Knowing this differentiation point from the start will only help you in the long run as your needs change. }
Plus, youre entitled to fee waivers and discounts for business loans and business lines of credit with the bank in the future. line-height: 15px;
Finding the differentiation points with Wells Fargo vs. Bank of America is no easy feat, though, particularly when the accounts have more similarities than differences.
If youve gotten this far, it might seem like the hard work is behind you. Access to information regarding the creation of a small business can help people plan wisely and avoid common pitfalls. To choose the best small business checking account, consider what is essential for your business and whether transactions are done in-person or online. /* BORDERS, BGCOLOR, ALIGNMENTS */
Check out our comparison of Bank of America vs Chase business accounts to see which is right for you. .y-axis-3-table .row-4 .column-1 img {
Free digital tools to track business performance, Cash deposit fees charged per $100 over monthly allowance, Deposit checks, view accounts, make transfers, and pay bills with the mobile app, Credit card processing and payroll services through ADP, Your business deposits large amounts of cash monthly, You do a lot of your business banking in person, You want to use the same bank for both your personal and business accounts, Maintain a $5,000 combined average monthly balance, Spend at least $250 in new net purchases on a business debit card. If youre looking for the convenience of a digital banking experience with the full-service nature of traditional brick-and-mortar banks, First Internet Bank is an excellent choice. If you need more sophisticated tools (or simply more free transactions), youll want a different kind of checking account entirely. Its debit card earns 1% cash back on all online and in-store debit card purchases and accounts earn 0.05% APY on balances less than $10,000 and 0.75% APY uncapped on balances of $10,000 or greater. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. Even if there was a comparable Bank of America account, itd be hard to beat Wells Fargos Platinum Business Checking account. Maintain a $15,000 combined average monthly balance, Interest bearing account once minimum balance is met, 1% cash back on all online and in-store debit card purchases, Earn 0.75% APY on all balances of $10,000 or greater, and 0.05% APY on balances less than $10,000, Autobooks software purchased by Grasshopper for all small business banking customers for digital invoicing and online payments, No monthly fees or transaction fees; no minimum balance required, You want to earn interest on your business checking account, as Grasshopper offers 0.05% APY on balances less than $10,000 and 0.75% APY uncapped on balances of $10,000 or greater, Youre looking for cash back rewards on online and in-store debit card purchases, You want a digital-only banking experience that includes great integrations with QuickBooks, and need payment software, such as Autobooks, which is provided free, Lack of savings accounts and lending products, Integrates with other business tools, such as QuickBooks, Slack, Xero, Stripe, Square, PayPal, Wise, and Shopify, Set aside funds for taxes and other large business expenses with Novo Reserves, Deposit checks directly through the mobile app, Online banking includes unlimited invoicing and bill pay. Theres more to the Wells Fargo vs. Bank of America business checking debate than just those details, however. .cc-table-desktop tbody tr:nth-of-type(even) td a{
Bank of America also offers approximately 16,000 ATM locations around the country, making it easy to bank on the go without having to pay out-of-network ATM fees. Otherwise, youll have to purchase the money orders to deposit cash. If you have a business that makes a lot of debit card purchases and carries a high balance in your account, Grasshoppers earning power can rival any other bank on this list. There are small regional banks, credit unions and major nationwide banks to consider. Youll also get text and mobile banking as part of this account, as well as access to Wells Fargos National Business Banking Center or small business customer service phone centers. .y-axis-3-table tr.row-17 td,
