7 Best Small Business Checking Accounts

[@bizbud]

See the updated Google Sheet here - docs.google.com/spreadsheets/d/19k7Ikk_KR_Rm1_knYTzr97-cjVLDzQsrPLOqqEv6QZU/edit?usp=sharing After doing more research Novo Business Banking should've been added to this list. You can learn more here - thebizbud.co/novo Thanks for using my affiliate link if you decide to go with any of the options I may receive a commission. Thank you!

[@Zaire_nyc]

Great Video! A lot of helpful info!

[@trentdelgadillo4152]

Best video I've seen relating to this subject. The spreadsheet provides an amazing visual on the Pros & Cons. Thank You!

[@antonio0000x]

This was great! Thank you.

[@MayaDTV]

bank of america waves the fee if you make $250 in debit card transactions that is very important also

[@ryantetreault3447]

yeah but tbh i would use credit cards for most of that stuff and any debit transaction should be via check or online transfer

[@ericaschobert8680]

This is the most informative video about business checking accounts I have seen so far, thanks so much!!

[@aprilsanmiguel5508]

Thank you so much for sharing all of this helpful information I have learned a lot from your videos and I appreciate you sharing

[@brosnanmoore4206]

Great video !!

[@byteolu]

Great video! Was deciding between chase & BOA

[@PG0777]

Great video exactly what I was looking for thank you really appreciate the help 💯

[@ieattunaeveryday]

What about taking the trustworthiness of these banks? Lots of bad reviews on bluevine.

[@dp861212]

Great info! Starting an LLC in TX. Subscribed and watching all your vids on S-corp vs LLC. Incfile etc.....Thanks!

[@irynnekwambokangoko9633]

Thank you for this information.

[@sheezabrickhouse7299]

Thank you, I appreciated that breakdown I truly learned some differences I had questions about. Great video!

[@Mariachi.Hidalgo]

Very informative, thanks!

[@Natasha-tc8oq]

Very helpful tysm!

[@Nick-qw9ge]

great video. couldnt help but notice you didn't review novo. just out of curiosity, why wasn't it on your list?

[@vroomkeys]

What would be best for a small business doing 30-31 cash deposits per month. -parking company

[@carolinacastillomonroy5324]

Thanks for the information! Do you know a bank that allows me to open an account being overseas? I'm opening an LLC.

[@ZIHUUA]

Excellent explanation 👍👍

[@bizbud]

Glad it was helpful!

[@kevincorrales4080]

Everybody loves to hate on Bank of America but from all of these, this seems like the best choice

[@user-tu5ex8hz6z]

Wow. Amazing video. Thank you so much!

[@ghf93]

great video

[@efgaona]

Thanks great information.

[@thehigherupz2259]

Would US BANK BE THE SAFEST BET FOR A PHYSICAL LOCATION AND NO MINIMUM BALANCE ?

[@jofair6851]

Any info on the southern banks (Renasant and Candance Bank). Thank-you

[@amelsfr]

can you do a review of RBFCU business accounts and lili?

[@cidneelesure4103]

Great information, thanks! My question (or more so confusion) is if I am the sole LLC member, and I have a business account, how would I "pay" myself while keeping personal and business separate? Do I just transfer money every month, or is there a more formal process? Thanks in advance!

[@SpartanOfFinance]

I just created my first LLC to hold rental property. When you wish to take money out from your business account to your personal account, its called a disbursement/distribution or an owners draw. I got this from online. "As the owner of a single-member LLC, you don't get paid a salary or wages. Instead, you pay yourself by taking money out of the LLC's profits as needed. That's called an owner's draw. You can simply write yourself a check or transfer the money from your LLC's bank account to your personal bank account."

[@dbop_4674]

What this man said^^ and make sure anything you put IN to your bank account is not logged as income for your business. More tax=no fun!

[@mazycklb]

Write yourself a check and make sure you put “owners draw” in the memo

[@UberDapr]

​@DBoP _ it would be labeled as equity correct?

[@simonehancock643]

Thank you so much for the info. I really want the business account to borrow money. I was about to sign up with U.s Bank because I had a mortgage with them also my highest limit credit card. But it seems like Wells Fargo may be the place to go because you mentioned they are good at loaning money?

[@ejbarraza]

Go with Wells Fargo. Maybe get the secured business card and when it unsecures go in branch to apply for the Business Line of credit.

[@ericthered1140]

Thanks for the info. New sub to BG.

[@diceflawless9115]

Hard decision. But I definitely feel better with the larger known banks with lots of locations and ATMs. I'm a wedding videographer. I dont have a bunch of transactions since I only do a one or two weddings a month, but the transactions are high in $ amount.

