The best banks for business in the USA

Opening your own company can not do without a bank account. It will streamline your financial flow and help you manage your savings wisely. US banks offer many features for business owners and are lured by good interest rates, discounts and other nice bonuses.

Фото: Depositphotos

In my blog for Svoi Lena Kravchuk analyzed a huge list of US banks to help potential entrepreneurs determine the best option for business by selecting the five most popular banks and their offers for entrepreneurs.

Bank of America

Bank of America is the largest bank in the USA, has 5 000 branches and 16 000 ATMs. The bank is known for its advanced technology, convenient online and mobile banking services.

Business Checking Accounts

The bank offers two main business accounts: Business Fundamentals and Business Advantage. Business Fundamentals is a standard account that is designed to meet all business needs, including online banking, bill payments, billing notices, mobile banking, debit cards.

With Business Advantage, you get all of these features, as well as online account management, QuickBooks integration, an additional business account, and access to the Smallity Priority Service team.

You will pay $ 18 monthly for maintenance. To avoid payment, you need to spend at least $ 250 from your account every month or have a monthly balance on your account of at least $ 5 000.

Mobile banking

Integration with QuickBooks will cost you $ 15 per month. Bank of America Business can integrate with such accounting companies as QuickBooks, Xero, Freshbooks and Wave Apps. Bank of America also has a mobile application that you can use to deposit checks, view bills, make transfers, pay bills. The mobile app is rated in 4.7 points on Apple and 4.3 on Android.

Credit Card for Business

Cash Rewards for Business MasterCard includes a number of benefits for business owners, including:

• 1% cash back upon purchase;
• 2% when paying at restaurants;
• 3% when calculating at gas stations and in stores (up to 250 000 dollars per year and 1% after that);
• $ 200 bonuses when you spend $ 500 for 90 days from the date you open your account;
• 0% per annum for the first 9 billing cycles;
• no annual fee.

In addition to standard functions, the bank also offers other cash management tools:

• payroll services (Intuit Payroll services by Intuit);
• Remote deposit online;
• account management;
• Direct payments & invoicing;
• express tax services (Express tax services);
• Treasury services for large enterprises (Treasury services for larger businesses).

Overdraft. A $ 12 fee is charged if you are connected to the Overdraft Protection program, if not - $ 105 is charged for the three overdraft.

Wire Transfer. The cost of incoming and outgoing transfers vary depending on the type of your account, but usually amounts to:

• international - from $15 to $30.
• domestic - from 0 to $15.

The new checkbook from the bank will be worth $ 35 (enough for about a year).

"Wells Fargo"

According to the FDIC, Wells Fargo has nearly 2 trillion US dollars and is the third largest bank based on total deposits.

Wells Fargo Business offers banking and deposit products, as well as loans, commercial services, insurance, and payroll services.

Business Checking Accounts

The bank has four Business Checking Accounts. For $ 14 per month, you get 200 transactions. All you need is $ 50 to open an account. But if you on average keep at least 7 500 $ in your account, have 10 or more business debits, you can avoid the fee.

Business Choice Checking is suitable for growing businesses that don’t want to pay monthly for maintenance. Simple Business Checking is suitable for small businesses. The main difference is the lower minimum balance, which is $ 3 000 dollars. If you use QuickBooks, Wells Fargo charges you $ 14,95 per month, or $ 24,95 per month if you want to pay bills through QuickBooks.

Other Wells accounts are structured to meet the needs of larger companies, with a large number of transactions per month. For example, Platinum Business Checking.

Analyzed Business Checking is ideal for businesses that require treasury management services.

Payroll Services

Wells Fargo provides a full range of payroll services for different types of businesses, regardless of the stage of the business cycle in which they are located. These services include:

OptRight Payroll Solutions to simplify payroll and provide bank discounts;

HR management solutions designed to automate employee time records;

Wells Fargo At Work is an employee benefit program that includes discounted banking services;

HR360 provides access to HR forms, benefits and other information related to HR laws and regulations;

employee compensation opportunities enable Wells Fargo customers to integrate these bonuses into their payroll processing.

Online banking

The Money Map program allows business owners to quickly control their expenses, maximize cash flow and plan for the future. The program keeps track of business expenses, automatically classifies them and lets you know how much you spend in each group. You can track deposits and view graphs and charts. With Budget Watch, you can design monthly budget goals for your business in key categories, compare your expenses with the budget, use budget warnings, and view your achievements in charts and graphs.

The standard Overdraft fee is $ 35.

Wire transfer: internal - $ 3, international - 3% of the transaction amount.

Offers free checkbooks.

"Chase Bank"

A major banking institution affiliated with JPMorgan Chase & Co. with $ 2,4 trillion in assets.

Chase serves almost half of American households and has 5 200 branches and 16 000 ATMs. The bank has lower fees, compared with Bank of America.

In addition, Chase Bank offers integration with all leading accounting software and has a mobile application that helps business owners manage their current account.