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With no maximum like other interest-bearing accounts on this list, your interest earnings can grow with your account. However, it comes with Accounts Payable support, including auto-imports from QuickBooks Online and Xero. The fee for Relay Pro isnt waivable, similar to many of the premium accounts from other providers. Gold Business Checking has a $20 monthly maintenance fee. Chase, our best bank for small businesses, provides a full-service business banking experience. Youll need to consider factors like account fees, the minimums required in order to have fees waived and smaller fringe benefits like dedicated small business customer service hotlines. While its most basic business checking account terms are listed above, Chase also offers Performance Business Checking and Platinum Business CheckingSM. Most major banking operations offer more than one checking account in order to provide different levels of service to their clients. If youve decided to go with a large bank for your business banking needs, youre probably weighing out the pros and cons of Wells Fargo vs. Bank of America business checking accounts. position: initial !important;
If you want to compare Chases business checking offerings, check out our article on all three Chase business checking accounts and choose the one that best meets your business needs. This account gives you way more for your moneywere talking about more transactions, personalized banking, more flexibility with cash deposits and can even earn you interest against your balance. .y-axis-3-table .column-5 {
You can earn 1.5% APY on balances up to $100,000 if you meet one of two qualifying criteria: Bluevine charges no monthly fees or transaction fees, making it one of the best free business checking accounts. .y-axis-3-table .column-7 {
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You get 300 free transactions per month before U.S. Bank charges 45 cents for each additional transaction. .cc-table-desktop tbody tr:nth-of-type(even) td a{
Both have higher fees but have more features that can help you as your small business grows. padding-top: 5px;
This information may be different than what you see when you visit a financial institution, service provider or specific products site. Novo is an excellent choice for a small business checking account for businesses that regularly withdraw money from ATMs. .y-axis-3-table .column-3 {
If your company is still growing and wont quite satisfy the monthly minimums required to waive fees, you may be better off paying for the occasional wire transfer than a monthly account charge. In addition, its free ATM network is a little smaller than some of its competitors with no ATM fee reimbursement out-of-network. /* --------------------------------- */
What to look for in a business checking account, Wells Fargo vs. Bank of America business checking: The basic accounts, Bank of America Business Advantage Fundamentals Checking, Wells Fargo vs. Bank of America business checking: For the mid-tier small business, Bank of America Business Advantage Relationship Checking, Wells Fargo vs. Bank of America business checking: For small businesses that need robust banking services, Wells Fargo vs. Bank of America business checking: The final word. There are two varieties of business checking accounts available through Bank of America: Business Advantage FundamentalsTM and Business Advantage Relationship Banking. text-align: center;
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This account comes with a $29.95 monthly maintenance fee, which is more than double what Wells Fargo charges for a comparable account. /* adjust logos size*/
Twitter If you upgrade to Relay Pro, theyre entirely free. .y-axis-3-table tr.row-21 td,
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All require a formal application process. /* SCROLLING STYLES */
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LinkedIn When evaluating offers, please review the financial institutions Terms and Conditions. }
There is an easy-to-use mobile app, so business owners can bank from anywhere. Though each provider on this list may require different documents to open a business bank account, heres a general list of what youll need: When choosing a provider to open a business checking account with, you should find an account that works best for how youll use it. We may make money when you click on links to our partners. If the options weve covered in the Wells Fargo vs. Bank of America Business Checking debate havent fit the bill for your company quite yet, dont panic. He shares his expertise in Fit Small Business financing and banking content. }
Of all the digital banking options available, Bluevine is the best option for your business. You want free cash deposits but arent concerned about needing a physical location to deposit them and can receive the cash as a money order. .cc-fullview-table .fit-table {
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This account is designed for a similar audience as Wells Fargo Simple Business Checking, as its a great fit for sole proprietors, freelancers and small businesses without a ton of overhead or payroll expenses.
You can sit face-to-face with financial experts and discuss any issues you might have, or get help with managing your account services.
