tried some of the highed rates "internet" business banks and I'm not impressed. I opened nbkc accounts. Only did a couple transactions. Then nbkc does not like it. So I'm closing it. Mercury is just awful. It took one whole week to cash a small personal check deposit to fund the new account. Novo is ok. But I do not really need the stuff it offers.

A lot of the other banks have min balance requirement or monthly fees. For most of the local banks, I'll have to go to branches to open new accounts.

Basically I want account with low maintenance (no fees), mobile banking with mobile deposit. And easy ACH access.

Any good ones out there?

Re: What are the Good Business Bank Accounts?

SouthJamaica — Thu, 08 Dec 2022 17:44:09 GMT

@BronzeTrader wrote:
What business banking accounts do you guys use? So far I've had mix bag.

I tried some of the highed rates "internet" business banks and I'm not impressed. I opened nbkc accounts. Only did a couple transactions. Then nbkc does not like it. So I'm closing it. Mercury is just awful. It took one whole week to cash a small personal check deposit to fund the new account. Novo is ok. But I do not really need the stuff it offers.

A lot of the other banks have min balance requirement or monthly fees. For most of the local banks, I'll have to go to branches to open new accounts.

Basically I want account with low maintenance (no fees), mobile banking with mobile deposit. And easy ACH access.

Any good ones out there?

I don't like to shill for big banks but honestly, for me, Chase is the gold standard.

Re: What are the Good Business Bank Accounts?

BronzeTrader — Thu, 08 Dec 2022 17:50:39 GMT

I've had account with Chase, BofA, WF etc. But I do not want to deal with monthly fee stuff any longer.

This is just for a secondary small account that for some side gigs that I like to keep low profile and low maintenance.

Re: What are the Good Business Bank Accounts?

RootDet — Thu, 08 Dec 2022 20:25:09 GMT

Service Credit Union if your in the membership foot print.

Re: What are the Good Business Bank Accounts?

pizzadude — Thu, 08 Dec 2022 21:54:06 GMT

If you can deal with the lackluster customer service in their biz department, NFCU's biz checking / savings accounts are free, although ACH outbound limits are paltry at $5K.

Re: What are the Good Business Bank Accounts?

Drifter73 — Fri, 09 Dec 2022 01:00:58 GMT

From personal experience, I use the following for different reasons:

FirstIB = Basic business checking with no maintenance fees. (No physical locations, based online, been with them 13+ years, primarily a middle-man account to facilitate online coop accounts that require bank linking - e.g. Paypal)

MCCU = basic business checking, Geofenced credit union in South Texas with no maintenance fees (6 year relationship, mainly used for misc and petty cash).

PNC = Basic business checking, national reach in locations, with $10 maintenance fee for Balances that drop below $500 (6 mo. Relationship, primary usage is business credit card payments and consolidations)

TDECU = Basic business checking Geofenced to South Texas, with a $10 maintenance fee (2 year relationship, primary use is for biz loans and Geo-local client deposits)

To each their own. Sharing in case you might want to look into one that might work for you too.

Re: What are the Good Business Bank Accounts?

C6 — Fri, 09 Dec 2022 03:06:33 GMT

If you are in a state with Truist branches they have a free basic business checking. They offer a $200 new account bonus too. I have been pleased so far.

Re: What are the Good Business Bank Accounts?

woodyman100 — Fri, 09 Dec 2022 10:38:47 GMT

Amex has a digital bank account if you're already a customer.
no fees

60k points bonus as well right now

Re: What are the Good Business Bank Accounts?

BronzeTrader — Fri, 09 Dec 2022 12:58:50 GMT

@woodyman100 wrote:
Amex has a digital bank account if you're already a customer.
no fees
60k points bonus as well right now

I have that one. But looking for something with low profile.