Business Checking Accounts

Chase is unique because it has account settings for any business, no matter what phase of development it is in.

There are several different account options for business transactions, including Chase Total Business Checking, Chase Performance Business Checking and Chase Platinum Business Checking.

Total Business is designed for growing businesses. Your account will be charged a monthly fee of $ 12. However, if a business owner registers in electronic reports, this fee is reduced to $ 10 per month. In order not to pay the monthly installment at all, you need to keep a minimum daily balance of $ 1 500 in your business account. Total Business offers 200 free transactions per month. After reaching the monthly limit, Chase Bank charges $ 0,40 for an additional transaction. This is below the industry average for transaction fees. The number of free transactions is reset at the beginning of each month.

Performance Business for medium-sized organizations with simple cash management requirements, and Platinum Business Checking for large companies with high monthly transaction requirements.

Mobile banking

Chase also offers integration with leading accounting software, including QuickBooks, Xero, Freshbooks and Wave Apps. In addition, Chase Bank offers a mobile application that allows business owners to register checks online, check their account balances, pay bills, make transfers and much more. The mobile app is rated 4,5 in the iTunes store and 4,6 in the Google Play store.

Chase Bank also has a dedicated customer service team. The country has more than 10 000 branches, which can be contacted by phone or email. In addition, business owners usually have a business bank manager assigned directly to their account.

Кредитные карты

Ink Business Cash Card is another advantage of the bank for businessmen.

This card offers bonuses and benefits:

• refund of a bonus of $ 300 dollars after a customer has spent $ 3000 dollars on purchases during the first 3 months;
• 0% per annum for purchases and balance transfers for 12 months;
• no annual fee;
• 5% cash on the first $ 25 000 spent each year at office supply stores, telephone, Internet, and cable TV;
• Earn 2% cash back on the first $ 25 000 spent every year at gas stations and restaurants;
• 1% return on all other purchases without restriction.

If you run out of checks, then the new checkbook at Chase Bank will cost $ 39.

Overdraft charges $ 34.

Capital One

Capital One is one of the largest US banks 10 and has branches throughout the country. It has a network of branches, but basically works as a remote online bank.

The big advantage of the bank is the ability to keep an account open, even with a minimum amount. For example, if you have less than a certain amount in Walls Fargo or Bank of America, the bank will require a monthly fee, since it is unprofitable for him to maintain an account with a very small amount.

The bank also does not charge a monthly service fee and has a better overall fee structure compared to Chase Bank and Bank of America. This is due to the fact that Capital One is an Internet-oriented bank that can reduce fees charged to its customers.

If your checkbook is over, it is issued free of charge in the bank.

Also, Capital One’s bank account does not have a monthly transaction fee and has the lowest cash deposit fee. This makes it an excellent low-cost option for business owners.

Overdraft fee is $ 35.

Business Checking Accounts

Spark Business Checking is a convenient, online digital account with no monthly transaction fees or limits, with a minimum balance, no monthly fees, and no fees for Allpoint ATMs.

Deposits are available the next day, a debit card is included for free, you can manage your finances using the Spark Business mobile app, and this account includes free online bill payment and electronic invoices.

You can also associate your Spark Business Savings account with overdraft protection and integrate with core accounting software, such as QuickBooks, Xero, Freshbooks, and Wave Apps. The bank’s mobile app is rated on 4.6 on Android and 4.7 on Apple.

Spark Pay is an innovative payment solution. This is a way to accept and process payments, which include options for choosing from a mobile carrier, a digital register, a payment terminal, which simplifies setting up an online store.

Spark Pay features include the ability to synchronize multiple devices and users, the ability to download transactions and reports, individual receipts and options for creating personalized promotions or deals.

Capital One offers 24-hour online customer service. In addition, the bank can be contacted by phone or e-mail during business hours and a specific specialist is usually assigned to each current account.

Кредитные карты

The bank offers two types of credit cards: Spark Cash Back Rewards and Spark Miles Rewards. Spark Cash for Business includes 2% cash back with Spark Cash, as well as a $ 500 cash bonus. With the Spark Miles for Business card, business users earn an unlimited amount of bonuses on every purchase, with no annual fee. Members of this card also have the opportunity to receive a one-time bonus of up to $ 50 000.

Another advantage - Spark Business IQ - this program shows customers how to maximize their finances and cash flow. She also offers interesting ideas for business development.

Mobile banking

Although the Capital One has 40 000 free ATMs, only 2 000 of them accept deposits. In addition, Capital One has a total of 700 branches, which creates significant inconvenience for customers. In exchange, Capital One offers a mobile application. But the app has a daily control deposit of $ 5 000 and a monthly deposit limit of $ 10 000.

Wire transfer: The cost of international incoming transfers is $ 15 per transaction; Outgoing - $ 40 (if the transfer is in a foreign currency) or $ 50 (if the transfer is made in dollars) for each transaction.

