Looking for a business checking account? It can be hard to know where to start. With so many options on the market, it can be helpful to turn to reviews that break down account features for you. That’s where we come in. We’ll walk you through the Banner Bank business checking accounts and highlight some alternative accounts from other institutions.
You don’t have to bank with the kind of financial institution that’s a household name. In fact, considering business checking accounts from smaller banks can be to your advantage. Read on to find out more about the Banner Bank business checking accounts and whether they might be a fit for your business.
The 3 Banner Bank Business Checking Accounts Reviewed, Plus Top Alternatives
Banner Bank Basic Business Checking
Looking for a basic business checking account? The name of this account from Banner Bank should be a clue. The Banner Bank Basic Business Checking account is billed as an option for a small business or a business that is just getting started. There’s no ongoing minimum balance requirement or monthly service fee, so you won’t need to worry about those charges. The minimum opening balance is an accessible $100.
Online and mobile banking are free with the Banner Bank Basic Business Checking account. Planning to use online bill pay with your account? You’ll pay $4 per month and $0.45 per transaction after your first 10 payments. Cash activity is capped at $10,000 per billing cycle. After that you’ll pay $0.15 per $100. Item processing—which includes all transactions and items deposited—is free for the first 125 items. After that you’ll pay $0.30 per item.
Monthly fees and limits:
- $100 minimum opening deposit
- No minimum balance requirement
- No monthly service fee
- 125 free items processed (transactions and deposits)
- $10,000 cap on cash activity per billing cycle
- Online bill pay is $4/month and $0.45 per payment (first 10 free)
Best for:
- Business owners who are just starting out and are looking for an account that doesn’t require a high opening deposit or ongoing balance
- Business owners who don’t have a high monthly transaction volume
ATM use with the card is free at any Banner Bank-owned ATM. For ATM use outside the country there’s a 1.10% currency conversion fee that’s based on the U.S. dollar amount of the conversion.
Top Alternatives to Banner Bank Basic Business Checking
Azlo Business Checking
These days, some of the best deals on basic business checking accounts are online. The world of the internet-only checking accounts offers two solid alternatives to the Banner Bank Basic Business Checking account. Azlo Business Checking is our first alternative for internet-savvy customers who want to skip the hassle of going into a bank branch to open an account. All you have to do is go online and you can become an account-holder from the comfort of your own home. Oh, and the account is completely fee-free.
The downside of the Azlo account is that you can’t make cash deposits and you can’t write checks for the account (though you can deposit the checks that you receive). If you tend to deal in cash, the Azlo Business Checking account won’t be right for you.
Axos Basic Business Checking
Another alternative to the Banner Bank Basic Business Checking account is Axos Basic Business Checking. Like Azlo Business Checking, Axos Basic Business Checking is another internet-only account. It requires a minimum opening deposit of $1,000, but after that there are no average daily balance requirements or monthly maintenance fees. As an account-holder, you’ll enjoy fee reimbursement at all domestic ATMs, 60 free remote deposits each month, and 50 free paper checks. It’s a generous package for a free account.
Banner Bank Complete Business Checking
Next up on our review of the Banner Bank business checking accounts is the Banner Bank Complete Business Checking account. This account has the same low $100 minimum opening deposit requirement as the Banner Bank Basic Business Checking account. The minimum balance requirement is a $5,000 daily balance, or an average “relationship balance” of $20,000 across all of your business’s checking and savings accounts with the bank.
Failure to meet the minimum balance requirement will result in a monthly service charge. Your monthly service charge could be $11 per month, or $13 per month with the option to earn interest on your balances. The choice is yours.
The first 275 items processed on the account (transactions and deposits) are free. After that you’ll owe $0.20 per item. The cash transaction limit is $20,000 in transactions per statement cycle, after which you’ll pay $0.15 per $100. Online bill pay will be $4 per month and $0.45 per payment after your first 10 free payments.
Treasury management services are available for an extra fee and come in three different forms, each of which costs $29. Bundle no. 1 gets you two online outgoing domestic wires and 10 outgoing ACH payments per month. Bundle no. 2 includes remote deposit capture with a single feed scanner. Bundle no. 3 comes with Positive Pay (ACH/check), an automatic fraud detection tool.