One drawback is cash deposits arent permitted with Grasshopper. There arent a ton of interest-bearing small business checking accounts out there, which makes the Wells Fargo Platinum Business Checking account worth checking out for this feature alone. However, you must open an account in a branch, and those are limited. An additional for businesses looking for payment software is the inclusion of Autobooks for free with each account. *Novo is a business fintech platform backed by FDIC-insured Middlesex Federal Savings. By knowing where your business is nowand where you want it to be in the futureyoull be able to make the right decision up front and not have to switch banks when its harder to do so. U.S. Bank is another excellent full-service banking option for your small business needs. This makes assistance accessible. Business Fundamental Checking Accounts have a $13 monthly fee unless the business account meets the following requirements each statement cycle. Business Advantage FundamentalsTM monthly fees can be waived in one of three ways: Business Advantage Relationship Banking monthly fees can be waived in one of two ways: The perks involved with Bank of America make it a great choice for small business checking. After learning more about Wells Fargo Simple Business Checking and Bank of America business checking, you might not have the impression that either account is a sure thing for your company. Youre required to deposit $100 to open the account. If youre at the point where youre debating Wells Fargo vs. Bank of America business checking accounts, you may have already done your homework on what to consider when finding the perfect business checking account for your company. In addition, you can get $200 cash when you spend $2,000 on your debit card within 90 days. You must reside in one of the 26 states listed below to be eligible for a U.S. Bank account. .cc-table-desktop .tbody .tr:nth-of-type(odd) .td,
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The Wells Fargo Business Choice Checking account is a great option if you need a little more from your bank, but without committing to a checking account thats simply too big for your company. border-top: 1px solid #ddd;
This article originally appeared on Fundera, a subsidiary of NerdWallet. }
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But if you need more support for your small business than either banks two introductory-level account options provide, Wells Fargo is the clear winner with its Platinum Business Checking Account. Theres no monthly fee with the companys basic business checking, known as Silver Business Checking. You can withdraw money from one of 55,000 Allpoint network ATMs for free. .y-axis-3-table .column-4 {
If you dont know the fee structure very well, you could end up paying out a good bit of cash to unimportant things like printing out statements. Partnerships: Coastal Community Bank for Bluevine, Middlesex Federal Savings for Novo, and Evolve Bank & Trust for Mercury and Relay. There are statement credits available and rewards for cash back and travel through the companys business credit cards. .cc-table-desktop .tbody .tr:nth-of-type(even) .td a,
$13 monthly maintenance for small business checking account, $29.95 monthly maintenance on larger business checking accounts. .y-axis-3-table tr.row-10 th,
Outside of a venture capital term loan program, there are no standard lending products available. With Relays basic business checking level, Relay Standard, the most youll pay for wire transfers is $10. }
Pre-qualified offers are not binding. Gather together all the supplemental documents off the list below that apply to you, and fax them or email them to a Bank of America representative along with your application ID number. .cc-fullview-table .fit-table tbody tr:nth-of-type(even) td {
Both banks offer you many of the same core features youd expect from financial institutions of their size: There are tons of branches throughout most of the United States, their online banking portals are among some of the best-designed in the market right now and youll get solid customer service via phone or in-branch visits. Name, date of birth, Social Security number, residential address, and percentage of ownership for each Beneficial Owner. /* ----------------------------- */
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So long as you can meet the fee waiver qualifications, and plan to take advantage of the additional free services the Bank of America account provides, theres little reason not to opt for Bank of America Business Advantage Relationship Checking. Even if youre just looking for a straightforward business checking account. }
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The bank also offers up to five reserve accounts, unlimited invoicing, and great software integrations with accounting software and payment software. border-right: 1px solid #ddd;
First Internet Bank also offers business CDs, a variety of business lending products, and personal lending and banking products. It refunds all ATM fees at the end of the month and does allow cash deposits, but it must be done through money orders deposited through the app. font-weight: 700;
Deposits must be completed at a Green Dot retail location for $4.95 per deposit, and Bluevine charges $2.50 for out-of-network ATM withdrawals in addition to third-party fees. Property, casualty, life and health insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. line-height: 16px;
The fee can be waived by meeting one of the following scenarios: U.S. Bank also has a great banking option for nonprofit businesses, offering up to 1,800 free transactions a year with no maintenance fees or minimum balance requirements. 4,400 branch locations and 16,000 ATM locations, No monthly fee for having additional business savings accounts. The number of freebies that come along with it only sweetens the deal. .y-axis-3-table ul{
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Plus, the variety of Wells Fargo business checking accounts with more support and a greater amount of free items makes it easy to upgrade your checking when the need arises. The best banks support your companys growthboth in the short term and long term, as well. Bank of America has a Business Advantage Relationship Rewards program. Wells Fargo Simple Business Checking is perfect if youre just getting your business set up, or if you dont anticipate needing a ton of banking support in the long run. .cc-table-desktop tbody tr:nth-of-type(even) td {