Internal incoming - $ 15 dollars for each transaction; outgoing - $ 25.

Фото: Depositphotos

BMO Harris

BMO Harris offers business services such as account opening, lending, and payroll.

Business Checking Accounts

One of the reasons BMO Harris is considered the best choice for opening a bank account for a business is due to its many Business Checking Accounts. Business owners can find a control account that works according to their individual needs, ranging from Essential Business Checking, designed for businesses that maintain a low balance and low transaction volume, to Business Checking Analyzed, which is ideal for large transaction volumes and balance sheets.

BMO Harris also offers options for non-profit organizations. Business Checking for a non-profit business has no monthly service charges or transaction costs.

Payroll preparation

BMO Harris offers payroll processing. The clients are offered two simple payroll options, which are offered through a Paychex bank partner. These comprehensive payroll solutions are designed to help business owners spend less time in this area and pay more attention to the growth of their business.

In addition, the bank has a competitive interest rate and flexibility with the ability to withdraw funds as needed.

Prime Money Market Plus allows you to easily access your accounts at any time, and if you link your interest-free small business account, you can get a higher interest rate.

Кредитные карты

BMO Harris also offers great debit and credit card options for account holders.

One of the subscription debit cards is the BMO Harris Bank Debit MasterCard BusinessCard, which offers convenient access to accounts as well as financial control. Other map features:

• access to detailed transaction reports in your monthly invoice reports, including the name and location of the merchant;
• compatibility with Apple Pay, Android Pay and Samsung Pay;
• advanced chip technology;
• Purchase Assurance provides coverage for most items you buy if damaged or stolen within 90 days after purchase;
• car insurance;
• tourist services;
• VAT MasterCard refund service;
• global mastercard service.

Overdraft: $ 35 will be charged.

The experience of entrepreneurs

Many people prefer to use the services of small banks that are close to home or office. Vice President of the Nevada Society of Enrolled Agents, tax specialist Vlad Lapochkin also advises this option and here's why: “Use what is closer to your home. You will spend less time traveling to the department. If there is a choice in your area, choose the local credit union. They have a more human and personal attitude towards depositors, unlike dinosaurs like Bank of America. To accept customer cards: Square & PayPal. ”.

Starter and businessman Artem Geraschenkov (Serial entrepreneur. Founder of SVOI) also advises from personal experience: “Capital One: plus - there are almost no commissions, a strong caliper, minus - no branches, only online; Chase: from the big four the most technologically advanced and multifunctional, but expensive; BoFA: I can’t go from there; for acquiring: Square, PayPal, Blispay; for loans: BoFA, CHASE, AMEX ”.

Gregory Finkelson (President American Corporate Services, Inc. Co-Chair of Business Immigration Committee - ChinaSiliconValley) shares his opinion: “During the 26 years of work of my company“ American Corporate Services, Inc. ”, as well as several other companies in which and I participate, in the USA I happened to use the services of many banks - the Bank of America, Wells Fargo Bank, Chase, Citibank, Comerica, First Republic Bank, US Bank, and several more. If we consider such indicators as the convenience of the online program, the ability to remotely send money abroad, staff qualifications, as well as the number of rich people, then I would give first place to Bank of America, and second to Wells Fargo Bank.

Tried, for example, US Bank and faced with the fact that it is impossible to determine from whom the money transfer came - the amount and date are known, and they do not indicate the sender. Every time you had to call the bank and find out. It is inconvenient. Moreover, the majority of customers pay for our corporate services SWIFT transfers.

Our immigration clients who are abroad mainly pay by credit cards (we use PayPal and Square for reception, attached to our bank account), as well as through Western Union. To get money transfers, Western Union has to go to their kiosks to get money - inconvenient.

The most convenient bank for remote transfer of remittances abroad is Bank of America. After it comes Wells Fargo Bank.

For our corporate clients, we open accounts in many US banks, in some of them it is also possible to open accounts in absentia (without coming to the US).

Whatever choice you make, be sure to pay attention to the presence of functions that will greatly simplify your work and allow you to quickly monitor all changes in the account:

• An overdraft (short-term type of financing that allows you to meet the needs of your company in working capital, for example: pay salaries to employees; pay taxes, etc. through a personal account);
• Debit cards (bank payment card used to pay for goods and services online, receive cash at ATMs);
• Online banking (allows you to manage your account and make payments through the website or the mobile application of your bank);
• A check book (allows you to pay bills to other companies or make payments to customers);
• Banking in a branch (allows you to pay cash or checks or exchange banknotes for coins);
• Interest (the percentage you can earn when your account has a positive balance).

Most business invoices charge an annual or monthly fee. Some offer free banking, but usually only for a certain period after opening an account. Some banks also charge a fixed fee each time you withdraw cash, write a check, send money by bank transfer, use your overdraft, etc.

Check all these details with a bank representative before opening your business account.

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