[@bizbud]

You gotta go with what you're comfortable with!

[@Angie-vc9oe]

wow omg thank you!!!

[@ludwinraghul4101]

Hi, Thanks for the amazing info, does these banks provide service for non-us citizens through online.?? (my company has been registered in Delaware but i'm in India). Your answer will be more appreciated.

[@simonehancock643]

Hello hope you're having a great day! I wanted to ask would it be smart to open a business account with a bank I've had for year's? Or should I spread my wings? I've had personal account plus mortgage with US bank for years. But now I need a business loan. I don't know if I should stick with them and try to get a business loan. Or should I go with my secondary bank Chase. Or should I go with a totally different bank like Wells Fargo

[@kron9597]

Well. It kinda matters but doesn't matter at the same because from what I've learned. With "Business" loans you'll have to have what is called an EIN and that pretty much separates you as an entity. Once you're separated as an entity then you no longer have "established credit" which will make it more difficult to obtain loans. One work around is to "personal guarantee" the loan. I know it's late but hope this helps if you haven't figured it out already.

[@crownchrist]

When you say “cash deposits” does that mean any funds being deposited into your biz acct ? Or if you deposit checks then no charge ?

[@Gmailcs]

Cash is cash most banks is free for 5k monthly.. Checks money orders etc is free deposit

[@jennifertherese9487]

What do you recommend for non-profit 501 c3

[@bizbud]

Good question but not sure for that specific case.

[@jennifertherese9487]

@@bizbud thank you for responding and thanks for the good info

[@myrany8407]

To ask the stupid question which of these are FDIC insured?

[@Pistonstrokes]

Why didn't novo make the list? Very strange and curious as to know why not

[@FireyCam]

I would have done Navy federal credit union just to escape the monthly maintenance fee for a start up.

[@antolintaveras7914]

I think i will go with chase and keep 2000

[@jayymenace6978]

So I'm having an issue where I'm trying to transfer money from my standard bank account to my lili account and it's telling me "Sorry, you can only transfer funds from an external account under your name" It is under my name. Im the one who opened the bank account. Any way to help?

[@technicalrecruiter2912]

Where does Novo fall into this?

[@bfourney]

It would be really handy to also know which of these banks support zelle to easily transfer money to other banks. Really handy if you want to transfer to a bank with atm withdrawals or deposits to one that earns high APY for instance Also add to the list American Express business checking and Mercury. Amex has 1.3% apy with no monthly minimums or fees, a nice signup bonus, and a debit card that earns points. Mercury has no monthly minimums or fees, and free domestic & international wire transfers. They also have something called treasury account (savings?) with 2.7% apy

[@jaeess3544]

Wondering why American Express was not included

[@Tulip97]

Bummer that capital one requires physical location to open an account they dont offer that service in my region in CA 🤔

[@JSGroupofCompanies]

So Bluevine or Chase!

[@timgoos9389]

what about cash deposits for the online banking accounts?

[@bizbud]

I think I mentioned it more in the followup Novo video but you have to turn the cash into a money order and then scan that.

[@kitchenboy69]

What about these online accounts like novo?

[@Bluewh174]

How about Amex?

[@Loyalteelogistics]

Bank of America or Wells Fargo for business bank account what bank would you choose?

[@HoaLe-cl2jf]

None there both horrible.

[@gibson7654]

How about mercury?

[@mohamedAbdelkader-h5z]

novo?

[@jeff481]

By far the best checking account for business is with a credit union and NOT a bank!

[@Alixi2012]

US Bank just sent me an offer of $300 if I open a business checking account with a $3000 deposit for 60 days.

[@fernandolanderos4600]

I got denied at Us bank.

[@alexpolicarpo4344]

Bank of America is the worst now, they open at 11 close at 2 8 out of 10 locations are closed and horrible customer service.

[@brianaharrell4719]

From experience: Do not do NOVO!! Terrible at customer service! Transferring funds is awful and a headache! And the bad reviews are back-to-back on the app’s reviews! It’s a terrible waste of time! 😭😭😤

[@ariela_]

I hate how stressing this is

[@bfourney]

Bank of America at the bottom of the list where it belongs

[@jopoon1]

Bruh,… you have Novo on the video pic and never speak about it. Time wasted. Thanks.

[@bizbud]

I think there’s a separate review of novo included at the end of the video.

[@natethetoe386]

I just used IncFile to start an LLC. Any way I can tell them who sent me? TY

[@bizbud]

Shoot me details to eric @ locoventures.co and I could forward those details to incfile.