Spend $500 or more a month with Bluevine Business Debit Mastercard issued by Coastal Community Bank, Receive $2,500 per month in customer payments into your account via ACH, wire transfer, mobile check deposit, or directly from a merchant payment processing provider, Pay bills, track accounts, transfer funds, and deposit checks with the mobile app, Free overdraft protection when linked to another small business deposit account, Your business is located near a Capital One branch, Your business does a large number of transactions. font-size: 14px !important;
The most significant advantage Bluevine has is its interest-bearing account. A word to the wise, thoughthis account comes with a $16 monthly maintenance fee, which can be waived with a monthly balance of $5,000 or with $250 in new purchases on a Bank of America business debit card. position: sticky;
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The clear winner again is Bank of America. padding-top: 20px;
*Relay is a business fintech platform backed by FDIC-insured Evolve Bank & Trust. Its digital-only, so there are no physical locations to visit. Feeless services like cashiers checks, ODP transfers, deposits, and stop payments. An interest rate booster on a Business Advantage Savings account. The account also integrates with accounting software, such as QuickBooks. }
Youll also get fee-free stop payment requests, cashiers checks, money orders, two fee-free domestic wire transfers and two waived ATM fees every period. Both physical and virtual debit cards are available with your Mercury account. }
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Bank of America is a massive network with great additional features, making it an excellent resource for any business owner to rely on. Grasshoppers account is fee-free with no minimum balance requirements. Like Wells Fargo Simple Business Checking, Bank of America Business Advantage Fundamentals Checking focuses on providing account holders with the essential banking features without additional elements that arent likely needed. }
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> $250 monthly spending using a Bank of America business credit card, Maintain an average monthly balance of $5,000 or more, Maintain a minimum daily balance of $3,000, Maintain a combined average monthly balance of $15,000 in linked business accounts, Name and address of entity for the account. When evaluating offers, please review the financial institutions Terms and Conditions. To be considered a Beneficial Owner you must meet the following requirements: Once the representative has your documents you will be approved, and you can complete your initial deposit and begin enjoying all the different services that a Bank of America business checking account offers you. Its important to pick the right business checking account for your company as early as possible. Thats a better bang for your buck than Wells Fargos comparable account offering, which might help tip the scales toward this account in the Wells Fargo vs. Bank of America Business Checking debate. .cc-table-desktop span.hyphen {
The company also offers lending products and business credit cards. We also have individual reviews of the products: With three different types of business checking accounts, business savings accounts, credit cards, lines of credit, and point-of-sale (POS) and software solutions, Chase is a bank that can scale with your business. color: #313636 !important;
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Weeding out accounts with vastly different perks, advantages and drawbacks is a relatively easy thing to do. .y-axis-3-table .row-8 .column-1 img,
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You cannot order checks, but paper checks can be sent from the app. This account comes with 50 transactions and $3,000 in cash deposits for free every month. }
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If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. But its more than possible that you, like many small business owners, simply want to dive in headfirst to get the tedious and frustrating business checking account setup process over with. Whether youre weighing your options in the Wells Fargo vs. Bank of America business checking debate or are merely looking to find the perfect business checking account for your shop, there are a few basic tenets to follow before making a decision. It is difficult to avoid the monthly maintenance fees, and there are no sign-up bonuses. .y-axis-3-table tr.row-2 th,
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If youre just starting out, or dont need a ton of services beyond paying vendors and getting paid, youre going to want a straightforward account with low monthly fees. .cc-table-desktop strong.promo-code a{
For businesses that spend at least $250/month on their business debit or credit card with Bank of America and have an average monthly balance that is less than $5,000. Bank of America is an excellent service to use for its business checking account as long as you are willing to maintain the minimum balance requirements to avoid the maintenance fees and steer clear of the deposit and transaction limits. margin-top: 2px;
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The variety of products available makes it a great choice for one of the best banks for real estate investors. padding-left: 0px;
Name, date of birth, Social Security number, and residential address for each controlling individual (this information is required even if no equity owner has 25% or greater ownership), Certification that information provided on the Beneficial Owner and/or controlling manager is accurate, Own 25% or more of the equity interests of the entity. With the companys preferred rewards for business, you can earn 25% to 75% bonus rewards on credit cards and get a 5% to 20% higher interest rate on business advantage savings accounts. OK92033): Licenses, NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer AccessLicenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812. It also includes multi-step approval rules for bill payments, batch payments for bills, one-click reconciliation of bills, same-day ACH delivery, and free wire transfers.
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