Monthly fees and limits:
- $100 minimum opening deposit
- $5,000 daily minimum balance requirement, or $20,000 across the business’s checking and savings accounts
- Monthly service fee of $11, or $13 with the option to earn interest on deposits
- 275 free items processed (transactions and deposits)
- $20,000 cap on cash activity per billing cycle
- Online bill pay is $4/month and $0.45 per payment (first 10 free)
Best for:
- Business owners with moderate transaction volume and average balance
- Business owners who don’t need complicated treasury management services
Top Alternative to Banner Bank Complete Business Checking: Chase Performance Business Checking
Chase Performance Business Checking is tailored toward the needs of mid-sized businesses. There’s a minimum first deposit of $25 and a monthly fee of $30 unless you can maintain a balance of $35,000. The good news is that the account comes with a welcome bonus of $300. The Chase Performance Business Checking account has the same $20,000 cash deposit limit as the Banner Bank Complete Business Checking account, and offers 250 free transactions per cycle. All incoming wires are free, with staggered fees for outgoing wires depending on where they’re going and how you send them (at a branch or via Chase.com). If you receive a lot of wires each month, you might want to consider Chase’s offering.
Banner Bank Complete Plus Business Checking
What’s more complete than the Banner Bank Complete Business Checking account? The Banner Bank Complete Plus Business Checking account, of course. Banner Bank says the Complete Plus Business Checking account is for customers with more sophisticated cash management needs. If that sounds like you, read on to learn more about the ins and outs of this account.
The Banner Bank Complete Plus Business Checking account has the same $100 minimum opening deposit as the other business checking accounts from Banner Bank. However, the Banner Bank Complete Plus Business Checking account is geared toward business owners with a higher volume of transactions and enough cash on hand to keep a healthy minimum balance. The daily minimum balance requirement is $75,000. Failure to meet that balance requirement will result in a $75 monthly service fee.
If this is sounding a little rich for your blood we don’t blame you. But those business owners who can meet the minimum balance requirement may find the account is just what they need. It comes with a generous 400 free transaction limit, as well as a $25,000 cap on cash activity. If you hit the cash activity cap you’ll pay $0.15 per $100. Online bill pay is included.
Treasury management services are included and come in three different forms. Bundle no.1 gets you four incoming wires, four outgoing wires, and 40 ACH transactions per month. Bundle no. 2 includes remote deposit capture with a single feed scanner. Bundle no. 3 comes with Positive Pay (ACH/check), an automatic fraud detection tool.
Monthly fees and limits:
- $100 minimum opening deposit
- $75,000 daily minimum balance requirement to waive monthly service charge
- Monthly service fee of $75
- 400 free items processed (transactions and deposits)
- $25,000 cap on cash activity per billing cycle
- Online bill pay included
Best for:
- Business owners with plenty of cash on hand
- Business owners with a high monthly transaction volume
Top Alternative to Banner Bank Complete Plus Business Checking: Chase Platinum Business Checking
If you’re looking for a high-balance, high-activity business checking account, you’re probably not the type that likes to settle. We’re guessing you’d like to hear about an alternative to the Banner Bank offering just so you know what else is out there. Consider Chase Platinum Business Checking. As the “platinum” in the name suggests, it’s an account aimed at business owners on the higher end of the spectrum when it comes to cash on hand and cash management needs.
With a $300 welcome bonus and a minimum opening deposit of just $25, the Chase Platinum Business Checking account may seem accessible, but the $100,000 minimum balance requirement will turn many business owners away. If you don’t meet that minimum balance requirement, a $95 service fee kicks in. But if you have a high transaction volume, you’ll be glad to know that the Chase Platinum Business Checking account comes with 500 free transactions per cycle, and all incoming foreign and domestic wires are free. The cash allowance is the same as with the Banner Bank Complete Plus Business Checking account, at $25,000.
Bottom Line on Banner Bank Business Checking
Like many other banks, Banner Bank offers business checking accounts aimed at owners of small, medium, and large businesses. The decision you make about which Banner Bank checking account—or which alternative—to go for will come down to your specific needs. Taking a look at your budget, balance sheet, and transaction history can help you find the account that’s right for you. Ideally, you’d avoid service fees and other charges for exceeding limits like the cash allowance and transaction limit. That way, you can keep more of your money and put it to work for you.
The post Banner Bank Business Checking Accounts Reviewed, Plus Top Alternatives appeared first on Fundera Ledger.
from Fundera Ledger https://www.fundera.com/blog/banner-bank-business-checking/
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